Many businesses take up artificial intelligence (AI) technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience.
For greatest benefits, businesses should look at putting the full range of smart technologies – including machine learning, natural language processing and more – into their processes and products. However, even businesses that are new to AI can reap major rewards.
Artificial intelligence impact on business
By deploying the right AI technology, your business may gain an ability to:
- save time and money by automating and optimising routine processes and tasks
- increase productivity and operational efficiencies
- make faster business decisions based on outputs from cognitive technologies
- avoid mistakes and ‘human error’, provided that AI systems are set up properly
- use insight to predict customer preferences and offer them better, personalised experience
- mine vast amount of data to generate quality leads and grow your customer base
- increase revenue by identifying and maximising sales opportunities
- grow expertise by enabling analysis and offering intelligent advice and support
Benefits of AI and humans working together
Research suggests that AI doesn’t always perform best on its own. AI technologies are great at driving or even replacing the lower-level, repetitive tasks, but businesses often achieve the greatest performance improvements when humans and machines work together.
To make the most of this powerful technology, you should consider AI as a means of augmenting rather than replacing human capabilities.
AI opportunities for business
Whatever your reason for considering AI, the potential is there for it to change the way your business operates. All it takes to start is an open-minded attitude and a willingness to embrace new opportunities wherever and whenever possible.
Keep in mind, however, that AI is an emerging technology. As such, it is changing at a fast pace and may present some unexpected challenges. Read more about the risks and limitations of artificial intelligence in business.
Save time and money
Machines are more efficient than humans. They can work 24/7, they don’t sleep, don’t need breaks, don’t get bored. This means you can rely on them to notify you about important events right at the moment, even in the middle of the night, or to chat with customers whatever time of day it is, etc. Artificial intelligence can analyze vast amounts of data in a blink of an eye – a task that would take hours of arduous human labor or would be even impossible to accomplish. AI can also take repetitive jobs away from people but automating routine work.
Generate Business Insights
Data is sometimes called “the new oil” as it’s become an invaluable resource of the digital economy. But even big data is useless when you can’t make sense of it. Artificial intelligence can help businesses data-mine processing billions of data points in an instant. Whatever question you need AI to answer, it can do it and it will keep getting better at answering. What movie will Jane like? Will customer X churn? Will this item sell out? AI can provide accurate predictions about future outcomes based on historical data. Artificial intelligence converts information into knowledge and even gives you insight into the future! Of course, AI is no fortune-telling technology but it can support your business with predictive analytics. Predictive analytics is a form of analysis with the use of machine learning – the algorithms analyze historical and current data to make predictions of future outcomes.
Artificial intelligence isn’t error-free. It can make mistakes but generally speaking, it’s much more accurate than humans.
Bias can occur as a result of a number of factors, starting with how the data is collected. If, for example, data is collected by means of a survey published in a magazine, we have to be aware of the fact that the answers (data) come from those reading said magazine, which is a limited group of people. Data collected this way is not representative of the entire population.
Enhance Customer Experience
Artificial intelligence solutions are beneficial to both businesses and their customers. It’s much easier to justify collecting different types of data when you actually bring value. Most people are well aware of how much information companies such as Google or Facebook gather from them. But in return, we get what is called a “free” service. In reality, it’s “free” in terms of monetary payment – the currency we use to pay for such services is our personal information. And we’re mostly fine with that.
Another important thing here is that AI is available non-stop. AI-powered apps can assist customers no matter the time of the day. In the transport industry, AI is used to communicate with customers in real-time to send personalized travel information and provide them with up-to-date information about their transportation, e.g. where exactly they are or when they’re going to arrive at their destination.
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