The mention of Artificial Intelligence is inevitable whenever topics of emerging technologies are discussed.
Unknowingly, you have been a beneficiary of AI at home when interacting with friends or at work when collaborating with colleagues and attending to clients.
For example, through Machine Learning (a feature of AI), Google performs a search to come up with the most accurate results when you type in a query.
As technology keeps evolving at an astounding pace, the fascination of AI is sure to turn into higher adoption and integration.
Here are five things AI can already do for your business:
1: Ready-Made Solutions for Better Financials
The quality of financial decisions a business makes ultimately determines if the company stays afloat or sinks like the Titanic.
With ready-made AI solutions, businesses can gain better insight into their financials. These AI-powered tools are designed to automate and streamline a myriad of business processes and day-to-day tasks.
This will give management the ‘’room’’ to observe and predict future occurrences to make better business decisions.
What’s more, these AI-enabled solutions are customizable depending on the organization’s needs and strategies to meet their objectives.
Small businesses especially can take advantage of an assortment of AI tools to perform a variety of tasks. From managing unified communications, to gathering customer data for predictive analytics, to scheduling meetings and more.
2: Handle Human Resource
The corporate world is rife with competition as companies make heavy investments to find the best talents in the market.
From selection and recruitment to employee training and development, businesses can take advantage of AI-powered applications to manage staff acquisition and personnel administration.
This could be helpful for small companies that do not have the funds to hire an HR person. The time spent in screening and training newly recruited staff could be reduced significantly as AI tools track employee activity and gather data for development needs.
These tools can also foster better communication and feedback between colleagues. This will boost collaboration and a positive work environment as employer/employee inquiry is heard and feedback is received in real-time.
3: Determine Market Fit
With the idea of A/B split tests, companies have used their advertising budget judiciously.
However, problems of ‘’product-to-customer fit’’ still occur.
With the advent of AI-enabled tools with the ability to analyze consumer behavior and predict the flow of the market, businesses can better understand customer segmentation.
Instead of having to manually analyze endless amounts of data to gain insight into consumer wants, artificial intelligence through Machine Learning can speed up the process.
This will enable businesses to pinpoint targeted leads through advertising; both offline and online.
With AI, organizations can define accurate buyer personas, manufacturing products that buyers actually need.
This will practically eliminate guesswork, allowing you to get the best bang for every advertising buck spent.
4: Improve Customer Service
Thanks to the adoption of artificial intelligence, businesses have reported increased client engagement and satisfaction.
Today, an increasing number of enterprises use AI Chatbots to answer customer queries round the clock.
This has solved the problem of time zones for international customers.
Artificial intelligence does not experience downtime as long as the underlying technology is maintained.
From sorting tickets, forward messaging, to tailored product suggestions, companies can depend on AI for a more streamlined order fulfillment process for customers.
Further, the capability of AI to learn on the job means service providers as well as users can expect a faster resolution to frequently encountered problems.
5: Enhance Business Processes and Inventory Management
Although a decreasing percentage of people have a pessimistic outlook of artificial intelligence taking over jobs previously held by humans, AI adoption rate keeps climbing as the pros clearly outpace the cons.
In this era of digital economy, AI should be a core component in the business strategy of any organization today.
Depending on the size and scope of the company, you need to implement AI technologies that can perform simple administrative tasks to heavy-duty tasks such as supply chains and workflows.
The novelty idea of AI is to completely take over simpler business processes and to do the heavy lifting for tasks such as manufacturing and inventory management.
This way, your business process is more streamlined leading to rapid growth.
In closing, while we marvel at the thought of AI that can manage your entire business at the push of a button, the above is what AI can already do for you.