In the past few years, artificial intelligence has gained a lot of momentum in various industries. Businesses such as healthcare, retail, logistics, manufacturing, and transportation have begun using AI-based applications to improve productivity.
Artificial intelligence is not yet fully implemented in business, but companies and their employees use these methods without even knowing about them.
Machine learning and artificial intelligence for business are among the most important aspects these days. Both technologies make a huge difference in the way you manage your business.
According to a Forbes report, artificial intelligence will contribute more than $15.3 trillion to the global economy by the end of 2030. This will help businesses reap enormous benefits from the use of these technologies. An MIT study found that over 85% of executives believe there are many benefits of AI in business development.
The best way to evaluate a technology is to understand the benefits of that particular technology in your business. Here are some of the benefits of artificial intelligence in business:
- Automation of marketing methods
These days, integrated internet marketing is the most important aspect of your business. It is very important to use various marketing methods to get customers, keep them and make them brand advocates. Including AI in this process will help the organization in many ways. AI-based applications can perform routine tasks and customize sales and marketing information based on consumers.
Chatbots can be seen as another boon for businesses in this digital age. They help engage the customer and resolve customer issues without the need for a customer service officer.
Customers who usually visit your site to ask a question will not have time to wait for one of your customer service managers to show up. In such cases, chatbots work wonders. They not only provide customers with answers to their questions, but advanced technologies help to interact with customers in a way that ensures their maximum satisfaction.
Machine learning will also help in optimizing prices in different markets. Rapid Miner is a data mining platform that uses data on various business areas, consumer preferences, suppliers to automatically create pricing models. This AI-based approach helps businesses optimize marginal profits.
- AI-driven analytics for better business decisions
Modifications in recent networking and storage technologies have led to the era of big data. But what can be done with analysts if they don’t have the right way to collect, store, and analyze information?
Machine learning and deep AI algorithms will help. The SAP HANA platform uses machine learning to analyze big data and create patterns according to it.
Walmart uses this platform for data analytics. More than 245 million customers visit Walmart stores and websites worldwide. So the data that this company collects is huge and without the proper technology, they will not be able to analyze and use this data. HANA machine learning algorithms bring critical data to the forefront so that Walmart employees can make informed business decisions based on the data.
- Improving the safety and maintenance of your equipment
Artificial intelligence can improve maintenance schedules in the manufacturing and transportation sectors.
The manufacturing industry has been using AI for service and safety for a long time. General Electric has developed the Predix Platform, which uses artificial intelligence to optimize and scale industrial applications.
- Time saving
No matter what business you’re in, time is of the essence. In the “time is money” business world, you can’t just waste your time on simple but time-consuming tasks.
Analyzing data with the help of an ordinary employee will take a lot of time, which is why people prefer to use the help of artificial intelligence.
- Facilitate inventory and supply chain management
Machine learning algorithms will help retailers and other businesses better manage their inventory. It is capable of automating replenishment requests and helps in optimizing the supply chain. You can simply outsource inventory and supply chain management to artificial intelligence. This is one of the ways AI can help businesses.
Large AI-based companies such as IBM Watson are investing heavily in this supply chain and inventory management. IBM Supply Chain Management helps you automate order fulfillment and order management. There is another company called “Transvoyant”, which combines the Internet of Things and machine learning to create applications that will predict the movements of the supply chain.
- Advanced recruitment processes
This is one of the common questions in any organization. Finding and hiring the right candidate is a complex task. It takes a lot of cumbersome procedures to work. But with the latest AI-based facial recognition applications, the process of interviewing and hiring has become a breeze. This technology evaluates the work of an employee by his emotional signs.
Various giant companies such as IBM, Dunkin Donuts and Unilever have already begun using artificial intelligence to screen entry-level employees. Unilever has already stated how AI has helped them in the hiring process. Applicants can be interviewed using the HireVue app on their smartphone. This application will take the interview data and analyze it as well as provide recommendations for the next step of the potential employee.