Nowadays, almost everything can be done on a computer. Companies and individuals use several tools that are available online like Rankitor rank monitor to make their business more prominent and more profitable.
You’ve probably encountered the words “Artificial Intelligence” somewhere. But do you know what it is? It is the ability of a computer to perform human tasks like learning and thinking.
AI can bring many benefits to your company – here are some of them.
Fewer Employee Expenses
In 2016, employers spent more than $70 billion on employee learning and development. They invested all that money to empower and motivate their workers so that they could become more productive and perform better. However, in many cases, the investment did not bring the returns that employers had expected.
Artificial Intelligence reduces the cost that an employee brings. Apart from learning and development cost, there are also things like paid holidays, health insurance, dental insurance, etc. With AI, these costs don’t exist – AI doesn’t take any day off, and it can’t injure itself at work, so it will not need medical treatment.
Put simply:
more robots 🠮 fewer employees 🠮 fewer costs
The money they save can go on other expenses that the company has.
Less Wasted Time
Studies have shown that only 45% of the time employees spend at work is used for primary duties. The rest of it, which is more than a half, is spent on “other things” that don’t bring any profit to the company, but they are required to be done. It means that technically, employers are paying employees for not working as much as they should.
“AI offers the opportunity for businesses to automate routine tasks. So, that humans can better use their time, providing higher value contributions” says Ellie Mirman, CMO of Crayon. With Artificial Intelligence, these numbers can change. The routine tasks can be programmed into the AI, which will result in employees focusing and doing what they should be doing.
Good Customer Service Delivery
Excellent customer service is essential if you want your business to be successful. Statistics have shown that 60% of consumers stopped buying a brand’s products or doing business with specific brand if they had just one poor customer service experience.
Using Artificial Intelligence, such as chatbots in customer service, has many benefits. Firstly, it will save time as chatbots have answers to most questions already programmed into their system. It means they will be able to reply within seconds, 24/7. Also, unlike humans who can only deal with one person at a time, chatbots can interact with multiple customers simultaneously.
Human beings are not perfect; we make mistakes, hence the term “He is only human.” With AI, however, perfection is possible. Artificial intelligence does not forget data or patterns that it has acquired. When a customer asks a question and the AI knows the answer, it will be always be error free.
With the help of AI, you will be able to serve more customers, while decreasing the costs and increasing productivity. It is estimated that 85% of customers’ interactions will be with some type of artificial intelligence such as a chatbot by 2020.
Helps Minimize Errors
As artificial intelligence assumes a greater proportion of your company’s functions and duties – which were once done by humans – there will be fewer errors in the workplace. Errors are not only bad for a company’s reputation, they also cost money, i.e., they hurt profits.
fewer employees 🠮 fewer mistakes
Improves the Recruitment Process
AI is also extremely useful when it comes to the recruitment process. A company can program into the AI its specifications regarding the type of job applicant it seeks. A smart system can rapidly sift through a large number of candidates and produce a shortlist in a fraction of the time a human would take.
Rather than spending money on recruitment agencies and consultants, more HR duties can be carried out in-house. HR stands for human resources.
Conclusion
Artificial intelligence can help businesses in virtually every sector of the economy, including, for example, medicine, food, vehicles, aviation, home supplies, etc. Not only can it save you money, but also time. AI can help you solve problems more quickly too.
In this article, we have described only some of the many benefits that artificial intelligence can offer you and your business. Initially, when you first install an AI or machine learning system, you might need time to become familiar with all its features. However, you will soon realize that your decision to install it was the right one.
Video – Artificial Intelligence
This Market Business News video explains the meaning of artificial intelligence using simple examples.