How Artificial Intelligence/Machine Learning is Transforming Businesses and The Way They Operate
By: USQRD in AI
You don’t need to be an Artificial Intelligence expert to begin to see how AI and machine learning are already transforming businesses and the way they operate. Some of these transformations have been so seamless that most of us have not even noticed that it has happened. Most of the time, AI in business doesn’t take the form of forward facing machines interacting with customers. Instead, the technology is working behind the scenes to make companies more effective, efficient, and ready to embrace new challenges and opportunities.
As machines are increasing in speed, and algorithms continue to improve, computers cannot only make decisions that previously required human input, they can make those decisions quicker while drawing from much larger pools of data. The necessary resources to take advantage of AI in business are also become more affordable, meaning organizations of all sizes can take advantage of these tools. This is a moment where the playing field may be leveled or even completely remade as smaller organizations can tap into the power formerly available only to the most prominent players.
Here are some ways artificial intelligence/machine learning is transforming businesses and the way they operate.
AI in Business: Customer Service and Relations
Attending to customers was once one of the most labor-intensive parts of running a business. Whether dealing with retail customers or directly with other businesses, AI can transform the old methods at every stage of a customer journey. From creating leads to first-time interactions, sales, and customer retention, AI can automate every aspect of connecting with consumers and businesses. At first glance, this may seem like a way of de-personalizing the customer experience. In reality, the ability to collect data, analyze it, and automatically be ready for precisely what a customer needs has the potential to make customer relations even more personalized than ever before. One of the most well-known examples of this is the smart chatbot. These applications are already in use and can answer customers questions and inquiries faster, more accurately, and 24 hours a day, seven days a week.
AI in Business: Human Resources
Making the right hiring decisions can be one of the most critical functions of a business. It also would seem like the task that needs to have a personal touch. Granted, there are moments in a hiring process where the presence of a real person may be essential. However, artificial intelligence and machine learning are already helping people make better decisions and save them hours in the process. Given enough data to work with, a machine can automate the labor-intensive parts of recruiting and screening candidates and also analyze hiring decisions to highlight critical errors or misjudgments on a candidates fitness for the position. AI will eventually even be able to predict how long a hire will stay with the company and how long a position will take to fill.
AI in Business: Planning and Forecasting
AI in business holds the promise of helping organizations of all sizes make better decisions. From forecasting sales to optimizing inventory, and improving the efficiency of workflow, even small and mid-sized companies have the opportunity to increase profit margins drastically. AI can also make it possible for organizations to spot market trends that may have been invisible to the naked eye, offering the chance to take advantage of opportunities that may have otherwise been missed. Early adopters are already seeing gains in profitability and continue to leverage this technology for future opportunities.
It’s Up to You
Whether or not your organization decides to implement AI in business solutions now, other businesses will. AI will transform the way businesses operate and change the playing field completely. It is time to start thinking about how AI and machine learning can help your business thrive and grow.Tags: AI, Business, Machine Learning