Using Technology to Add Value to Business: Artificial Intelligence

Artificial Intelligence

Companies have started using technology to add value to business: Artificial Intelligence, Blockchain Data Science and more included. Artificial Intelligence is accelerating at lightning speed and revolutionizing almost every industry.  Several brands have already started implementing artificial intelligence in all types of business processes. In 2017, AI intrigued $12 billion of VC investment, according to a report by KPMG enterprise. According to another study, the artificial intelligence market will hit USD 190.61 billion by 2025. Certainly, business leaders are now done weighing the pros and cons of AI. Machine learning and AI implementation are seen as an essential tool in everything from better chatbots to data analytics for improved customer services and customized product recommendations. No matter which industry a business belongs to, AI can help it gain a competitive edge.   

In this article, let’s discuss popular brands harnessing the potential of this emerging technology to create value and why companies should get on board. 

 

Reasons to Implement AI in Business

Let’s uncover some of the core benefits that AI brings to a business. 

 

Excellent Customer Support

No matter how good quality services or products a business delivers, the most essential thing that contributes towards a successful business is better customer support. A customer hearts a personalized customer experience and AI chatbots can go a long way towards keeping your clients happy by providing outstanding customer care services. Ai-enabled chatbots offer several advantages when interacting with customers. Firstly, they help to provide an instant response 24/7  while communicating with a much wider and unlimited number of audience per day. Also, it can provide automated simple transactions and real-time assistance to customers. For example, an airline company can make use of Artificial Intelligence applications to send customized travel information and real-time updates. 

 

Improved Conversion Rates

A business’s main objective is to boost its revenue and increase the conversion rate. Machine learning, a subset of AI, offers businesses to increase profits with an innovative technology called computer vision.  

Image recognition or computer vision holds the key to revolutionize the way we shop. A CV allows retailers to sell wisely and recommend related products based on the customer’s past behavior. At the same time, buyers leverage computer vision-enabled research to locate items, using pictures instead of typing. This simplified search mechanism increases customer satisfaction and conversion rates.  

 

Better Data Security

Blockchain and AI Integration has the potential to save companies millions of dollars, especially in banking and financial services. Nowadays, preventing data theft is a crucial aspect of a business. Therefore, these state of the art technologies are here to help. Blockchain offers a viable alternative, eliminating the need for any human intervention. On the other hand, AI automates data processing tasks and detects malicious activities before they get started. If companies can recognize unauthorized access to data earlier, it will be much easier for them to respond to attacks and security incidents.

 

Data Mining

Data Mining is one of the most useful use cases of AI that few people know about. Artificial Intelligence can help organizations in data mining processes for discovering new avenues to automatically analyze, visualize, and uncover user data that facilitate the decision-making process. It identifies essential trends in patterns of data that go beyond simple analysis. These findings can help companies gain a competitive edge as they can modify their services according to current market conditions. Data mining conveys the information necessary for business prosperity and success. 

 

Cost-effective

Artificial Intelligence offers to automate processes and analyze large amounts of data within seconds. Task automation reduces the number of employees needed to perform tasks, thus lower costs. AI offers to execute repetitive jobs that allow employees to focus on more critical tasks. Moreover, AI-enabled systems require less time to make decisions as compared to humans. Another way AI can help companies cut down costs is by detecting errors before time.

 

Steps to Apply AI in Business Processes

 

Discover the Potential of AI in Your Business

Take advantage of the internet to understand what AI can do for your business. The wealth of online information and resources save business from making unavoidable and expensive mistakes along the road. Getting access to the right information is essential for growth opportunities. We recommend some of the best online courses on Udemy & Microsoft to get started on exploring Artificial Intelligence. The easier solution in this case would be to leave us a message and we will let our experts guide you towards making your business succeed using AI technology.

 

Define Issues in Business

The next step is to identify and list down issues in the business which AI can solve. The goal is 

to focus on specific AI use cases, specifically related to business. A company needs to 

analyze internal business problems and ask the following questions:

  • What are the business problems that require AI?
  • What is the reason?
  • Does the problem involve human-intensive, repeated tasks, or massive amounts of data?
  • Will AI be the right solution for the problem?

 

Design a Strategy to Move forward

Once you have figured out exactly what you want, it’s time to build on the information to create something new that will help the business flourish. Training your own employees can be a bit of a hassle and costly in both money and time and the best option as seen through real life examples in some of the top firms would be to hire a third party company/agency who would set you up for the long run. Our recommendation would be to check us out by clicking right here. We have the experience as well as the skills to boost your business through AI.

 

Wrap Up

Industries and businesses are leaning on Artificial Intelligence to drive digital transformation in their company. Businesses are increasingly exploring to leverage it to increase the efficiency of business processes, streamline output, and eliminate the guesswork from their decision making.

Artificial Intelligence has so many benefits but do you think Businesses need Artificial Intelligence to flourish? Share your views with us on our Facebook, Twitter, and Linkedin. With more and more brands making use of this technology, it won’t be long before those who don’t keep up with the tech fall behind and lose their competitive edge. Don’t hesitate and get an instant response by sending us an email at info@reactivespace.com.


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