The use of AI technology in business helps companies to boost their revenue, enhance their customer service, and improve their productivity.
Artificial Intelligence (AI) refers to a computer science that deals with creating smart machines that are capable of performing specific tasks that require human intelligence. It allows machines and computers to imitate decision making, problem solving, and learning abilities of a human mind.
Some examples of artificial intelligence that we often see and use today are Amazon’s Alexa and Apple’s Siri. Both are AI-based voice assistant technology that help in people’s day-to-day living. AI has a wide range of uses not just for personal use, as well as in the business industry.
Utilizing AI in business
Artificial intelligence technology has a broad range of uses in the business world. In fact, people have been interacting with AI through different forms as they engage with various organizations. It generally serves as a supporting tool to help companies ease out on their daily operations, while innovating their workplace. AI adds a more competitive flair to different business organizations.
Examples of how AI is used in business are chatbots, security surveillance, process automations, and more. The use of AI technology in business helps companies to boost their revenue, enhance their customer service, and improve their productivity.
Further, with the rapid innovations in the technology, it is to be expected that a lot more AI technology will be created in the near future.
Benefits of artificial intelligence in the business industry
Artificial intelligence technology opens a lot of opportunities to different industries. Here are some benefits of AI in the business industry:
Data mining
Organizations in our era of technological advancements have also become data driven. Through data mining, it helps these companies reveal relevant insights to help them with their growth and development. It also helps businesses to identify undiscovered information that may set their competitive edge in the marketplace.
Customer service in real-time
AI is continuously shaping people’s customer service experience. With the use of chatbots, customers can now engage with organizations’ customer service in real-time. Aside from customer interaction, chatbots can also perform order taking, resolving complaints, recording of certain information from customers, and more.
Predictive analysis
Predictive analysis also has something to do with the use of data. Through the use of data analytics organizations are able to predict certain outcomes involved in their business. One example for this is that it is used to determine patterns with regards to customer data. It helps companies identify which products are currently on sale or whether which products are most likely to sell.
Predictive analytics has now been one of the emerging trends in data analytics. In fact, it is now included in the services being offered in the outsourcing industry. A lot of companies these days are outsourcing their data analytics to outsourcing companies like OP360. It helps them understand more about their business as well as help them make informed decisions for their business development.
A more personalized online shopping experience
A more personalized marketing strategy helps promote customer loyalty as it improves customer engagement. This also helps in scaling the sales in the company. Through the use of AI, it helps marketers to identify the browsing patterns and purchase behaviours of customers. Through this, AI can provide the best deals for specific customers.
Automate business processes
AI is now also used to automate businesses daily operations. One perfect example for this is its beneficial use in controlling robots in the manufacturing industry.
Another example is the robot receptionist found in a hotel in Japan. It automates the hotel’s check-ins, bookings, and it can also cater to customer inquiries in different languages.
What we have discussed above are just a few examples of how artificial intelligence is continuously shaping the marketplace. However, despite its greater advantages in the business industry, it also poses threats as it is said to replace the human workforce in the future.
