The best technological advancement in contemporary times has been Artificial Intelligence. Today, this technological advancement has the potential to transform the whole world. The best part about AI is that it can be incorporated into various fields to get great results. Having said that, many businesses are taking advantage of this technological advancement
Today, most business operations are facilitated through various applications of AI. To validate, The Pipeline reveals that 23% of businesses have incorporated AI into their processes. Furthermore, The AI market will touch the figure of $190 billion by 2025. Considering these statistics, AI has become an essential part of their day-to-day functioning. In the coming time as well, it will continue to grow at a rapid pace.
As a business owner, you might also acknowledge how AI can transform your business. Considering this, you would also want to incorporate AI into your business operations. This can provide you with long-term benefits which are described below.
5 Ways in which AI is fueling business operations
1. Automating the business operations
You would also agree with the fact that automation is the next big thing in the business world. This is because there are a lot of business operations that need to be carried out. Because of these operations only, a business can function smoothly. However, these operations are monotonous and they tend to consume the majority of the time. This can significantly reduce the efficiency of workers as they are not able to devote enough time to other important tasks.
Moreover, there are chances of human errors which can disrupt the whole workflow. This can negatively affect the overall productivity of the whole business enterprise.
This situation can very well be prevented if a business has incorporated AI-based tools into its day-to-day functioning. AI tends to automate daily operations such as recording transactions, and storing customer data which can provide much better results after their completion. Through deep machine learning, AI-powered business systems are very much capable of handling day-to-day operations. As the tasks are getting automated, this can significantly reduce the errors caused by human actions. As a result, business processes can be carried out without any disruptions using the application of Artificial Intelligence.
2. Handling customer inquiries
Today, all businesses are paying due attention to their customers which can help them to enhance their brand image. However, providing customer support can be quite a challenging situation for many businesses. As customers come up with different needs at different times, fulfilling them at once is quite difficult. If a business is not able to fulfill the needs of its customers, it would prefer to switch to some other brand. Subsequently, it can negatively impact the brand image of a business enterprise in the market.
Considering this scenario, many businesses are making use of chatbots on their website. These chatbots are very much capable of handling customer queries and guiding them through the website in real time. This has resulted in enhanced customer satisfaction as their queries are now fulfilled in a much better way.
Apart from this, these chatbots also assist customers in the whole purchasing process. They provide them with personalized recommendations of products that are best suited to the consumers’ needs. As a result, consumers can get a variety of products to choose from. Therefore, these chatbots act as a virtual guide for the users interacting with the business website.
3. Enhancing the recruitment process
Organizations invest a lot in the recruitment process and they would always look for the most suitable candidates. For that, HR professionals are kept on their toes to look for the best candidates. From screening the applications to hiring the right person, one can very well understand the complexity of this process. Also, it tends to take a major portion of their precious time which results in less efficiency than before.
To counter this situation, AI-powered recruiting has been introduced in the corporate world. This has made lives easy for HR professionals. Now, the screening process is carried out using an AI-powered system. These systems select only those candidates which fulfill the criteria set by the HR department. As a result, HR professionals are now able to devote their precious time to other important tasks.
On the other hand, AI-powered recruitment tends to provide a much better recruiting experience to potential candidates. Now the candidates can get a timely response whether they are hired or not. Also, the recruitment process becomes much more transparent through this technological advancement.
Therefore, AI in the recruitment process has been quite effective for HR managers and potential candidates.
4. Formulating future expansion plans
All businesses have a vision that puts all their efforts in a certain direction. This helps them to set strategic goals which need to be fulfilled shortly. This is how businesses make plans which provide them with a suitable framework to operate smoothly.
However, it is easier said than done. Having said that, forecasting what is going to happen in the future can never be that accurate. This is where AI-based prediction comes into play. AI-based systems can quickly analyze all the statistics related to a business. These analyses can very well predict how and when should a business enterprise look to expand. Accordingly, future expansion strategies would be put forward and later implemented to achieve the desired SMART Goals.
Moreover, the predicted future trends would be more accurate as compared to human judgment. As a result, there would be fewer deviations from the set goals of future expansions. Therefore, AI can very well help a business to predict and formulate future strategies for expansion.
5. Improving data security
Data security is essential for a business to maintain its integrity in the long run. Also, with increasing cyber attacks, keeping data secure has become an essential aspect of a business. To further ensure the safety of the stored data, AI has provided a much better ground to safeguard the data.
To explain, AI-powered safety measures are quite complex which makes it next to impossible for hackers to get into the system. Apart from that, AI can very well detect any unusual behavior and later, eliminate the same before it surpasses the set firewall. This has provided a safe environment for businesses to store their data. Therefore, AI-based security has been quite effective in keeping the data secure and maintaining its consistency for future use. All in all, data security is emerging as one of the most sought-after applications of AI.
To encapsulate, artificial intelligence has made its way into the business world and has transformed it quite significantly. This has made businesses operate in a much better way. The above-mentioned are some of the proven benefits that have helped businesses to grow and enhance their brand value in the market.