Artificial Intelligence Is Crucial To The Success of Your Business and Here is Why!

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Artificial intelligence hovers over all aspects of our lives, and we couldn’t appreciate the technology more! From individual lives to big businesses, the wave of AI has flattened it all.

Here we’ll explore what all AI has in store for businesses and why it’s no longer a luxury but a necessity in 2020 and beyond! Artificial Intelligence has weaved itself into our lives in a way that it doesn’t even seem out of the box anymore. From email filtration and chatbot function to Google’s predictive search or customized product recommendations, AI is all around you. Having said that, there’s still a lot of confusion that surfaces around this buzzword. For that, let’s begin from scratch!

What is Artificial Intelligence?

Artificial intelligence (AI) is the simulation of human intelligence in machines. The machines are programmed to think and perform actions just like humans do. In this case, machines learn and solve problems through supervised, unsupervised, or reinforced learning. Machine Learning and Deep Learning fall under the purview of AI.

Role of AI in different industries

AI has seamlessly integrated itself into business processes. Not only does it make our business lives easy but it also carries out tasks in a much more efficient fashion.

Although it is still in its nascent stage in many ways, here’s the best part -

We produce a staggering amount of 2.5 quintillion bytes of data every single day. And nothing but AI has the capability to process and derive meaning from it.

Market and Customer Insight - Artificial Intelligence functions on massive amounts of data. Whether it’s through system matrix, web matrix, or social media, there’s no dearth of data about the market or the customers. All this acts as raw material for AI systems to make efficient decisions about marketing your product/service.

Virtual Assistance - With Virtual Assistance, companies can be there for there customers 24*7. Here’s a fact — most of the customers call the customer support service looking for general answers. All these queries can be efficiently handled by a chatbot.

Process Automation - Why would a business want its human resources to do a task that can be automated? AI facilitates the automation of various business processes across different industries. This not only quickens the entire process but also nullifies the chances of human error.

Efficient Data Usage - Unlike earlier times, the data that is available now is not in structured formats. It surpasses the human ability to process that data and identify human meaning out of it. AI is a tool to sail businesses through this too. Also, businesses can now use this data to understand customers better and unfollow the one-size-fits-all approach.

Enhanced Customer Experience - Is there anything more important for a business than loyal customers? But to build that you not only need to fulfill their demands but also engage them better than your competitors. AI analyses their behavior and with actionable insights offers them exactly what they’ve been looking for.

Why Artificial Intelligence is crucial to your business?

AI solutions are affordable - The best part about AI is the fact that it is for everyone. From SME’s to Fortune 500 companies, Artificial Intelligence is sure to have something for all. So, you do not need to wait for ridiculously high incomes to be able to incorporate AI solutions, you can do it — right now! Yes!

Here are a few ways to start -

1. Start with finding solutions to one problem at a time (keep your ROI in check.)
2. Leverage Chatbots.
3. Rather than implementing Machine Learning, automate it.
4. Make use of existing tools rather than building yours from scratch.

Automating the marketing process helps in increasing sales - New-age marketing requires you to show those products to the customers that they want to see. And automating the marketing process facilitates that.

AI makes it easier to understand the patterns of customers and market the products accordingly. The chatbots also play a huge role in converting the customers who visit the organization’s website.

AI smoothens the marketing process and shoots sales with targeted ads, customized product recommendations, re-marketing strategies, price adjustments, and many more techniques.

AI-enabled business enhances work efficiency - When you eliminate mundane tasks from the to-do list of your workforce, they’re bound to focus on what that do best. And this enhances efficiency. AI works best when it complements human intelligence. Also, note that unlike humans AI can do the same task day in and day out without losing concentration. This makes business processes even more effective.

AI makes automated communication between business and consumer - There’s no denying the fact that communication is truly the key when it comes to the business-customer relationship. Also, customers are in their right to need it on various platforms and at all times. This process can be automated through AI. Machine learning algorithms can learn from experience and communicate with customers in a personalized manner. For businesses, this saves time, whereas for customers this increases their engagement with the business.

AI makes it easy to handle Inventory - The biggest issue with handling inventory is that each time you’ve to get it just right. You must have appropriate stock to not fall short but also not have it in excess that it drains your cash.

AI is here to get it right. It is capable to automate the refilling requests by predicting the future buying behavior of the customers. Thus it will help you to keep your business going, reform turnaround times and stock the right products just when you need it.

AI helps in Fraud Prevention and Data protection - Human error is inevitable but you cannot always afford it. You can spend all your time detecting frauds and securing your data, but there will still be loopholes left. What do you do in this case? The answer is right in front of you — leverage AI.

The subset of AI, that is, the Machine Learning works by learning from experiences and identifying the process. And that’s exactly what is required here — cracking the patterns and sending alerts when it begins.

Conclusion

Artificial Intelligence is a necessity that can transform your business by decoding huge sets of unstructured data (our biggest asset). Information derived from this data can bring revolution across all industries.

It can also streamline business processes, quicken the tasks, eliminate human error, predict the flaws, and do so much for you.

Now imagine what it can do to your business!

Not leveraging AI is like being using the 2000’s business strategies in 2020. You know that won’t work!

AI is already transforming our worlds, in the future we can expect -

1. AI to function more effectively. As it will have more volume of data to bank on and high computational capabilities to process it.
2. AI may not need human intervention at all.
3. It will process and leverage data in a more meaningful manner.
4. Make work processes even simpler.
5. Offer even more packed data security.
6. More inexpensive and innovative AI solutions.

Author Bio:

Amit Makhija is a Digital Marketing Analyst at Space-O Technologies, a reliable iPhone app development company. He likes to explore the latest technologies in the mobile app industry & share his findings with the audience by writing articles. In his spare time, he loves traveling, photography and reading non-fiction books.