Seven Areas Where AI Can Boost Your Business

Companies’ increasing use of AI in your business solutions is evident. The advantages are easily measured, ranging from reduced operating costs to increased revenue and efficiency, mainly due to the ability to imitate some characteristics of human intelligence.

But despite the evidence, many companies can be confused when deciding where to start. According to a recent Gartner report, having AI expertise can provide companies with significant ROI due to the value it generates. To improve the performance of organizations in AI, some steps are essential for professionals involved in the process, as we see below:

With the digitization of business, new challenges may remain unsolved without human intervention from data scientists or artificial intelligence experts. By identifying complex business problems like machine learning, operations research, graphics, or research inconsistencies, AI experts can recognize what new sources of information should be collected to help organizations solve ongoing problems in innovative ways. Furthermore, the constant data collection enabled by AI can help companies create better services.

Data mining always aims to find out which events are drivers and which are inhibitors. When AI experts are free to mine data for whatever insights allow them to obtain it, they may encounter potential new customer touchpoints or gain a better understanding of other business processes. This kind of information can lead to data-driven innovation.

With new data constantly emerging, organizations need to improve the consistency of their AI practices to keep pace with the creation of new products and incorporate feedback from consumers and other ecosystem partners. AI teams must also adapt to unpredictable changes in customer touchpoints due to data generated by new devices and wearables such as watches, wristbands and VR glasses. Finally, new customer contextualization strategies can help the business achieve better results. However, existing models and data source inputs must be tuned to support this technique.

Every business will have to deal with crises at times, from situations triggered by sudden customer complaints to a sharp drop in profitability. Having an AI team available to delve deeply into the data generated by the crisis can help business leaders understand what is happening and how to address these issues effectively.

Areas For AI To Boost

By 2025, 50% of companies will have developed platforms involving Artificial Intelligence, compared to less than 10% in 2020. Here are some of the areas that these changes will impact:

Faster And More Efficient Talent Recruitment  

Many companies are already using AI to automate repetitive and time-consuming tasks like creating invoices or sending email sequences. Machine learning can help Human Resources departments by automating the processes of screening resumes, contacting candidates, and scheduling interviews. The tool also helps save time when selecting candidates for positions that match their experience, knowledge and skills needed for the job they are applying for.

Decision Making 

As AI gets better at accurately analyzing and understanding vast amounts of data, companies have the chance to create more targeted and personalized campaigns with greater profitability. How can this work? AI apps collect patterns and other insights from text, numbers, images and videos. With this, companies can more successfully allocate the necessary budget and resources to the areas that need it most.

Furthermore, implementing AI also offers the potential for automated decision-making. However, in these cases, companies must provide transparency to customers to check to ensure they are better than the choices that employees would have made.

Simplified Customer Support   

Many companies have already implemented chatbots in customer service, and it’s easy to see why. They can respond to customer questions quickly, are available 24 hours a day, and can escalate conversations to human tasks performed by reps when needed. And customers are becoming much more comfortable interacting with robots, with over 40% of people preferring live chat over other methods of contact as it saves too much waiting time.

It’s also a fact that many customers feel more satisfied during the buyer’s journey when using a live chat feature. Now, thanks to new features like sentiment analysis, AI can help customer support by rating them as “frustrated”, “neutral”, “excited”, and more.

Supply Chain Optimization   

Through process automation, the supply chain ensures more agility and precision. Some applications include inventory drones, driverless warehouse carts, enhanced data analytics and anomaly detection software.

Enhanced Security 

Most cybersecurity breaches are due to human error. So it makes sense that AI can be used to make our computers and networks more secure by filtering out malware, spam and phishing emails before they even reach the recipient.

Customer Relationship  

As mentioned, solutions to sentiment analysis technology allow machines to understand a customer’s tone of voice accurately. As a result, companies can respond to concerns, complaints and queries much more accurately, which also helps with customer retention. Many companies are already using AI to support customer experience strategies and strengthen brand engagement and trust.

Some examples can even provide predictive insights, automatically recommending similar items or services that a customer might be interested in.

Reduced Operating Costs 

One of the most desired effects of implementing any new tool is savings. With artificial intelligence in companies, the team saves time, as they can focus on other tasks that demand more attention. Of course, there is an initial investment, but the long-term benefits result in financial savings for companies. In addition, over time, it tends to become more accessible.

Also Read: Artificial Intelligence In Industry: What Is The World Doing?

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