Today, Artificial Intelligence (AI) has a massive impact on every industry. From education to healthcare to business, AI is gradually changing the way we do life and work.
Being a data-driven technology, AI empowers businesses to make informed decisions instead of relying on their gut feeling or personal opinions. Artificial Intelligence also makes the lives of professionals easier by automating several manual tasks. This leaves them with more time to do other important things that need human intelligence.
From supply change management to customer communication, AI is present in every business sector. In this article we will discuss 7 incredible ways in which AI is changing the way we do business today.
1. Increases Business Efficiency by Automating Back-Office Tasks
Let’s face it: back-office tasks consume an incredible amount of time that can be used for other important things. Fortunately, AI has offered the perfect way for modern businesses to handle this repetitive manual back-office and administrative tasks without human intervention.
Modern companies can use powerful AI-based cognitive assistants that perform all the manual back-office tasks quite efficiently. From accepting orders to canceling orders to issuing refunds, AI-powered cognitive assistants can handle most of these business processes. This leaves employees with a lot more time to work on other predictive activities and solve complex problems.
It also reduces the need for hiring more employees to do manual work that AI can handle alone. As a result, it helps businesses to cut costs. Thankfully, it’s all about replacing but assisting. AI tools are here to empower your employees to accomplish more with less time and effort, and give them the freedom to take on projects they used to not have time for.
2. AI is Improving the Ways We Handle Customer Communication
While AI is helping business owners to improve various aspects of their businesses, it has had the most profound impact on customer experience and communication.
Gone are the days when customers had to fill out lengthy forms or send multiple emails to get their questions answered from businesses. Instead, revolutionary and powerful AI-based creations like chatbots have made communication effortless.
These chatbots can answer most of your customers’ common queries on their own with no human intervention. The best thing is that customer service chatbots are available 24/7. So customers don’t have to wait to get their questions answered. This AI-powered tool leaves your support team with more time to address customer concerns a chatbot could never deal with.
3. It Helps Businesses Enhance Their Cybersecurity
According to recent reports, companies experience an average of 130 cybersecurity breaches per year per organization. Thus, modern-day businesses have a profound need to strengthen their online security and ensure that their customer’s data won’t end up in the hands of cybercriminals.This is where Artificial Intelligence comes in.
Believe it or not, a large number of cybersecurity breaches happen because of human error. Human error contributes to almost 82% of data breaches, online attacks, and other cybersecurity issues.
AI offers an ideal way to get rid of these issues. AI and Machine Learning-based models can be trained to recognize potential online security risks with the help of past data. This will enable them to filter out malicious activities like spam emails, links, phishing attempts, and more. These malicious links are destroyed before they even reach an employee’s device.
4. Increased Personalization Makes Customers Happy
Customers love personalization because it makes them feel recognized and valued by businesses. 80% of consumers accept that they are more likely to buy from businesses that offer them personalized experiences.
For example, when customers are shown a list of items they should buy based on their previous searches, it increases their chances of actually buying (or at least checking out those products). It is why most online shopping apps have a “You may also like” section.
Artificial Intelligence-powered algorithms enable businesses to identify and analyze customer behavior. Based on this data, companies can create specific campaigns, discount offers, and product suggestion lists to drive more customers and help convert potential leads. It goes a long way toward improving customer experience and getting the most out of marketing campaigns.
5. AI Provides a Facility for Quick ID and Document Verification
AI-powered verification models are helping businesses in quick and accurate verification for identification (ID) and other important documents. Gone are the days when employees had to verify customer data and feed everything into the computer manually.
Manual verification of important documents like driver’s licenses, payslips, past employment records, background checks, and other records and searches, is time-consuming and costly. Not to forget, this older style of inputting information also delays the onboarding process.
AI has made employee and customer verification easier and quicker, much to the delight of business owners and corporations around the world. It can verify different types of IDs, perform accurate face-matching, and flag any suspicious activities.
6. It Enhances Employee Training
The impact of Artificial Intelligence in education (particularly employee education and ongoing training programs) has also been quite significant. Today, AI-based learning models are making it easier for businesses to provide training to employees and upgrade their skills according to the current industry standards. This represents an important asset to the organization’s employee and business services and the potential momentum of each team member.
AI-based learning models can analyze the skills of particular employees and suggest learning programs to them accordingly. With the help of AI, businesses can also develop applications that integrate soft skills into the employees’ training modules.
For example, AI-based applications can help employees practice their sales pitches, enhance their emotional intelligence, and practice decision-making skills. AI-based digital tutors are also becoming more common by the day. Moreover, AI has introduced a whole new way for employee training and skill development that is both personalized and cost-efficient.
7. AI is Helping Businesses Improve their Social Media Strategy
Today, having a social media presence is a must for every business. Customers expect the brands they buy from to be on social media and offer exciting and engaging content through their social media platforms.
Social media is also emerging as a powerful medium where businesses can promote themselves, increase sales, get in touch with their target audience, and educate them about their products. In addition, many brands also use social media to understand their audience’s views and opinions, solve their queries, and resolve their grievances.
When it comes to how modern companies can leverage social media, the sky’s the limit! However, with so much data, content, and noise, it can be hard to keep track of things on social media or identify the right marketing strategy.
Fortunately, AI can help with this as well. For example, AI can sort massive amounts of data, analyze shifts in customers’ tastes and views, and then make predictions. Businesses can then use this data to craft the right social media marketing strategy.
The impact of AI on businesses and our lives as a whole has been momentous. But it feels almost invisible. That is the beauty of powerful deep learning technologies like Machine Learning and AI. They gradually change the way we do things until we can’t remember what it was like before they existed.
Think about it. Can you remember the time when websites didn’t have chatbots? Or can you remember what it was like when Amazon or Netflix didn’t suggest the things you should buy or watch next? Neither can we.
The impact of AI on the business world has been gradual but no less significant. And the best thing is we still haven’t realized the full potential of AI. There is so much more to discover and learn about it. So, it won’t be wrong to say that Artificial Intelligence will continue to dominate and change the business realm year after year.
We will likely see more and more smart homes and even smart cities as time goes by. Smart machines and deep learning systems are changing our digital platforms, our learning processes, making financial services smoother, easing communications, and opening doors to new opportunities. As long as we continue to manage AI processes well, we can look forward to a range of benefits for years to come.
Tech Masters gives business owners the advantage they need by managing their most important IT processes and helping them make the most of today’s technologies. Contact us today to upgrade your workflow and efficiency and find out how to claim your free business Tech Assessment.
To learn more about AI in the business world, check out our frequently asked questions below.
What are the top 6 AI Technologies?
Artificial Intelligence (AI) has given birth to many powerful technologies that are changing how businesses work today. Some of the major ones include the following:
- Virtual agents
- Machine learning
- Speech recognition – heavily used in voice services like Amazon Alexa and Apple’s Siri
- Natural language processing
- Robotic process automation
- Computer vision
What are 3 different examples of AI accomplishing things today
Three common examples of AI in our everyday lives include:
- Facial detection and recognition, commonly used in unlocking our phones today. Apps like Snapchat and Instagram also use these technologies to enable people to apply virtual filters.
- Digital voice assistants like Alexa and Siri.
- Online text editors and autocorrect features used by applications like Grammarly.
How is AI used in business operations
There are several ways in which AI conducts business operations today. For example, it can analyze years of data to provide accurate sales projections. It excels at automating routine tasks like taking or canceling orders. Further, AI-based smart algorithms can also help rank their leads according to their probability of conversion.
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