Reading Time: 3 minutes
Artificial intelligence (AI) has changed the face of technology, and every company nowadays should be looking forward to taking maximum advantage of it. In this blog, we will discuss the top benefits of AI for business.
Businesses’ first and foremost motive is to attract more customers to their services, provide the best customer experience possible, and maximize the resulting revenue opportunities. All the business’s quest to find the right way to ease their efforts and maximize their efficiency with minimum equipment. Their hunt for all these ends right away with the AI because of the extensive benefits of AI, which eventually helps them to make their business a profitable one.
Before we get into the business benefits of AI, let’s first understand some of the basics.
What is Artificial Intelligence?
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.
Why is Artificial Intelligence Important?
AI is not only helpful in automating complicated tasks, but also in time-consuming manual tasks. In business, AI is used for improving efficiency, increasing productivity via process automation, real-time interactions with customers and workers, and rapidly and intelligently making data-driven decisions.
What Can Artificial Intelligence Do For Your Business?
Proactive and persistent communication with customers and potential customers are 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, on the other hand, provides real-time aid to your customers, communicating with them whenever they need support, no 24/7 staff required.
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 the transportation industry and all industries save time, save manpower and save money.
Automated Customer Interactions
Day-to-day customer interactions occur via phone calls, emails, office chat messengers, social media conversations, and others. Most of these interactions are currently handled by humans; however, enabling AI in businesses to automate these interactions can work wonders in terms of increasing business performance.
AI analyzes data of previous customer interactions, making it easy for the software to understand future customer queries and provide the best possible solutions. Furthermore, when AI and machine learning are combined, the more the AI platforms interact, the better they become at communicating with customers.
A quintessential example of customer interactions via AI is AI Chatbots, which don’t require human involvement and can interact with multiple customers at the very same time. Customers can easily take advantage of AI chatbots by initiating communication through a website or app. According to Accenture, AI for business will increase productivity by 40% over the next 15 years, and by 2021, 80% of emerging technologies will have AI foundations.
Personalized Marketing Services
The key to longevity in business is providing customers with quality services and earning their trust. Businesses that realize this are putting maximum effort into providing customers with personalized marketing services.
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 is able to generate optimized and personalized offers to individual customers.
Managing or processing big data has always been a complicated process. With cloud-based AI, however, it becomes much easier to parse through big data and quickly discover the most necessary and relevant findings. With the amount of readily available data currently in circulation, the need for turning it into useful information and knowledge is crucial.
Utilizing cloud-based AI gives businesses insights into previously undiscovered information that provides a huge marketplace advantage.
There is no doubt that AI is well-versed in automating tasks, and its ability to operate a myriad of technologies that enhance and maximize automation is unparalleled. In Japan, for example, AI is being used in human-looking robots serving as receptionists.
Similarly, in China, law enforcement is using AI to catch criminals. AI-based facial recognition with the help of CCTV has helped to identify, track and catch suspects. In some countries, AI is also linked with RFID (radio-frequency identification) and cloud technology to track inventory.
We’ve discussed five great benefits of how AI for business real-time assistance, automated customer interactions, personalized marketing services, data mining, and operational automation. The list of AI-for-business benefits is never-ending, and fortunately, AI is quickly and easily deployable. The sooner you can take advantage of AI to meet your business’ needs, the sooner you’ll get a leg up on the competition.