Artificial Intelligence (AI) has gone from a futuristic theory to a practical tool for businesses that want to design the future. The impact and benefits of AI are industry agnostic, span a diverse range from healthcare to financial services and beyond. Before a business adopts AI as part of its technological arsenal, it needs to ask itself certain questions that can illuminate if AI can help the bottom line.
Google searches for the term “artificial intelligence” and “machine learning” have become prevalent in the last few years. A recent poll determined 80% of C-suite executives see the need for AI in their organization but most of them do not know how to go about successfully implementing AI.
By adopting AI, a business increases productivity and efficiency as well as the opportunity for innovation.
3 Ways Businesses Can Benefit From AI
While there is a lot of hype surrounding the practical application of AI in the business sector, here are some ways a business can leverage AI:
1. Enhanced Productivity
One of the most well-known benefits of AI is improved productivity. The introduction of AI into the workflow minimizes redundant tasks and reduces human error which frees up human intelligence for more value-added tasks and ingenuity. More productivity is critical for the success of the business which relies on human capital to bring value to the business.
2. Access To Innovation
AI can be used not only to boost productivity but also to accelerate the ability of a business to tap into innovation. The pursuit of innovation is something that eludes most business which focuses mostly on production and operations. The power of AI is that it can compile and execute decisions based on a large data set. This data analysis enables the business to recognize trends, opportunities, and themes it typically would not consider. This new information gives the business insights necessary for higher performance and data-driven decision-making.
3. Improved Customer Service
In an ideal world, businesses would have streamlined customer service and service delivery with minimal service recovery. Just a few years ago, the idea that a business can staff a 24- hour customer service team seemed costly and labor-intensive. The advent of AI has redefined the relationship between businesses and customers. For example, banking uses AI chatbots to improve the online banking experience. AI chatbots can answer questions, request necessary documentation, build relationships, and service the customer 24/7. Moreover, AI has become beneficial in a world with an evolved definition of customer service. These days customers want to access support anywhere at any time from multiple different channels. AI helps businesses be instantly available to customers without human error or inconsistencies.
In the new digital era of work, technological advancements are changing the way business is being done. The evolution of AI from theoretical beginnings to practical applications has tremendously benefited businesses. Across industries, it enabled businesses to be more efficient and productive in operations. Businesses leveraged data analysis to access more innovation driven by data insights and trends to highlight opportunities. Finally, AI was used to redefine customer service in an age where instant access and consistency are required. AI has shifted the perceptions of what was possible when it comes to doing business.