With the advent of Siri and other emerging intelligent assistants, without a doubt, we are living in a world dominated by AI. While the word ‘dominate’ might sound too vague, the societal benefits of AI only seem to increase, not decline.
Systems driven by artificial intelligence are not only meant to understand the given instructions but also have the potential to learn over time. Learning is a major spectrum of AI – without the notion of learning the existence of AI would be futile. It looks like the processing power of AI is becoming better than human intelligence solely due to automation.
The phenomenon of automation is not a threat to humans – it only brings ease in quickening time-consuming tasks and generating maximized results. A decade ago AI would have been treated as the ‘future’ but progressively it has become an integral yet inevitable part of our daily lives. And now, after all, AI has transitioned towards the business landscape.
AI is even changing how you watch TV. Cable networks like HBO and cable providers like those featured on buytvinternetphone are relying on AI and Big Data to curate quality content and enhance customer experience through digital media.
That’s only a brief snapshot of the influence of AI as this technology even possesses the potential to improve and drive workplaces towards advancement.
AI Involvement and Its Fair Advantage
Making the most out of AI for upcoming businesses is possible without any unfair advantages. Here are all the reasons why artificial intelligence is convincingly shaping the future of building and running businesses.
Automation in business
The new era of business depends on automating operations. Yes, human interaction for customer support can consume time and AI cuts it down yet it’s not the only benefit of automation.
Seeking timely customer support for software installation through AI is an evolution itself but now people can book hotels, schedule flights and even train robots to work in busy factories. Soon AI will encompass all forms of routine-based tasks and progressively learn to proceed towards perfection.
Direct customer interaction
AI is adamant upon transforming the customer experience by allowing businesses to communicate with their customers better. Several domains of the transport industry such as airlines and public commute providers are leveraging the power of Chatbots where no customer query is left unanswered.
Customers can now interact with Chatbots in real-time. To further simplify consumer communication, finding the best customer support Chatbots is not an obstacle rather can be easily integrated to streamline interaction with customers.
Analyzing customer interests
Data analysis is an integral part of AI. Suppose, you own an e-commerce store which comprises of different product categories. Now some products will be purchased frequently and some won’t be. The key to data analysis is to find what products are the most popular in the varying categories and in turn, increase your sales.
How does knowing this help you? Purchasing products and managing inventories consume a greater part of your expenses. If you know the exact preference of your customers and their buying habits, it becomes easier to predict the in-demand products and knowing when to stock them – all because of AI.
Ease in recruitment modules
Who would have imagined that AI could change employee recruitment? At times, recruiters and HR professionals have limited sources to headhunt befitting candidates. Large-scale companies seldom face this dilemma but if you own a small-scale startup, you are bound to face issues in finding the right talent.
The inclusion of AI is changing hiring modules. With further simplification, recruiters do not have to skim through each resume manually. Machine learning is aiding recruiters in analyzing resumes resulting in quick and scalable hiring procedures.
Better analysis of sales
AI-driven support tools and software programs are helping sales teams in organizations. An individual handling a company’s sales process can perhaps overlook some essential details. Assume a scenario where one of your frequent customers stopped interacting with your business. What could be the reason?
It is taxing and time-consuming to note customer behavior manually. And if you do, it is likely to generate random results. Random numbers will not exactly specify why the customer stopped making any purchases from you. If you happen to lose a customer, AI-integrated systems will monitor every aspect of customer behavior and experience and give you the relevant results.
Is AI worth the investment?
The involvement of AI in businesses is steadily changing. No one knows for how long these changes will persist. One thing is for sure – AI will reduce monotonous business operations. Businesses will streamline their tasks and extend their outreach. Since haste makes waste, each aforementioned tip requires careful analysis. Only then you will seamlessly proceed towards implementing the right strategy.
Video – What is AI (Artificial Intelligence)
There are two types of intelligence: 1. Natural (which we have). 2. Artificial (which smart machines have). This Market Business News video, which is aimed at lay people, explains what AI is.