Reasons To Integrate AI Into Your Business
In this blog, you will learn about reasons to integrate AI into your business. Businesses and industries are facing challenges all the time. Some overcome them and hold on, others cannot keep up and fail. The same will happen with artificial intelligence. As we can see from examples in our everyday life, the merging of AI is unavoidable. Those who embrace and welcome AI into their businesses will grow, while those who continue to resist the adoption of AI will most likely fall behind. This is because AI can be considered the future of business. Below are some reasons to integrate AI into your business:
Become more efficient
Firstly, for every CEO and manager, time is money. That is to say, it is the most valuable and the scarcest resource of every company. Secondly, that’s why some of the largest investments are into new technologies that will speed up and automate processes and tasks. AI has shown the best results when it comes to increasing efficiency by taking over the boring work that overwhelms employees and takes up most of their time. The processes like troubleshooting the most common issues can be automated.
Provide excellent customer service
Automated customer services don’t only free employees; it also provides much better customer service to your clients. Poor service can cause serious financial losses to a company. According to a survey, around 56% of customers will stop doing business with a company that resolves consumer complaints poorly. Companies that resist introducing AIs may face losses as customers, like 60% of Americans, are not only becoming used to but preferring AI customer service, either through an application or website, resolving their simple issues. But this is one of the reasons to integrate AI into your business.
Provide a better customer experience
AIs collect and test user behaviour data to make quick and accurate in-the-moment recommendations related not only to product descriptions but also to the user’s visual preferences. These AI-powered recommendation engines not only speed up the time shoppers spend on an eCommerce website but move them up faster in the sales funnel as well. This is another one of the reasons to integrate AI into your business. The final goal is that by testing a huge amount of data and learning continuously, AIs can provide 100% correct assumptions of the user’s tastes and choices.
Enhance your marketing strategies
AI is rapidly transforming the marketing industry, and every company relies heavily on it. AIs can not only develop marketing strategies, but they can also deal with them. Some of the most used AI-powered marketing technologies are predictive tests, programmatic advertising and responsive search ads. They help in identifying potential customers, tailoring messages to their specific needs and find the most effective way of communicating that personalized message, as well as the most suitable time for it. One of the reasons to integrate AI into your business is because it helps locate the best places to run ads. It scans through content on the internet, taking into account several factors such as audiences, locations, interests etc.
Improve your HR services
AI doesn’t need to be focused only on your customers. That is to say, the greatest asset of every company is its employees and AI can greatly contribute to this department. Recruitment is a tedious task that involves a lot of people who are too busy to spend hours looking for the perfect candidate. AI can step in here for several tasks such as:
Posting job ads on various platforms
Testing resumes and classifying them accordingly
Screening candidates, eliminating those that don’t fit the desired qualifications and norm as well as retaining those that do for the next step
Collecting additional data during job interviews such as verbal and non-verbal behaviour.
Storing all of this data in one place, testing it and providing the required results.
Apart from that, AI can plan surveys and monitor certain employee behaviours to measure the level of employee satisfaction within the company and room for improvement.
Enhance your cybersecurity
The biggest threat any company faces are hacker attacks. No matter how much the technology of cybersecurity advances, hackers quickly catch up. In a matter of seconds, a company can experience grave damage or losses. However, since AI is a technology that constantly learns, it improves itself continuously. That means that with every hacker attack or attempt, your AI-powered cybersecurity will immediately improve itself and never again be susceptible to that kind of attack. With employees being a weak link, they can unintentionally let hackers in through phishing. However, AI can provide continuous education and warning to employees to prevent these attacks.
Put your data to use
Companies gather and store a huge amount of data. However, they usually never use it. AIs can process a billion gigabytes of data in minutes. Imagine what the power of information can do for your company. How AI works is that it tests all of that big data, identifying any patterns, and offering valuable insights on how to improve the company’s processes and help them make more informed decisions.
As an eCommerce company, you will have countless financial online transactions carried out each day. There are chances that some of them would be fake. Thieves steal credit cards and other personal information and use them to purchase goods and services online. To spot fraud, there are so many things to look out for. Especially if you are handling huge volumes of orders. AI is great at identifying any unusual behaviour and immediately alerts you. If you confirm the fraud, AI will learn and continue to provide improved fraud prevention services.
Become a more desirable employer
The talent shortage is a growing issue for many companies. It’s becoming increasingly harder to get a high-quality staff. That’s why you need an additional competitive advantage. Adopting AI into your business processes and culture is a sign for experts that you are ahead of your competitors. The companies that have taken that step of becoming an AI-powered business are still in the minority. And therefore, they are a more attractive employer.
These are some reasons to integrate AI into your business. It helps your business grow with not only these but many more benefits.
What Is AI?
Artificial Intelligence (AI) is the simulation of human intelligence by machines especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition and machine vision. There are four types of artificial intelligence namely, Ractive Machines, Limited Memory, Theory of Mind and Self-Awareness.
How Does AI Work?
We have learnt about the reasons to integrate AI into your business as well as what is AI, now it is our turn to learn about how it works. As the hype around AI has increased, vendors have been scrambling to promote how their products and services use AI. Often what they refer to as AI is simply one factor of it, such as machine learning. AI requires a foundation of specialized hardware and software for writing and training machine learning algorithms. That is to say, AI systems work by ingesting large amounts of labelled training data, testing the data for correlations and patterns, and using these patterns to make predictions about future states. AI programming focuses on three cognitive skills: learning, reasoning and self-correction.
The learning process of AI programming focuses on acquiring data and creating rules for how to turn the data into actionable information.
The reasoning process focuses on choosing the right algorithm to reach the desired outcome.
The self-correction process is designed to continually fine-tune algorithms and ensure they provide the most accurate results possible.
How Can AI Help Your Business?
Many businesses take up AI technology to try to reduce operational costs, increase skill, grow revenue and improve customer experience. For greater benefits, businesses should look at putting the full range of smart technologies into their processes and products. However, even businesses that are new to AI can reap major rewards. The reason to integrate AI into your business is it has a huge impact on business. By deploying the right AI technology, your business may gain the ability to:
Save time and money by automating and optimising routine processes and tasks.
Make faster business decisions based on outputs from cognitive technologies.
Avoid mistakes and ‘human error’, provided that AI systems are set up properly.
Use insight to predict customer preferences and offer them a better, personalised experience.
Mine vast amount of data to generate quality leads and grow your customer base.
Increase revenue by identifying and maximising sales opportunities.
Grow expertise by enabling tests and offering intelligent advice and support.