Artificial intelligence, a technology that has been changing the world faster than any other has managed to stay up to this point and is expected to grow more in recent years. Every business owner admits that AI has changed the Business landscape dramatically with its human-like capabilities. In fact, the recent research of Gartner is quoting that by the year 2020, “at least 30% of companies will be using AI in at least any one fragment of their sales progress”.
So, it is evident that businesses have started leveraging Artificial intelligence and its related technologies to optimize their business process to see high revenues. 80% of executives already believe that AI solutions can bring an increased curve in their productivity. Being a Business owner, if you still have not joined this list then here is the list of AI applications that can help you to loosen up the most arduous responsibilities of your business.
Applications of Artificial Intelligence that will improve your Business:
Customized user experience with Chatbots:
In the age of digitalization, will the users still be pressing the buttons and waiting in the queue to hear an automated message? Chatbots are the excellent application of AI that can sense every inch of a customer data from their initial touch point and deliver smart insights on how to effectively assist your customers. When you have all the information with you, it dramatically reduces the time getting wasted in collecting the data again and thereby accelerates the business pace. Analyzing the buying trends, browsing history and what not? Improve customer interactions based on the data and integrate your customers support with all popular messaging platforms to streamline your business for a better future.
Efficient Information technology and cybersecurity:
Do you know 44% of 835 companies are already using AI to find and deter the security intrusions? Artificial Intelligence is making great strides already and started working successfully in data protection. Detecting vulnerabilities effectively in business applications such as ERP or Financial systems is taking place with the help of AI. Giant organizations such as Google have added AI defenses to their bucket list and efficiently protecting their cloud computing data centers. IT Consultancy Gartner is predicting that, by the year 2020, there will be around 75% of security software tools already equipped with Machine learning algorithms and Artificial intelligence capabilities delivering predictive and prescriptive analytics. With Deep learning empowered to see any suspicious activity, there will be no activity left unnoticed, and actions are taken immediately to prevent the damage from occurring.
Streamlined Manufacturing to improve yield:
It is possible to predict failures, non-productive downtime and build streamlined procedures across all production lines using AI and Machine Learning technology. With the availability of a vast amount of Data, it can be pulled out and analyzed in milliseconds to gain actionable insights and to arrive at new ways to become competitive in the marketplace. They can obtain real-time recommendations of which raw material to order at what time when to inject them in machines for continuity of process, predict the downtime and schedule preventive maintenance, enhance equipment effectiveness management and overall yield rates. So, new and helpful ways can emerge with the help of Artificial intelligence in Manufacturing unit of the business which in turn helps in meeting predicted customer demands.
Reinvent Human resource management:
When AI is expertly woven in the HR department, it can significantly reduce the work involved in recruiting potential candidates to the company. It is not helpful only in the hiring process but also in managing leaves, employee training, and more key day to day decisions too. Overall an increase in employee experience is experienced by transforming key dimensions of HR with cognitive computing power. One such SaaS product “Restless Bandit” is already helping the HR department to screen the applications to find a suitable match and reach out to them to schedule face to face to interview.
Redefine Business management:
We are entering a new era, and better decision support is needed in the fast-growing business environment. Be it smart personal assistants or programming business trip or better decision making, AI can create a massive effect in business management activities. Organizations have already started thinking about AI-powered tools to help in Business management, and one such solution is Avanade, a joint venture of Microsoft and Accenture for predictive analytics and data-based insights.
Automation in Finance and Accounting:
Forbes is quoting that, Accenture has predicted that 80% of accounting and finance tasks will be automated in the next few years. Automation can help this department to perform time-consuming, redundant and repeatable data-entry tasks effectively. There have been countless technology revolutions in Finance and accounting, and now the next frontier solutions are arriving from cloud computing and Artificial intelligence. When a thousand pages contract is read effectively and summarised instantly based on your criteria then, wouldn’t it be a big boon for business? KPMG in alliance with IBM ‘s Watson can do this job for you.
Smoother Supply chains:
Supply chains are the critical units of business but are often not receiving much focus. However, with the emergence of AI-powered tools, companies are showing interest in merging them to leverage the vast amount of data collected by warehouse, logistics and transportation systems. Consumers are always insisting on shorter delivery waits from retailers and this chain is continuing from retailers to manufacturers and distribution centers. When autonomous trucks and robot picking systems are employed, we can expect a faster turnaround that meets the higher consumer expectations and demands throughout the supply chain.
Artificial Intelligence in eCommerce:
Online shopping is entirely transformed by implementing powerful and practical AI ways. AI helps the business to understand their customer and their preferences, generate new leads, create a more efficient sales process, personalization across various platforms and ultimately provides enhanced customer satisfaction. Customers don’t need to dwell upon millions of products to find the one that they wanted to buy instead AI helps them to pick the correct product and discover associated products in an easiest and time-consuming ways. Many eCommerce Businesses are already using forms of AI to successfully assist the customer in finding their desired product at just click of a button, and it is only expected to grow more in the future.
AI-powered Marketing and Sales:
Monday Mornings and the sales report are a fire drill for Marketing and Sales Executives. Instead of fretting, this kind of nightmare scenarios can be confidently approached when AI-powered Marketing is implemented. AI Powered Marketing and Sales is the set of marketing practices that uses artificial intelligence techniques to improve the understanding of customers’ behavior that drives revenues up. Until recently, this is the only department that was claiming that AI cannot be entered but then the scenario is completely changed and they are transforming to AI-powered solutions at lightning speed. Harnessing AI and practicing AI-powered marketing can help marketers to work smarter in myriad ways.
Technical procedures across multiple departments:
The efficiency of technical procedures can be perfectly laid with the help of AI. Many companies have already implemented it, and few more are on the way. Royal Free Hospital located in North London is building an app with the help of Google’s deep mind to monitor patients with acute kidney injuries whereas a French multinational energy firm is combining drone and AI image processing technology to control its infrastructure and prevent damage occurring in their high-pressure network.
Final Words: Artificial Intelligence is here to Stay
As you can see, usage of AI and its ally technologies are prevalent in every aspect of a business. The Business leaders who consider moving along with the industry trends and market to leverage the AI technologies to apply across different waves of their industry will transform their business into a huge success. AI has come with a bang! “To AI or not to AI” is up to you.
As an employee, how can AI career boost your employment opportunities?
With more and more business started releasing the power of AI, AI is continually at the rise, and it is advancing into the workplace at a dizzying speed. The question is, whether you want to stick to old methods and become obsolete or should investigate on adopting to AI practices. Since organizations need to be thoughtful about how they apply AI to leverage benefits, they need Specialists with a full understanding of the advantages and disadvantages of AI to inherit this technology efficiently.
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All the Best!…