Artificial intelligence is a concept of making the machines learn, behave, teach- and do everything that a human brain can do. Because of the increased pace of further development with this technology, it becomes easier to implement the developed concepts into practice. Further research and development have brought changes in every aspect of the real world, and industries are affected more than any other.
Artificial Intelligence: Empowering Industries and Leading Innovation
With the help of machine learning and big data analytics, it has become easier to put the existing data to use and provide support for delivering better results and proves itself an efficient technology that delivers the best results. As businesses are considering AI as one of the most efficient technologies of all, the number of businesses implementing AI concepts in use is increasing by leaps and bounds.
A report says that 47% of organizations using technology aspects in one way or another have already strategized their way of using AI for delivering the best results. The increasing use of AI-related solutions has automated many business processes and promises to automate more in the near future.
Six Ways a Business Can Put Artificial Intelligence to Practical Use
Practical Implementation of AI in regular business operations can drive business profits and growth also. But AI has the potential to do more than that.
1. Efficient Supply Chain Management
The primary benefit a business can get from AI implementation is the efficient management of its supply chain. An efficient supply chain management guarantees the best results as the entire chain can be tracked and managed for the best results. Moreover, the automation of many manual processes ends up produces more accurate results than before.
It also helps reduce costs and helps drive profits. As 63% of businesses believe that AI will help them reduce their initial costs, the implementation of AI for automating manual processes is becoming popular. Introducing thorough control and increased accuracy in the operations of the supply chain, AI becomes an excellent choice to transform business operations digitally.
2. Accurate Decision-Making Ability
54% of business executives believe that AI has provided the benefit of increasing productivity in their business. Also, because of the big data analytics and machine learning concepts, it becomes easier to understand customer behavior which ultimately helps in crafting user-centric strategies.
Helping to deliver the best results, AI helps in making the process of decision making more customer-oriented to produce the best outputs. The continuous research and further development in the field of AI make it easier to analyze the data and prepare for further decision-making tasks.
AI helps find out patterns and provides meaningful insights to influence all future business decisions. It drives the business in the right direction and follows the changing customer demands.
For example, if potential customers want a business to serve them using the latest technology concepts, businesses are required to create an app like uber that can provide them all services on their demand and convenience. This decision can be backed by facts and figures that are derived using the AI concepts implemented on the derived information.
3. Customer Engagement
The increasing popularity of 24x7 support for customers forces all businesses to do the same and assure customers of the best services. And to serve this demand of customers, it becomes important to hire extra force if required and fulfill the need. However, AI helps a business save the expenditure on manpower by providing the option to use chatbots.
53% of companies believe in the positive power that chatbots give them and recognize AI as their savior. Chatbots make customer engagement effective and prove to be cost-effective for businesses too. And the continuous transition to better the situations results in enhanced support through the chatbots. 27% of chatbots tend to resolve user issues from start to finish and deliver excellent support to enhance user engagement.
4. Security Constraints
Artificial intelligence makes it possible to automate any process and improve the accuracy of outputs received. And the same applies to cybersecurity. Because of automating many manual processes, the operations to secure an organization's data have been automated.
It helps monitor the traffic and observe the processes continuously. Because of this, many frauds and possible threats to security can be kept at bay.
Also, implementing the organization-specific security constraints and including the safety measures before any operation initiate is possible using AI. This helps automate most of the security tasks without needing any human assistance and helps deliver the best results.
5. AI Integration with Mobile Devices
Speech recognition and voice search- these both are increasingly gaining the attention of users. As the number of smartphone users is predicted to hike to 3.5 billion in 2020, the implementation of AI approaches for mobile devices is increasing. But how is it related to businesses? As the market trends are favoring the use of AI and smarter solutions, businesses can take the risk of entering this new market that offers higher ROI.
Voice search and speech recognition enabled devices and app solutions- can drive huge profits and exponential business growth if implemented in the right manner. By continuously expanding business operations to reach further heights, AI integrated mobile solutions can provide your business with an entirely new identity in the market and help drive profits.
6. Recruitment Responsibilities
AI holds the power to transform every operation related to businesses. With the use of AI, only relevant candidates can be selected from the list of all. Moreover, analyzing their skill set and productivity through tests can be handed over to AI to analyze what they are best at.
This implies artificial intelligence as a powering authority that can help increase the efficiency of recruitment tasks. Moreover, AI has been predicted to replace 16% of jobs from the HR department which indicates the forthcoming changes in the field of recruitment and staffing will be AI-oriented.
What businesses can provide to their customers in the future determines whether they will succeed or not. The ever-changing market trends aim to fulfill every customer demand and influence business to do the same. Using the best approaches of technology- AI, machine learning, big data analytics and more, it becomes easier to deprive what customers want and spend resources accordingly to produce the best results.
In times, where every business is expected to transform its operations online, the implementation of AI concepts becomes crucial to produce the best results.