Let’s have a look at some of the most important domains where this technology offers its pros.
10 Benefits Of Using Artificial Intelligence
1. Data Mining & Business Insights
There is a huge amount of data stored in clouds that are literally ‘wasted.’ However, it carries crucial information that organizations could explore and utilize to turn the tables. It is worth noticing that, to yield the benefits of AI, companies must use algorithms. These will help them to mine the relevant data and then detect any pattern that may be of interest. If you are lucky enough to find the hidden gem, then you might have a decent edge over your competitors in the niche. You can do that by exploiting the information interpreted from certain data points. The part where AI gets involved is quite dynamic and interesting. An Artificially Intelligent algorithm would learn the type of data set that your business requires, adapt to it, and bring maximum return on investment for your organization and your clients.
2. Outcome Prediction
AI can be used to make rational predictions, and it is one of its core benefits. Apart from just extracting the data, AI-based algorithms can predict the result of a given data set. For instance, eCommerce stores could retrieve data from a cloud server and then use Artificial Intelligence to determine the number of sales of particular products in different parts of the world, thus enabling them to perform targeted marketing. Furthermore, this technology can also determine the peak buying time. All of these factors allow the traders to buy the stock at the right time and manage the cycle to diminish the number of leftovers. That’s just one use case. AI is also quite beneficial when it comes to banking. This is when financial institutions and individual traders can utilize their pros to have better insights about currency fluctuations. Some organizations are also using it in the field of healthcare. Tools are deployed to crawl through social media posts all over the world, and then AI-based algorithms are applied to evaluate the credibility of outbreaks across the Globe.
3. Real-time Assistance
Advantages of Artificial Intelligence go far beyond back-end operations. Even the front-end, one that your users interact with, is running on the principles of AI for yielding maximum results. For instance, if your business requires responding to clients’ queries promptly, you cannot scale without incorporating AI. What would you do otherwise? Hire hundreds or thousands of people for engaging the prospects? That will increase your expenditures exponentially. Let’s consider an example. If you operate a travel agency or any sort of company in the travel industry (e.g. an airline, a bus service, etc.), you would have to deal with millions of clients annually. Embedding an AI-based tool would automatically inform your prospects regarding delays and the availability of next flight. Plenty of companies have already deployed such systems. They are becoming quite common since users can see the arrival time of their vehicle on the app even it is still in the traffic.
4. Operational Automation
I agree that there are other technologies as well for bringing operational automation in businesses, but if we incorporate AI, all of the techs can act intelligently. For instance, automatic heating systems are already there in the market. However, the incorporation of AI means they can perform more efficiently and can serve personalized needs in different situations. China has implemented one of the most rational use cases in the niche. It facilitates the police to track criminals and suspects by using AI with facial recognition in CCTVs. Japan has also utilized the benefits of Artificial Intelligence. Firstly, they replaced waiters with robots in some restaurants, and then AI was also incorporated in the machinery to make this automation more ‘cognitive.’
5. Improving Shopping Experience
Customers are busy these days. They are not going to read an article or advertisement for long if it doesn’t serve their needs. Even if you sell diamonds and target the wrong audience, the business won’t flourish. Therefore, AI could be used to determine the interests of your prospects, tailor the marketing campaign according to their needs, and then send an engaging newsletter, email, or whatever is required. Furthermore, you could also utilize the benefits of artificial intelligence to determine the loyalty of your customers towards the brands, and then let the system make its decision accordingly, favoring both the client and the business. Currently, Google and Facebook are already doing it. They monitor your browsing habits and then tailor the ads based on your preferences. As a result, everyone benefits – the advertisers, prospects, and the company. Apart from that, as mentioned above, algorithms can be developed to retrieve and analyze the data from the cloud and perform the same functionality.
6. Minimizing Errors
Well, that’s what AI is all about – eradicating or at least minimizing errors from the processes. From what you have read until now, it is quite evident that merely having automation isn’t enough. Artificial intelligence is what allows the business to make its automated system more intelligent and less prone to errors. There are several companies out there with strict policies – if they do not follow or even miss a clause, their entire business could be in jeopardy. For instance, if your organization belongs to the IT industry, you must abide by certain strict compliance policies. Since they change timely, the possibility of human error is quite significant. In such cases, companies can use AI-based solutions which can help to diminish the operational costs and likelihood of any errors.
7. Increased Business Efficiency
Computers can do thousands of mundane tasks at a reasonably higher efficiency without getting bored. However, executing the same tasks over and over again does not bring value to your business. Instead, it just helps you in maintaining the flow. However, if you want your business to grow, AI has prime importance. These algorithms can perform repetitive tasks, thus keeping system resources free for catering to the needs of your business. For instance, if your customer sends a query, the algorithm can analyze its tone and command words. Moreover, it can route the prospect to a relevant area of the website. Therefore, your employees will be able to work on new use cases that are important for the business to evolve.
8. Make Data Interpretation Easy
A large mass of data is exchanged on the internet every day. Unfortunately, roughly 80% of the data that we come across are unstructured. It implies that as end-users, we can only analyse and interpret the remaining 20%, and it is ridiculous. However, if we utilise this ‘grey’ area properly, we can turn this unexplored data into critical business insights. This can be done by yielding the truest benefits of AI. Businesses can use this information to create meaningful graphs. This is because they can depict ‘something valuable’ to the user. Imagine that your business is planning to lay a new gas pipeline. But the records of the last line laid 20 years ago are gone. This is where AI would come into play. It will access the files from dusty piles, read them in seconds, and then suggest something more durable and better for the current scenario.
9. Automating Customer Experience
Well, both automation and customer experience remind us of chatbots and other such tools representing the keenness of a business to attract new prospects. To start with, please note that AI can make use of robust algorithms to ensure taking into account even the emotions of your client before responding. It does not only answer their queries. Clients will also feel that they are connected with you somehow. Furthermore, they end up referring more customers to you. This way, you can boost your reputation in the market.
10. Improved Recruitment Process
The article is self-explanatory as to how AI benefits different industries. However, there is just one drawback if businesses start using it for shortlisting and hiring people. That might render recruitment agencies as obsolete. The reasons are pretty straightforward. Artificial intelligence allows people to quickly sort resumes, arrange them by applying any criteria, and filter out unsuitable candidates. Therefore, the overall efficiency of hiring an employee is enhanced. Moreover, there is no bias or favoritism in the entire process.
AI To The Rescue
While reading this article, you might have thought that the technologies required to automate these niches are already present in the market. In what way does artificial intelligence come into play? Well, the answer is simpler than it seems. In today’s environment, we do not require ‘mere’ automated systems. We do need to incorporate intelligence as well. Businesses do not have to depend on human skills. That way, they can reduce the chances of errors and boosting the efficiency of businesses.
