How Artificial Intelligence (AI) Assists Businesses To Grow and Mature?
In the past few years, Artificial intelligence has gained a lot of momentum in various industries. Industries like healthcare, retail, logistics, manufacturing, transportation have started using artificial intelligence based applications in order to improve productivity and performance.
Artificial Intelligence hasn’t been completely incorporated in the businesses yet, but the companies and its employees are using these techniques without even knowing about them.
Machine learning and AI for business are one of the most important aspects in the present day. Both technologies are making a huge difference in the ways that operate their businesses.
According to a report given by Forbes, artificial intelligence will contribute more than $15.3 trillion to the global economy by the end of 2030. This helps the businesses to reap huge benefits with these technologies. In a study conducted by MIT, it has been proved that more than 85% of the executives believe that there is a plethora of benefits of AI in business growth.
The best way to evaluate a technology is by understanding the benefits of that particular technology in your business. Here are some of the benefits of artificial intelligence in business.
Automate Your Marketing Techniques to Improve the Sales
These days, digital marketing is the most imperative aspect of your online business. It is very significant for businesses to use various marketing techniques to get better prospects and convert them to loyal customers. Incorporating the AI into this marketing will help the organization in many ways. The AI-based applications can handle the routine tasks and they can customize the sales and marketing information depending upon the consumers.
The AI chatbots can be considered as another boon for the businesses in this digital era. These chatbots are helping in keeping the customer engaged and solves their doubts without any need for a customer service executive.
The customers who usually visit the website with a query won’t have the time to wait until one of your customer service executives shows up and in such instances; the AI chatbots do a miracle. They not only provide customers with their answers, but advanced technology helps in interacting with the customers and providing them with extreme customer satisfaction.
The machine learning can also help in optimizing the price of various markets. A data science platform, Rapid Miner leverages the data about different competitors, consumer preferences, suppliers, and risks to create the pricing models for the individual market segments automatically. This AI-based approach will help the businesses to optimize the marginal profits.
AI Based Analytics for Better Business Decisions
The modifications in the recent networking and storage technology have given rise to the age of big data. But what can one do with the analytics if they don’t have proper ways to analyze the information? Due to the large size, the human intelligence isn’t enough to analyze the data. The technology should be used to make the better business decisions.
The machine learning and deep algorithms will help in this analysis. SAP’s in memory data platform named HANA is using the machine learning to analyze the big data and create patterns according to it.
Walmart has been using this platform for the data analytics. More than 245 million customers visit Walmart stores and websites all over the world. So, the data that this company collects is enormous and without a proper intelligence technology, they won’t be able to analyze and use this data. The HANA’s machine learning algorithms will bring important data to the forefront so that the Walmart employees can make informed data driven decisions.
Enhances Both Security and Maintenance of Your Equipment
The artificial intelligence can improve the maintenance schedules in the manufacturing and transportation sectors. Let’s take an example of airlines industry; the industry always tries to predict wear and tear of the mechanical parts of their fleet in order to prevent the downtimes. The AI-based predictive analysis will help in improvising this process dramatically. The airline’s industry will be able to create more optimized maintenance schedules with the help of Artificial intelligence.
The manufacturing industry has been using the AI for the maintenance and safety for a long time. The General Electric has developed a Predix Platform which will use Artificial intelligence to optimize and scale the industrial applications.
No matter what type of business you are in, the time plays a prominent role there. In the business world “Time is Money” and one cannot simply waste their time with simple yet time consuming tasks like data analytics.
Analyzing the data with human intelligence will take a lot of time and this is the reason why people prefer to use the help of artificial intelligence. The artificial intelligence will help in the entire process and it will save a lot of time too. The situation is similar with chat bots too. One cannot spend their entire time before a computer waiting for the questions to pop from the customers. The artificial intelligence will reduce human efforts and saves their time in this industry too.
Easing the Inventory and Supply Chain Management
The machine learning algorithms will help both retail and other businesses with better management of their inventory. It is capable to automate the refilling requests and helps in the optimization of the supply chain. You can just hand over the maintenance of both inventory and supply chain to artificial intelligence. This is one of the ways AI can help the business.
Major AI based companies like IBM Watson are investing in this supply chain and inventory management at a large sum. IBM’s supply chain management will help in automating your order fulfillment and management. There is another company named “Transvoyant” which is combining the Internet of Things and machine learning to create applications that will predict the supply chain movements.
Advanced Hiring Processes
It is one of the common issues in any of the organization. Searching and hiring the right candidate isn’t something that can be just done. It takes a lot of cumbersome procedures to work. But with the latest AI based facial recognition applications, the interviewing and hiring process has become easy. This technology will evaluate the performance of an employee by their emotional cues which will help businesses to streamline their processes.
Various giant companies like IBM, Dunkin Donuts and Unilever have already started using artificial intelligence to screen the entry-level employees. Unilever has already declared how AI has aided them in the hiring process. The Applicants can give interviews using HireVue app on the smartphone. This app will use the video and audio data of the interview and analyzes it and on top of that provides the recommendations for the next step of the human recruiters.
AI helps in Fighting Frauds and Preventing Crimes
The businesses spend a lot of time on detecting the fraudulent transactions, but it is like a never-ending process for the businesses. Usually, the frauds and crimes can be detected depending upon the pattern recognition. The machine learning tools can take care of this pattern recognition. Like this the cyber threats are also dependent on recognizing the pattern anomalies and AI-based applications will help in this area too.
A company named despensy.ai is using the latest machine learning techniques to develop the solutions that will help the company in detecting the frauds in a better manner. The rule-based systems detect a lot of positive false alarms and the machine learning system can detect such false alarms.
These are some of the best ways to use the power of Artificial Intelligence in different businesses. If someone asks you about how AI can help your business, you can provide them with these benefits and added advantages. There are enormous paybacks by incorporating AI in a business and most of the companies are using it to the fullest.
Are you want to implement AI in your business, then you can contact us. We at Technostacks Infotech expert in developing AI-based application. We will give the best assistance for your organization.