5 Ways Your Business Can Benefit From Artificial Intelligence

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Complex tasks carried out by AI systems improvese operational efficiency in the long run.

By Aakash Gupta

Technological innovation has revolutionised the way we work. From regular activities to strategy planning, your ability to adapt to new and evolving technology plays a pivotal role in your market competence. That being said, decision making gets much simpler when artificial intelligence is involved. Planning for the future is also much easier when we start including artificial intelligence in daily processes.

Intelligent systems backed by big data and advanced algorithms induces deep thinking which helps in better planning. These complex tasks carried out by specific systems would improve the operational efficiency in the long run, not to mention reduced operational costs. All these factors make AI an important consideration for the future of businesses.

So what are the main benefits of incorporating AI in our offices? 

1. Increased customer interaction

One of the most visible ways in which AI has entered the business is through chatbot systems. With a presence in most professional websites, chatbots help you reach out to a wider customer base. For product and sales-based companies, this is a good way to show your customers about your advanced digital capabilities. 

Common queries and issues are resolved easily with the help of responsive chatbots, reducing the dependency on customer care executives. The chatbot responses can also be customised with specific replies, which help in resolving queries faster. They are cheap to install, and can be easily integrated with your existing systems. With improved interaction with customers and potential clients, chatbots have high potential ROI.

2. Improved project performance 

Risks and uncertainties are part and parcel of every project. And they need to be managed properly before it poses a major threat for the project. Risk mitigation techniques can be planned better with the help of AI. From quick execution to insightful strategies, AI can help resolve these risks better in the long run.

Every risk offers some learnings as well, which can be used to build future strategies in the company. AI systems can analyse historical data, error logs and other records to provide intelligent strategies for the future. Scenario building activities, such as A/B testing can also be done better with the help of AI. You can also plan resources better for future projects with the help of automation as well. 

3. Accurate predictive analysis

Predictive analytics tools are one of the major benefits of AI. Time and effort estimations have become much easier to make with these tools. Project managers can reduce their resource spending, and plan for future ventures better.

Predictive analysis can be useful to people in a number of ways. Software development is one of the larger areas where these tools are generally put to use. With the accuracy in predictions, it has helped improve the quality of development as well. Other areas where these predictions have been put into use are talent coordination, time management and prioritisation of tasks.

4. Better decision-making

AI has been influential in reducing the gaps in data maintained by companies. Inconsistent and incomplete data has been a recurring problem in many companies, which has, in turn, affected the decision-making of many businesses in the country. 

There are certain technologies which are a part of AI that helps in running an improved business. For example, market decision-making tools help in understanding customer needs and consumer behaviour better. Customer relationship management (CRM) helps build customer support better. Data recording and lead ranking would help to build understand the value of the customer’s lifetime.

5. Hire better people

Hiring processes can get simpler with the use of AI. You can streamline and automate a number of processes in the long run with the help of AI, helping you develop better relationships with candidates. This camaraderie can help you work together better in the long run as well.

Recruiter chatbots can help with candidate sourcing and nurturing them. Updates can be offered immediately to all the applicants. Technology can also be used to screen applications, based on the requirements of the position. This keeps the hiring process completely unbiased in the long run as well. Preliminary candidate interviews could also be completed with a set of preset questions. After the candidate has joined, onboarding time and their costs can be reduced with virtual courses and training sessions.

The inclusion of AI in businesses is undeniable. Professionals and business owners have identified the benefits of including technology in their processes, and have also accepted the need for change in the work because of it. From shifting responsibilities of the project manager to the role of the employees, the sooner we learn how to use AI will help us adapt to it faster. 

Aakash Gupta heads the Business Sales wing at Saviom. As the chief consultant on enterprise resource management and workforce planning solutions, his publications have helped project experts redefine business efficiency. Reach out to him here to know more. 

AI stock photo by metamorworks/Shutterstock

The post 5 Ways Your Business Can Benefit From Artificial Intelligence appeared first on SmallBizDaily.

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