Every firm tries to update the strategies according to the requirement of the market. All of us know about the situation when we need to maintain the data manually, and now the time has come where every piece of information is stored and handled effectively. Artificial intelligence has given a new way to businesses and society to manage their tasks in a more effective and faster way. Everyone knows about Amazon’s Alexa And Google Assistant; they are the results of AI technology.
What Is Artificial Intelligence?
Artificial Intelligence(AI), a computer science branch, develops ways to make machines work smart without humans’ involvement, either physically or mentally. It serves to make the system intelligent up to the level that resembles the human brain’s intelligence.
Benefits of Artificial Intelligence for Business
AI changes the whole procedure of the organization. Its continuous effort is to build the working environment more reliable and systematic. It is replacing the physical requirement of humans for performing heavy tasks with robots. By understanding the following points, you will come to know how crucial it is to adopt AI:
1. Enhance Recruitment Process
Recruiting is the most challenging job that the company feels. They require to go through a list of CVs and then decide which candidate is suitable for the particular post. Automating this task will save much time for the HR department, which they can use for human development that is none other than the employees. Also, it improves the quality of recruitment by comparing the candidate’s data regarding his knowledge, skills, and experience with the job requirement.
The online platform is also in use for conducting interviews for a long time. But with an AI-based system, the recruitment team will be able to recognize the facial expression along with their speech pattern to determine whether the candidate is suitable for the firm or not. To better put insights into the benefits of AI in recruitment. Refer to the figure shown below-
2. Better Handling of Data
The technology is growing up to the level that makes the firm capable of seeing customers’ activity on their site. They can detect what the customer is looking about and how much time they spend on the site. Previously it was possible to handle these data, but with the increase in online sources, it is difficult to hold all the information in an organized manner effectively.
AI models are capable of handling these vast volumes of data without the need of humans. They can perform the whole task within a short period with 100% accuracy. Thus these data will be useful for future analysis and help make better decisions considering all the aspects.
3. Improves Customer’s Experience
Customers are an essential block for the development of the company. Without customer satisfaction, the growth of the firm is not imaginable. It is necessary to know about the client’s requirements and update the services according to that. AI-chatbot is a useful messaging tool to remain available for customers all round the clock. It can detect information about their mood and what kind of services they want in the product. AI-based chatbots are expanding their wings in every sector. The statistical data for the same is as shown in the figure below -
Netflix’s suggestion engine is the best example for amplifying customer’s experience as it is capable of suggesting the movies as per their preferences. Also, Spotify is liked by most people as it creates the podcast as per their taste.
4. Improves Sales
The most time-taking task for the sales team is to find the leads. AI helps in determining the leads that advantage the firm. Instead of spending a lot of time choosing the decisive guide, the salesperson can now approach the customer’s behavior using AI about the particular product and renovate the strategies according to their requirement.
With AI, multitasking is possible with better handling of different functionalities of the firm. AI ultimately helps in improving the customer relationship that conclusively results in an increment in sales.
5. Involve Automation and Virtual Assistance
Many businesses spend a lot of time performing the tasks like answering calls, emailing many people for different purposes, and many more. If the company pays their precious time on all these tasks, then their productivity rate will decrease.
Virtual assistance is the solution to these problems. It helps in improving the customer relationship by answering their queries using the chatbot. The system gives a human-like interaction environment to them.
Automation transforms the whole working culture of the firm. By automating the time-consuming task, the productivity of the company increases at an exponential rate. According to Sidetrade’s report, AI can show which invoice can stop the profitability and result in fund-raising by 57%.
6. Improves Efficiency
Manual handling of data is a very tedious task and uses most of the worker’s efforts. AI came up with the solution to manage all these tasks, which helps the whole business environment work efficiently. The system can work 24x7 without individual intervention to handle a job like replying to customer’s queries at the earliest moment.
