10 Ways Artificial Intelligence Can Improve Business Performance
Wondering if Artificial intelligence can impact your business, or is it just a trend? Let’s explore this with real-world examples.
If you want to have a competitive business strategy, technology must be at the forefront today. Embracing technology is not an option- it’s a necessity. Do all businesses require AI? Probably not. If your business wants to grow multifold, or have increased revenue, and if you do use technology in some way; AI can help your business.
As per Tidio, one-third of organizations have applied AI across several business units. Also, The number of businesses using artificial intelligence has grown by 300% in the last 5 years. If that’s the value of AI for business efficiency, imagine what it can do for you.
What is Artificial Intelligence?
Before understanding how AI can improve your business operations, it is crucial to understand what this technology is. AI, or artificial intelligence in enterprise performance management is a term given to a broad range of technologies that together encompass creating an artificial brain. The machine is fed with data, which is then processed with the help of machine learning and other technologies. Through this, the machine learns just like a human brain. With continuous chances of learning, the brain of the machine evolves and it gets better.
How Will Artificial Intelligence Benefit My Business?
Before we jump to the functions that can be optimized with Artificial Intelligence, Let’s see how AI is beneficial for business.
- Artificial Intelligence is transforming business by using your business-specific data to curate solutions based on your industry and business.
- It can create a strategy for your business with expertise and provide the best solutions.
- With the help of AI strategy for business, you can identify tasks that can be automated and businesses then can focus on their primary work.
- Artificial intelligence is transforming businesses in saving time and costs, which have a direct implication on profits.
Fact Check: According to alliedmarketresearch.com, the global artificial intelligence market size is expected to reach $169,411.8 million in 2025.
10 Business Areas That Can Benefit From Artificial Intelligence
1. Customer Experience
Your customers bring in the money for your business. With AI you can easily integrate customer experience features like chatbots and assistants round-the-clock. The retail industry has programmed chatbots that handle basic customer inquiries, redirecting complex ones to humans. This resulted in improved efficiency and customer experience.
2. Marketing
AI uses data to understand your customer psychology, preferences, and behaviors. In its recent update, tech giant Google introduced an AI-driven advertisement strategy that allows businesses to reach their target audience with personalized marketing. It can be used to create marketing collateral like emails, website content, landing pages, and even in-app customization.
3. Data Analysis
Collected data can be fed into the system to find information for personalized experience. Creating a custom experience for users leads to retention and improved customer loyalty. Netflix and Spotify use the data they gather from customer behavior to curate personalized experiences as suggestions. AI models are used to understand the data, and patterns are created from it.
As a business owner, you too can use such AI models to create experiences that are native to the user. Moreover, the AI model evolves through every interaction of the user to create deeper layers of personalized experiences.
4. Security & Protection
A big threat to many businesses is the misuse by hackers. Cybercrimes are said to cost the world $10.5 trillion annually by 2025. With the right use of AI, your business can get to these cracks before anyone else.
As AI is capable of handling large amounts of data, you can custom-create security-related parameters for intimation at the right time. Even if an issue is a low priority, AI systems can identify it and escalate it to relevant teams. Cybersecurity is a key essential in a time when data theft is a common crime. Customer trust tends to be undermined when such details are leaked online. Artificial intelligence can help curb this double-edged sword.
5. Supply Chain
A big threat to many businesses is the misuse by hackers. Cybercrimes are said to cost the world $10.5 trillion annually by 2025. With the right use of AI, your business can get to these cracks before anyone else.
As AI is capable of handling large amounts of data, you can custom-create security-related parameters for intimation at the right time. Even if an issue is a low priority, AI systems can identify it and escalate it to relevant teams. Cybersecurity is a key essential in a time when data theft is a common crime. Customer trust tends to be undermined when such details are leaked online. Artificial intelligence can help curb this double-edged sword.
6. Operations
A new startup has used AI to support food & beverage businesses and cafe chains to upgrade their entire operations. Imagine running a chain of 50 cafes, and being unable to monitor it individually. You hire a manager, but humans are prone to errors. So you upgrade your existing CCTV with this AI model that has pre-defined work structures. Anytime some error occurs, your manager is intimated. This could help you at the cash counter, serving, back end, etc.
Similarly, every business that wants to grow has to focus on efficient operations. With the use of AI business growth can be enhanced multifold.
7. Risk Management
Businesses operate in uncertain environments. Therefore, they need to focus on calculated risks based on quantifiable terms. Earlier, it used to take a team to swift through the data and then come to a conclusion. Now, this is not true as artificial intelligence can go through loads of data to find meaningful results. Thus, it’s easier to ascertain the risk.
The classic use case for risk management is financial firms that need to be aware 24*7 of all external changes. AI helps these firms analyze and interpret information far more quickly than humans, gaining a competitive edge in predicting market changes.
8. Product/Service Development
With the help of AI, many innovations have come into existence that were once just a dream. One of the most famous applications of AI in developing products is self-driven cars. Tesla has been using this technology and embracing the future. With AI, you too can focus on enhancing the value of your product, and even charge a premium for it.
There are so many stories ranging from AI systems that help farmers detect the issues with their crops, to how AI helped more than 40,000 women experience the joy of pregnancy. To grow your business, you can leverage AI and create innovative solutions for your customers. Be it any industry, use artificial intelligence to develop products and services that outperform manual ways of working.
9. Research & Development
If you are a small business, accessing data and understanding it to find some results is a hassle. Today, organizations can gain priceless insights and spark innovation with AI’s data-driven methodology. AI is capable of going through vast knowledge bases, identifying new patterns, and helping businesses with research. This research can then be used in developing products/services and enhancing the CX(customer experience).
10. Finance
If you are a small business, accessing data and understanding it to find some results is a hassle. Today, organizations can gain priceless insights and spark innovation with AI’s data-driven methodology. AI is capable of going through vast knowledge bases, identifying new patterns, and helping businesses with research. This research can then be used in developing products/services and enhancing the CX(customer experience).
End note
Embracing artificial intelligence is a breakthrough for any business trying to grow from its existing state. AI can be used to improve current ways of functioning, saving time and effort. Companies that harness AI’s power will be able to advance in their respective fields and gain a competitive advantage in the market as AI continues to grow.
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