Businesses have seen a rapid transformation in the 21st century and the credit goes to the regular invention and evolution of modern technologies. From physical stores to virtual stores, discount coupons to discount codes, and limited markets to international sales among others, these are just a few examples of advantages that businesses of this century have seen.
If we specifically focus on the business decision-making process, AI has empowered many valuable tools and gadgets that are smoothening a range of business operations. Businesses, using predictive analytics, are also able to have some fact-based insights for the performance of their businesses.
Furthermore, we will focus on in detail how artificial intelligence companies are helping businesses grow. Let’s have a look!
1. Business forecasts with enhanced accuracy
AI delivers some fantastic features like predictive analytics which helps businesses make fact-based business decisions. Businesses are using AI to predict future demand and supply requirements, product lifecycles, shipment durations, and more.
To leverage features of business intelligence and analytics, the demand for skilled talents such as data scientists, data engineers, AI experts, and deep learning engineers has seen a boost.
2. Businesses are able to secure themselves better
For the smooth running of daily business operations, AI contributes majorly to businesses. One of these many segments where AI contributes is cybersecurity. AI in cybersecurity is usable to make cybersecurity an automated process as well.
Plenty of businesses are using AI to filter spam and phishing emails, block suspicious websites, block suspicious user access, and help businesses predict possible fraud. Now, AI makes these cybersecurity measures possible by using the data that it gathers and observes from past and real-time incidents.
As more real-time cybersecurity occurs, most data experts upgrade their cybersecurity systems by feeding real-time user data. AI can also warn business experts or owners in advance about possible cyberattacks.
3. AI is making faster settlements possible
Banking and financial services love using AI due to its range of advantages that help them improve the customer experience and security in parallel. AI has enabled a technology called Smart Contracts. These smart contracts are set of rules and regulations written in the form of codes.
Using these smart contracts eliminates the need for third-party approvals as banks are able to settle disputes, insurance claims, transactions, etc automatically if involved parties meet the criteria as defined in these smart contracts.
AI also helps businesses recognize patterns of possible fraudulent activities or possible unauthorized access that are attempted to steal user data.
4. AI is streamlining the shipment industry
The top artificial intelligence companies like IBM have built some AI-supported business solutions that streamline the shipment processes. AI, by using data gathered from technologies like IoT, is helping companies keep real-time track and predict tentative shipment duration.
For pharmaceutical companies, AI is helping them keep a real-time track of the health of shipments by using IoT-supported checkpoints that scan products being shipped at multiple locations. The gathered data is also used to provide any updates on the shipment schedule.
5. The customer service industry is getting faster
In the era of AI chatbots, the customer service industry is thriving. The industry has adopted AI to deliver 24x7 availability of customer service thanks to the automation of the sector. Companies like IBM have built chatbot technologies like IBM Watson Assistant that use Natural Language Understanding (NLU) model to understand customers better and consistently.
AI chatbots like ChatGPT have also shown the world how useful technologies like Natural Language Processing (NLP) and NLU can be. ChatGPT is capable of recognizing multiple languages and offering assistance to its users. Not only that, it is designed to be a conversational technology that almost gives an experience as if you are talking to a real human.
In the future when the number of digital companies might get 10x more than what we have today, AI chatbots will become the blood and bones of companies. A Gartner report says, 25% of customer service operations had already implemented AI chatbots in 2020 with numbers rising continuously.
6. Optimizing marketing and sales strategies for better ROIs
AI is helpful for marketing experts thanks to its ability to collect, process, and curate customer research data. The technology can use historical data like sales performance, demand, and supply statistics, historical prices of products and services, satisfied and dissatisfied customer data, etc.
Using these kinds of datasets helps AI predict possible business opportunities in the future so marketing experts can revolve their marketing strategies around these possible numbers. Also learn how AI is helping in marketing.
7. HRs are using AI to fasten up the hiring process
Human resource departments are evolving and adopting AI faster than ever. AI technology is helping HR executive shortlist and filter candidate resumes automatically to save time that goes into filtering resumes manually.
On top of that, AI tools are also providing HR departments with fact-based insights such as the percentage of skills that are in demand, the percentage of skills that applicants have, common reasons behind the rejections of applicants, etc.
HRs are also able to monitor the performance statistics of employees and factors that are impacting this performance positively or negatively by using AI tools. These advantages of AI not only help HRs find better candidates for their job requirements but also help them improve the quality of already existing employees by using AI-generated statistics into consideration.
AI is not only influencing businesses but also creating newer opportunities. It is influencing organizations and experts to optimize their business strategies and adopt a smarter business model to survive and thrive in the rising competition irrespective of industries.
Due to its abilities, which we mentioned above as well, AI is impacting companies of almost every genre including fintech, healthcare, supply chain, human resources, and more positively. The data-based approach is not only improving the quality of products and services, but also has other advantages such as reducing wastage, cost reduction, predicting demands, and investing smartly among others.
Hopefully, our discussion on how AI in business is playing its role was informative. You can explore plenty more of such well-researched articles on our website Live Positively.