5 reasons why AI is good for business
A synthetic article using emerging technology
AI has finally come of age for businesses
Businesses are realising it has a vital role to play in achieving the goals of their growth strategies. And businesses aren’t just jumping on the bandwagon with the likes of Amazon (Amazon Alexa), Facebook (Facebook M), Apple (Face ID), Nvidia (NVDA GPU), Google (Gmail’s AI) and IBM (Watson), brands large and small are looking to put AI to better use.
So what does AI mean for businesses? And what can businesses do to leverage this emerging technology?
1. Customer satisfaction improves
When you’re keeping your customers happy and are on top of their needs, you know that you’re on the right track and that you’re making a positive impact.
That’s a crucial step in building a loyal customer base, and AI technology can help by putting the customer first.
For example, face recognition allows your retail stores to remember their faces and make sure they get the good or services they need quickly and efficiently. By recognising faces, brands can utilise customer data in different ways to help customers get what they want, when they want it.
This offers convenience, and also protects their information.
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2. Automation improves efficiency
As with any technology, there’s a trade-off between efficiency and safety. But while AI still requires human oversight, it’s capable of giving businesses greater efficiency by automating time-consuming tasks and thereby freeing up more valuable time for professionals to focus on creating content, optimising operations, or providing more personalised service.
AI also enables a fast and accurate response when there is a breach of security. From predictive maintenance to inventory management, AI can give companies a much-needed helping hand in cutting down the time it takes to run day-to-day operations, making businesses more efficient and more profitable.
3. Supply chain
This become more efficient AI is fundamentally about making use of data. Any process where there is a large number of variables and patterns can benefit from analysis, and when looking at supply chains, data can be useful for analysing the number of potential customers in a market, or even the product variation in the market.
It’s the data that will enable companies to make smarter decisions, and AI is designed to capture all of this information and use it to help businesses increase efficiency.
Supply chains have already begun incorporating AI, and companies can see increased efficiency and lower costs. It’s likely we’ll start to see more industries embracing AI in the coming years, particularly those dealing with , where data can be gathered and analysed to help businesses make better decisions
4. Recruiting becomes more efficient
Recruitment is a complex and challenging task for any business to undertake. Where most companies have just one candidate to sift through, AI takes on the task of comparing the characteristics of all these candidates — including their potential work and personal traits — to pinpoint the best candidate.
This can take a lot of time and effort, but by automating the process and reducing the number of mistakes, AI can cut costs and improve the speed at which businesses are able to find candidates.
It’s also likely we’ll start to see AI actually advise businesses on how to build a more effective recruiting process, rather than solely automating it
5. Creating competitive advantage
The global leaders in the tech world may be Google and Amazon, but it’s not necessarily the tech giants that are leading the AI revolution. Smaller businesses are increasingly adopting AI, bringing the benefits of cost savings and efficiency to their own operations.
These smaller firms are using AI to their advantage by developing their products and services in line with customer needs and demands, and by ensuring they’re getting the most from their employees.
The tech sector has largely had a lead in AI, but smaller businesses are now tapping into its potential to become more efficient, and give themselves a competitive edge in the market.
By empowering employees to do their jobs more effectively, AI has the potential to make organisations of all sizes more profitable and productive.
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