Artificial intelligence (AI) is rapidly emerging as the most important and transformative technology of our time. Recent advances, particularly in machine learning —a computer’s ability to improve its performance without human instructions—have led to a rapid proliferation of new applications that are changing the game for businesses in nearly every industry.
In this article, we will present some applications of artificial intelligence in enterprises. Follow!
What are the benefits of artificial intelligencex in companies?
As companies continue to adopt artificial intelligence technologies to support more processes in their operations, many are realizing tangible benefits, including material gains.
McKinsey & Co.’s Global Artificial Intelligence Survey, released in November 2019, found that 63% of executives who responded reported revenue increases thanks to AI, while 44% cited reduced costs as a result of technology.
How is AI being used to run business processes today?
If you want to scale your business to grow beyond the current level, you need to think about how to implement artificial intelligence. The following are some of the uses and applications of artificial intelligence in business these days!
One of the biggest advantages of Business AI is the ability to process a huge amount of data and interpret it in real-time. This approach allows companies to make crucial decisions and act much faster, ensuring that the company’s competitive position remains strong.
Business process automation
Artificial intelligence is able to manage the automation of production operations and service delivery. For example, the tool can manage robotic lines in factories, control and maintain the environmental conditions required for product storage, monitor deposit balances, process payments, register and fulfill customer requests, and more.
It is also possible to integrate AI elements to accelerate and optimize the work performed by employees involved in data interpretation using ERP systems, as well as in business intelligence departments.
Better customer experience
AI-based chatbots are able to support user requests 24 hours a day, at any time, convenient for the customer. Better interaction quality and shorter response times help businesses increase existing customer loyalty and attract new ones.
Marketing customization is another advantage of using artificial intelligence in business. Algorithms are able to identify interconnections and repetitive patterns in the behavior of potential and active buyers. Based on this data, it becomes possible to make highly accurate offers aimed at specific people.
AI technologies are able to handle large arrays of data, identify patterns, and predict the future. People are always interested in what will happen next, and that’s a vital business need.
Self-learning skills, the ability to quickly find relevant conclusions when processing data, and creating certain predictions based on it is among the greatest advantages artificial intelligence brings. These resources allow companies to find ideas and opportunities, which can be used to gain competitive advantages in the market.
Improving data security
In the financial sector, banking, and other areas where data privacy is of significant importance, AI can be successfully used to detect fraud attempts and unauthorized access to personal data.
All this is possible due to the complex integration of features such as data processing automation, machine learning, speech recognition, and natural language understanding.
The effects of artificial intelligence on companies will be expanded in the coming years as industries transform their core processes and business models to take advantage of these capabilities. Business leaders need to understand and act on the opportunities AI offers each industry. It is also critical to consider what is possible now and what other markets are doing that can be translated into their business in order to achieve a competitive advantage.
Are we going to continue our business AI conversation? Visit our blog and read our Complete AI Guide for Business!