Artificial Intelligence in Business
Busola is a Data Analyst, Market Researcher and Consumer Behaviour…
Do you know that the use of Artificial Intelligence (AI) in business has the potential to increase productivity by 40% or more? AI is the skilful art of computers carrying out tasks that humans perform. This intelligent software with human-like capabilities boosts revenue, improves customer experience and drives business growth. Moreover, it uses a range of techniques to improve efficiency. These include machine learning, deep learning, natural language processing, computer vision and adaptive learning.
Artificial intelligence applications are useful across various industries. They are excellent at automating processes as well as decreasing operational costs. Additionally, they reduce human errors and are potent fraud detectors. Businesses and corporate organisations utilise these technologies to understand customers better, derive business intelligence and provide consistent customer service.
Without further ado, below are some implementations of machine intelligence across various spheres:
Interacting with a lot of customers daily can be overwhelming for customer service agents. However, the emergence of chatbots has simplified customer service processes, thus reducing burnout among representatives. They have also relieved businesses from spending hugely on recruiting into customer service departments. This is because they provide 24/7 real-time customer service. Chatbots are capable of independently resolving customer issues, placing orders and making inquiries.
Data and Insights
The availability of large business data makes meaningful insights difficult to derive. Nevertheless, artificial intelligence has created a system of segmentation that efficiently gathers valuable details. It segments data based on deployment, technology, applications, sentiment, content type or characters.
Marketing is a never-ending process that nurtures and preserves the loyalty of a customer to a company’s product. To boost the effectiveness of marketing efforts, machine intelligence can be employed to carefully study customers’ habits. This helps to predict products that meet their needs, suit their lifestyles and provide maximum satisfaction.
In conclusion, entrepreneurs need to identify lagging areas in their businesses, identify significant AI tools, and then invest in them to create efficient processes.