October 23, 2020

AI in Business: An Overview of 7 Benefits That Apply to Every Industry

In the past, sci-fi novels often depict artificial intelligence as a boogeyman. It started the common misconception that AI are humanoid robots that will take over the world. But this attitude has changed over the years when businesses begin to see the benefits of using AI in their operations.

AI in Business: An Overview of 7 Benefits That Apply to Every Industry

According to Statista, business spending on AI is estimated to reach $9.6 billion in 2020. And this estimation is set to increase in the next three years. This shows the growing role of artificial intelligence in business as it proves useful in making their processes more streamlined and efficient.

Regardless of what industry you are in, there are numerous benefits to having AI in your business. Whether you are in retail, transportation, communication, or finance, it can help your organization grow in the long run.

With that, here are some benefits of AI in business that can apply to every industry.

1. Save time and cost

The first thing that comes to mind when you think about the importance of AI in business is how it can help your company reduce the time and cost spent on daily operations. In fact, Workmarket’s 2020 report says that 54% of your employees could save up to 240 hours of work time annually through artificial intelligence.

With AI, you can allocate repetitive and administrative tasks to a software or machine and let your employees focus on other value-adding tasks. This increases their productivity without forcing them to work overtime or taking on more tasks than they can handle.

Using automation can also help you save up on costs. Since it can take over some of the work, you can avoid having to compensate your employees for overtime work. Likewise, you don’t have to hire as many people just to get the job done.

2. Improve customer experience

Keeping your customers satisfied is essential no matter what industry you are in. After all, they play a huge role in ensuring your company’s growth. However, this task can be challenging for both small and big businesses. It would require you to spend more time and cost to keep up with their demands.

Fortunately, artificial intelligence software can help you with improving customer experience. Through it, you can automate your interactions with them and respond to their queries instantaneously. An AI can learn and mimic human behaviors so that it can personalize its interactions with your customers. Most importantly, you can input certain commands to ensure that they respond appropriately to certain situations.

At present, many businesses use artificial intelligence for their customer service. It helps you maintain engagement, keep track of critical customer data, resolve issues, and collect feedback. In this way, you can keep them all satisfied without much effort on your part.

3. Leverage data and analytics

Businesses nowadays are becoming more and more data-driven than ever. This is a result of artificial intelligence impact on business. Thanks to AI, you can easily mine data from different aspects of your business, analyze them, and use this information to make smarter decisions and improve processes for the future.

Unlike other basic automation, artificial intelligence can learn by processing data to find patterns, trends, and anomalies. And in turn, it transforms raw data into digestible information that you can use to enhance your operations. You can also create summarized reports and presentations for you to understand better.

And the best thing about AI is that it can do all these without human intervention. It can identify your strengths and weaknesses and find areas to improve based on the data that it gathers, making it easier for you to plan and strategize ahead.

4. Optimize processes

Incorporating artificial intelligence into your business processes can introduce you to new ways of how you can operate. As the world fast tracks towards the digital age, an AI can help you optimize your processes so that it can embrace the future. It provides real-time assistance to streamline workflows and increase productivity.

Artificial intelligence can efficiently and effectively perform tasks. This can be in the form of digital or physical ones using robotics. Unlike humans, it can work faster and produce more outputs within a limited time. Likewise, it can maintain the quality of work for longer periods.

With its capacity for deep learning, it can also adapt to changes and learn from past mistakes. This helps maintain and improve the quality of its work in the process.

5. Operate with less interference

As mentioned earlier, artificial intelligence is mostly used for automation. Its sophisticated technology allows it to perform human tasks efficiently and effectively. From interacting with customers, operating machinery, processing data, and hiring new employees, AI software can do a lot of things.

This allows you to operate your business with less human interference. Repetitive tasks that can be done by machines or software can be delegated to an AI. This makes it easier for you to monitor and track progress without having to physically oversee processes.

And with COVID’s social distancing protocols in place, using artificial intelligence can help you operate smoothly even with a limited number of manpower. In fact, it allows you to run your business at full speed while minimizing the number of employees in your offices or stores. In this way, you can keep yourself, your employees, and customers safe during this pandemic.

6. Reduce errors

While committing mistakes is a natural part of being human, it can sometimes result in serious consequences for your business. Thus, it is best that you minimize them as much as you can. Using artificial intelligence can help you with that.

With an AI, you can avoid the usual common errors such as typos, missed tasks, and miscalculations. This is because it also eliminates the usual sources for such errors. This means you can do away with miscommunication since the commands will come directly from you. It also does away with manual data entry. And most importantly, AI can store and remember in algorithms, information, and critical data, surpassing the capabilities of human memory.

Unlike humans, artificial intelligence does not get tired, bored, or forgetful. It can maintain quality performance and output for longer periods. Likewise, it cannot be distracted by other life concerns and can be more thorough when looking for discrepancies in their tasks.

7. Predict accurate outcomes and risks

Artificial intelligence does more than just identifying your company’s strengths and weaknesses. It can also predict outcomes and risks based on its data analysis. By collating patterns, trends, and behaviors, it can provide you with several possible scenarios of the future.

For example, Pittsburgh International Airport uses AI to provide live accurate waiting times for their lines.

It uses the technology developed by Zensors to estimate line length. With the feeds received from their cameras, it goes on to compute for potential waiting time and instantly display it on screens throughout the terminal.

Aside from being accurate, AI can process data and forecast immediately and instantaneously. This makes it easier for them to update their predictions whenever certain factors change along the way.

Embracing artificial intelligence

Technology has greatly impacted the way businesses operate. The various innovations have provided tools that you can use for your company’s growth and development. One such tool is artificial intelligence.

Nowadays, AI in business is becoming a staple for growing companies all over the world. Every industry can benefit greatly from it. From finance, retail, education, and healthcare, it can change your business processes for the better. So, get on with the times and take advantage of what AI has to offer. With it, you’ll be ready to face whatever the future might bring.