Artificial Intelligence is disrupting our life in general, by accommodating to our needs and paving way for more. The data-driven technology is all set to create more opportunities and improve our lifestyle. Artificial Intelligence has transformed businesses to make it more efficient and capable of offering more by increasing the agility of the processes and improving their capabilities.
Businesses have been efficiently managing customers and supporting their needs in real-time with the help of Artificial Intelligence.
At this moment, only 23% of the businesses have ably incorporated AI into their business processes.
63% of the businesses claim that the need to reduce costs will require them to turn to AI.
83% of businesses say AI is a strategic priority for their businesses today
Considering this, you would realize the AI is definitely very important to businesses.
Here, we will talk about all the different ways in which AI supports businesses to improve their effectiveness and manage the people.
#1 Supports your Customer Engagement Needs
For a long time, customer support has been connected with business efficiency and also with experience. If your business can answer the customer queries within minutes of their asking the question or can support them in their endeavors to use your service or product in real-time, then you have their ears. You will find that the customer who gets maximum support from the business stays on the business page longer and identifies with being the brand’s advocate.
Artificial Intelligence can help businesses reduce the cost of hiring extra hands to be present with the customer in real-time. instead of hiring resources, training them for the support needs and then extending the engagement, you can incorporate chatbots into your business. These bots will have real conversations with the people, and offer support whenever needed.
In fact, with bots you can introduce the right algorithm, which will allow them to understand what to answer and how to answer. So, every question asked will get a factual and human-like response, which will get you maximum engagement.
Apart from being realistic in their responses, the chatbots tend to understand the human-like emotions and are also present in real-time. immediate responses can get you maximum customers.
As a result, your human resources can intervene just when needed, which allows them to relax a bit while taking taxing calls, and they can even continue with the core tasks they are given. It will also reduce the hiring costs and improve the profits of your business.
#2 Better Hiring Abilities within the Company
For a company, actively involved in ensuring that their hiring hands are skilled and can manage the tasks, it becomes quite a deal to scan through the resumes, shortlist someone who is capable, and identify the right people for the job.
It takes a lot of people and some amount of time away from the core to complete these tasks. However, things can improve if you have incorporated AI into your company. It can even help you with your HR-related activities, especially recruitments.
You can add an algorithm into the machine that will help them understand the qualities and specifications you are looking for. The more human-like machine will also understand the core essence that you need from the resource you are looking to hire.
You can introduce these candidates to an AI influenced video interview where they have to pass through psychoanalysis and biometric testing. This in collaboration with your ideas and the defined algorithm will help the machine understand the capabilities of the person, and the capabilities you are looking for. It will help identify the opportune person for your company.
With the incorporation of AI, you will be able to meet the production demands of the HR department of your company and will be able to have a happier workforce.
#3 Better Decision Making
The one area where most people in the business sector fail is decision making. They are never sure what kind of decisions will help boost their business, and how to further their graph.
AI can analyze volumes of data and speed up the task of reporting with accuracy. You can get reports on all aspects of the business, and gain more visibility and control on the different data machines. This allows you to understand what is happening at a larger level.
AI, based on the algorithm fed into the machine and the defined data that is available in real-time, will analyze and forecast the future for the businesses. It will relay the information on the sales forecast, predictions for demand and supply and will eventually let you know how to move forward.
Essentially having AI is like having someone tell you how your business is going to move ahead, and help you plan for the future. If you have effectively incorporated AI into your business, you will know how much to stock, how prepared you need to stay, and what you need to do for better profits.
#4 Increased Supply Chain Efficiency
The supply chain is at the core of most businesses, and it is important for them to work through this process to make it more agile and transparent. The focus is on understanding the process from the start to finish, and attempt to get a better idea into how the supply chain works. It will help diligently work towards warehouse management, inventory management and drive the supply chain towards efficiency.
Artificial Intelligence can help attain this with the right directives and a good foundation for their supply chain. The inventory taking drones are just one example of how AI can handle the data that they receive from the drone, and forecast the demand for the product. This will work in collaboration with other defining technologies.
Feeding the inventory list and making a smart device manage it will ensure that all the items on the inventory have been received, and the inventory is up to date. Data analytics will help manage the supply chain efficiently.
#5 Assisting with Cybersecurity
The biggest concern for businesses that are automated and are digitally progressing would be fighting cybercrime and incorporating more security within their system.
The main reason why businesses are concerned could be because there is no way to understand what could cause a particular fraud or how to detect the next cybercrime.
AI will potentially build algorithms which are fed with the past data and the present conditions, and help detect possibility of a cybersecurity fault including fraud detection, hacking possibility etc. the opportunities are endless, and artificial intelligence will keep upping the game to identify the ways to make the cyber world in business segment more powerful and secure.
Artificial Intelligence is causing the business world to be more operative, efficient, dominating and experiential. It will help the end-users gain more knowledge and improve their work efficiency with the systems. The progressive and predictive abilities of the technology will help businesses stay in full control of the processes, manage it efficiently and take key decisions in real-time, thus offering better experiences to the end-users.
At this moment, Artificial intelligence is still in the growing stage, and there is a lot to come from the way it will be incorporated. With time, AI can help reduce repetition in the systems and boost productivity.
About Guest Author:
Pradeep Makhija is a Digital Marketing Executive at Space-O Technologies, a mobile app development company. He likes to share his knowledge and experience with people around by writing articles related to the mobile app and the healthcare industry. In his spare time, Pradeep likes to explore and read more about the trends and needs of mobile apps in different sectors.