Like many other industries, if you are also spellbound by artificial intelligence’s competence and looking to leverage it to win a competitive advantage, this post is for you. In this post, we will discuss AI’s importance, benefits, and more in businesses. Let’s jump right in!
Considering today’s fast-evolving world, businesses’ sole motive is to find the best way to ease their efforts and maximize their efficiency with minimum equipment. Their hunt for all these ends right away with utilizing AI in mobile app development because of its innumerable abilities, helping businesses attain maximum customers and offering the best user experience, resulting in maximized revenue opportunities.
Artificial intelligence (AI) is currently one of the hottest buzzwords in tech and with good reason. AI is transforming businesses and taking them by storm with its countless competence. The number of businesses adopting artificial intelligence grew by 270% in four years, and the global AI market is expected to reach $267 billion by 2027.
The numbers are massive; the aforementioned stats are pushing businesses to constantly look for a competent AI mobile app development company that can build smart and intelligent AI-powered apps and help them achieve greater growth.
What Is Artificial Intelligence and Why Does It Matter?
AI is the simulation of human intelligence processes by machines. It is an area of computer science that makes it possible for machines to learn from experience, adjust to new inputs, and act like humans.
AI doesn’t just automate complicated tasks but also eases time-consuming manual tasks. In business, artificial intelligence is used to improve efficiency, increase productivity via process automation, real-time interactions with customers and workers, rapidly and intelligently make data-driven decisions, and more.
Industries Using Artificial Intelligence
- Healthcare – The importance of AI in the healthcare industry can’t be overlooked. AI-powered apps can help patients with personalized medical information right at their fingertips. Moreover, AI also enables robotic surgery, hassle-free data maintenance, and more.
- Banking – The role of AI in the banking industry has become more crucial with time. It can be used for security and fraud prevention. With AI-powered software, banks can identify suspicious transactions and send alerts accordingly.
- Education – Today’s classrooms consist of AI-powered tactile robots for students who provide assistance with reading or learning the language and develop critical social skills for children, which is much-needed.
- Marketing – The marketing role in today’s digital world is ever-evolving, and AI adds feathers to the cap. A/B testing, through AI, is ensuring that the right product/services reach their way. However, Google responsive search ad is also one of the greatest AI examples of all time in marketing.
- Retail and E-Commerce – AI-based tools benefit the e-commerce companies by automating data, stock, and inventory analysis that facilitate better forecasting of sales. And yeah, AI-based chatbots, how can we forget that!
7 Top Business Benefits of Artificial Intelligence
By now, it’s been clear that many industries are looking for apps companies that can leverage AI and benefit them. Some are for automation, and some are enabling their employees to achieve more complex goals. Here we’re going to discuss how AI can benefit businesses to achieve greater success. Let’s have a deeper look!
Automated Customer Interactions
AI analyzes previous user data interactions to make it easy to understand future customer queries and provide the best plausible solutions accordingly. When AI is combined with the benefits of machine learning, communication with customers improves.
Chatbots are the quintessential example of AI. Businesses can seamlessly resolve customer queries and interact with them better. With chatbots, businesses can handle multiple queries and satisfy customer needs, resulting in improved productivity. Even Accenture says that AI for business will increase productivity by 40% by 2035.
The key to longevity in business is providing customers with quality services and winning their trust. One of the key benefits of using AI for business is AI’s ability to identify patterns in customers’ browsing habits and analyze the millions of transaction records stored in the cloud.
With this data in hand, AI can generate optimized and personalized offers to individual customers. Businesses that realize this are putting maximum effort into providing customers with customized marketing services.
Proactive communication with customers is crucial for any business. However, providing 24/7, real-time customer assistance can either be a strain on employee bandwidth or cost-prohibitive. AI-based assistance offers real-time aid for your customers, communicating with them whenever they need support; no 24/7 staff needed.
In industries such as transportation, the need for real-time travel information such as up-to-the-minute scheduling, shipping delays, and location tracking is constant. AI seamlessly and instantly provides this data and so much more. AI-powered apps help all industries save time, workforce, and money.
Improved Forecasting Accuracy
AI reduces human error, and it is the most substantial business benefit of AI. As a consuming process prone to human error, the essential thing for business success is to forecast cash flow. By using artificial intelligence, businesses can easily automate objective forecasting with no manual interruption.
This provides businesses greater visibility for their future finances, empowers them to make better decisions, and helps them to take actions to achieve business goals.
Better Sales Process
When it comes to sales and marketing, businesses are always looking for an innovative and more effective approach. Integrating AI into your CRM can help you reach the crafted sales pitch to the right customer at the right time on the right platform. A multitask AI-driven CRM can handle all the business functionalities effectively. Using AI even allows the sales team to offer customized solutions and know their customer better.
Like other technologies, AI is not error-free, it can make mistakes, yet it’s much more accurate than humans. In most cases, AI accuracy was found to be 99%, even for very sophisticated systems, such as Google’s LYNA (Lymph Node Assistant). Artificial intelligence is not as prone to errors as humans are; it makes decisions on available data only and ensures reduced error.
Better Security and Risk Management
AI can automatically monitor and identify security risks to ensure that business and customer data is safe and secure. This technology can quickly analyze millions of events and identify many different types of threats and security and risk management, irrespective of industry type.
As we have come to an end, by now, you must have learned about AI, its importance, and the benefits of using it for businesses. From automated customer interactions, personalized marketing, real-time assistance, improved forecasting accuracy, better sales, process, reduced error to better security and risk management, AI serves it all.
Every use case brings different benefits, resulting in better revenue. The list of AI-for-business benefits is never-ending; the sooner you can take advantage of AI to meet your business’ needs, the sooner you’ll get a leg up on the competition.
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