The extremely critical and time-consuming task for any firm is successful people’s management. To improve its efficiency, AI has given a new shape to HR management solutions where the tasks get automated and completed in a fraction of time. The system handles the work related to managing employee data, wages calculation, and the workforce’s performance management, resulting in a more satisfactory environment for the employees and improving decision-making capability.
7. Competitive Advantage
To remain familiar in the market, all the companies need to stay updated about the advancement and techniques used for improving their business strategies. AI gives all this information from the vast volume of information at the fastest rate. For retailers, knowing about the customer requirement according to different seasons and festivals is very important. AI helps in gathering all these data with much more accuracy.
Technology usage gives a path for developing more productive strategies that help build more robust customer relationships by providing better services, reducing the risk factor, cost, reducing and resulting in an efficient working world.
8. Error-Free Results
With manual working culture, there is a possibility of more errors. Humans are affected by many factors like mood swings, health issues, and disturbance while performing tasks. All these issues affect the output process.
AI systems handle a massive volume of data without committing a single mistake with 100% accuracy. Also, it is not affected by any of the reasons mentioned above. It is proficient at working in any environmental conditions without the need for a single break.
Proper Handling of Important Functions of Business using AI
In the new AI era, businesses should upgrade the functionality and improve decision-making capability by adopting it. Some of the significant functions that will enhance using AI are-
How effectively you promote the product decides your product’s ranking. For an effective selling process, you must remain updated about the customer’s requirement and their preferences in the particular domain.
For handling the customer’s issue precisely, a system equipped with artificial intelligence helps in the development of better marketing strategies that pay attention to human values. With the development of chatbots, customers are getting replies to their problems without waiting much.
In sales, AI provides opportunities for effective delivery of the product considering customer’s requirements by remaining in continuous touch with them and understanding their core interest. It will help in properly managing the time with building better strategies for communicating with clients.
3. Operations Related to IT
AI is capable of precisely handling the concerns related to IT. Error detection and analysis of different logs at the fastest rate is possible with AI. It also helps in automating many routine processes.
4. Human Resources
AI helps develop opportunities for improving the employees and HR department’s experience by automating many low-level tasks and concentrating on their primary duties. It helps in automating many administrative tasks. HR people use AI to increase internal mobility and employee retention.
5. Accounting & Finance
Artificial Intelligence handles the vast volume of data required for accounting by transforming it into an automated platform with more accuracy. Advanced AI systems can manage the client’s data by validating it with the information available in the system, tax-related tasks and thus eliminates the traditional method for handling all this data. Applications are accessible using which you can view the balance and generate the report accordingly.
Examples of Companies that adopted Artificial Intelligence
We all know about the companies name Amazon, Microsoft, IBM, and Google all have adopted AI in their system. They provide a cloud-based solution and also offer AI-based applications to other firms too. Some of the top companies leading in developing the business processes are-
1. Narrative Science
Narrative Science is a firm with a specialization in data storytelling. It translates data into a story using Natural language Generation(NLG). Their product Quill and Lexio improves decision-making by highspots the most applicable and appropriate information from the available company’s data.
Alpha sense has created an AI-enabled search engine that helps determine the vital data within news, research, and transcript. It provides help to the bank, investors, and companies. The firm uses natural language to expand the search related to keywords for the content and helps the management team get insight into the business and statistics with speed.
CognitiveScale is a software company that provides augmented intelligence solutions for finance, digital commerce, health care, and insurance firms. It helps customers to get benefitted from the system. They are capable of building transparent and trustworthy AI systems on any cloud.
Vidado is an enterprise that is capable of digitizing any volume of data at the demanded rate. The system virtually can integrate the data from any channel, increasing the paper’s pace to automation workflow with superior accuracy. This cloud-based platform is in use by many companies like Metlife, FDA, and Newyork Life.
Artificial Intelligence is opening the ways for innovation. Companies have to keep the customer’s in the center of attraction and automate the tedious task that helps pay attention to high-mass work. Thus by considering the benefits and functionality improvement with AI, every firm should adopt it.