Artificial Intelligence is now the norm
Artificial Intelligence (AI) applications are enhancing businesses across a vast array of industries. From beauty to healthcare, transportation, manufacturing, and beyond, the benefits of AI are widely known.
Even as consumers, we are exposed to sophisticated AI features in our daily lives. A simple prepaid SIM costing only a few dollars a month can connect your pocket computer to cloud-based AI services like Facebook, Spotify, YouTube and Siri. The benefits available to business are no less substantial although they are, for now, at least, typically less progressed.
MIT’s Sloan Management Review 2017 Artificial Intelligence Global Executive Study and Research Project found that 85% of business executives believe that AI will help them gain or sustain a competitive business advantage.
From chatbots and virtual assistants to seamless data analytics, business owners can reap numerous benefits by introducing AI to their operational scheme. According to PwC Research, AI will contribute over $15 trillion to the global economy by 2030.
What can Artificial Intelligence do for businesses?
Despite its current popularity, Artificial Intelligence remains an expanding technology, filled with endless possibilities for business owners. From deep learning algorithms to natural language, AI applications can improve businesses in a number of ways, such as:
- Better data analytics — Advancements in AI have brought about the age of Big Data, making data collection and analysis more seamless and efficient. With Artificial Intelligence — particularly deep learning algorithms — businesses gain more insight into their ventures and market, with broader data pools and quick, real-time analytics.
- Automatons — With AI, business owners can introduce intelligent automatons to their businesses in the form of chatbots and virtual assistants. These automatons can improve customer service relations and interactions, easing the burden on human staff and increasing the satisfaction of the client.
- Improvement and maintenance of equipment — AI allows business owners — particularly in sectors such as manufacturing — improve and maintain equipment and machinery. With AI, owners can schedule and automate routine checks, predict where damages may occur, and carefully analyze the status of all equipment thoroughly. By doing so, business owners can minimize breakdowns and accidents caused by faulty equipment.
- Security and cyber crimes — For online businesses, AI offers better security. With the technology, business owners will be able to encrypt sensitive information better while honing down on fraudulent transactions with more ease.
How can I make Artificial Intelligence work for my business?
There are several ways AI can be applied to solve many business needs. But not all AI application methods will be beneficial to all businesses in the same way, given their unique set of needs. Consider these important steps to increase the benefits AI has on your business:
- Research your competitors — Businesses within the same industry are bound to utilize similar technologies for operations. By carefully analyzing competitors’ AI applications, business owners are offered a glimpse into which AI applications can actually boost sales and growth, along with how to apply them.
- Decide on the technology — After careful research, business owners must decide on the technologies to implement. The choice technology must add optimal value to the business, reducing the workload on organic staff and increasing business efficiency.
- Implement the technology — Implement the chosen technology only after a research-based decision. It would be wise to enlist Artificial Intelligence companies for this stage in order to maximize efficiency. Thankfully, there is no shortage of AI companies around the world.
Final words: What business owners can avoid with AI
Introducing AI into business operations is a big step; a massive change. As with all change, there are possibilities of friction. Business owners can minimize potential friction by taking note of these tips:
- Understand the strengths and weaknesses of the technology — Every technology has its own unique set of strengths and weaknesses. Understand the strengths and weaknesses of the technology before applying it to your operations.
- Additional tools — Some AI applications may require additional tools for optimal use. Business owners must take the availability and ease of use of these tools into consideration before implementing AI into operations.
- Data feeding — Business owners must understand the kind of data the technology uses. This will help in achieving better analytic results. By feeding machines incorrect types of data, analytic results can be skewed, possibly resulting in losses.
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