According to Accenture artificial intelligence in business has the capacity to increase efficiency by 40 percent or more. With the World Economic Forum statistics on the impact of AI by 2022, over 75 million human jobs will have been taken by Artificial Intelligence, at the same time AI creates 133 million jobs, denying the concept that the adoption of AI will leave more people jobless.
Table of Contents
What is Artificial Intelligence in Business?
With the rapid increase of data available today and the constantly progressing preferences and complexity of customers, it is impossible for businesses to rely on traditional business methods to drive growth and acquire succucces. The entire changes have opened up a new realm of possibilities, with Artificial Intelligence, to achieve business growth through actionable insights generated from customer data.
Artificial intelligence in business simply involves the use of intelligent computer software with human-like capabilities to improve revenue, improve customer experience, increase productivity and efficiency, business growth and transformation.
Why use artificial intelligence AI in business?
Companies should look at Artificial Intelligence through the lens of business capabilities rather than technologies. AI can support three important business needs in today’s world like automating business processes, gaining insight through data analysis, and engaging with customers and employees.
Role of Artificial Intelligence in business organization
Artificial Intelligence (AI) is rapidly growing exponentially in the digital world, and the marketing and advertising world is no exception. From Alexa, Siri to Tesla’s self-driving cars, Artificial Intelligence is transforming industries one by one. The applications of Artificial Intelligence range from detecting trends in data to reduce market risks, developing clients service through virtual assistants, or even analyzing millions and trillions of documents across a company’s servers to find compliance failures.
Benefits of artificial intelligence in business
- Quantifying value and ROI
Artificial intelligence has been essential to the agencies in evaluation and return on investment for customers and their internal teams. AI-powered platforms that exactly track metrics such as industry share of voice among competitors, website traffic, new website users and social shares have bolstered the tangible value of customers’ PR programs.
- Real-Time Analytics
One of the greatest achievements of artificial intelligence in business is the possibility of processing and interpreting huge amount of data in real time. This approach allows business to make crucial decisions and act much faster, ensuring the company’s competitive position remains strong.
- Business Process Automation
Artificial intelligence has the capability of managing the automation of production operations and service delivery. For example, it can manage robotic lines in factories, controlling the necessary environmental conditions for product storage, monitor warehouse balances, process payments, register and service customer requests, and more.
- Further development of IoT
IoT devices based on platforms with Artificial Intelligence components find global use, which could lead to breakthrough innovations in the near future. Both businesses and consumers will benefit from the IoT development trend.
- Better Customer Experience
AI-based chatbots have the capability of providing all day and night user request support at any time convenient for the client. Better interaction quality and shorter response times help companies increase existing clients’ loyalty and attract new ones.
- Cost Reduction and Profit Enhancement
Artificial intelligence in business reduces the operating costs, minimizes the downtime of production lines and risks related to the human factor therefore enhancing the profit.
- Predictive Analytics
Artificial Intelligence technologies have the capability of handling large arrays of data, identifying patterns, and predicting the future. People are always interested in knowing what happens next, and this is a prominent necessity for business, which allows businesses to find ideas and opportunities, which can be utilized to win competitive advantages in the market.
Examples of artificial intelligence in business
Applications of Artificial Intelligence in business include:
- spam filters
- smart email categorisation
- voice to text features
- smart personal assistants
- 24*7 online customer support
- automation process
- sales and business forecasting
- security surveillance
- smart devices that adjust according to behavior
Top companies using artificial intelligence
Many top companies have been deploying Artificial Intelligence in fascinating ways. Companies open up a whole new direction of opportunities that has the scope of rising in the near future.
Advantages of artificial intelligence in business
- Artificial intelligence can be easily deployed in industries and companies.
- Mistakes can happen by professional and experienced employees, while artificial intelligence can help you avoid them. There is even a term for this: autonomous artificial intelligence is when AI can deal with the operations independently.
- The use of machine learning in a pricing system can increase income, and with an integrated approach, company revenues can grow exponentially.
- Self-learning neural networks help analyze user behavior, identify suspicious transactions and create algorithms to prevent financial loss. The result: the system becomes less vulnerable, which is crucial to establish clients’ trust.
Disadvantages of artificial intelligence in business
- It is not easy to develop the machines because the equipments are all expensive.
- Small businesses or small startups may have a tough time finding funds to incorporate AI into the work process.
- Programs incorporated may have a defect or a gap, this could compromise the safety of data entrusted to the AI so it’s important to pay special attention to the security of such software.
Challenges of artificial intelligence in business
There is a lack of trust in Artificial Intelligence technology in business. From the belief that AI will take over jobs to concerns about data privacy and security, there persists a lack of trust in AI technology. This presents a big challenge for businesses as they work to implant confidence in the new technology that powers their operations and ensure that the necessary cybersecurity measures are in place to protect clients data.
Artificial Intelligence needs massive amounts of computing power. Analysis of trillions of data points requires fast computing powers and that kind of high priority technical hardware doesn’t come for low cost. To take advantage of the capabilities offered by AI businesses will need enterprise-level computing resources.
also read Artificial Intelligence in agriculture and Artificial Intelligence in healthcare
FAQ
How will artificial intelligence change the future in business?
Artificial intelligence allows business owners to provide a more personalized experience to their clients. AI can look over limitless data way more productively and accurately. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores and other common threads by automating repetitive tasks.
How big is AI market?
According to GLOBE NEWSWIRE, the global artificial intelligence market size was valued at US$ 87.04 billion in 2021. The artificial intelligence technology has gained a rapid growth since its introduction in the market
How many businesses use AI?
9 out of 1o leading businesses have invested on AI technologies, but less than 15% deploy AI capabilities in their work, it is predicted that rise of AI will eliminate 85 million jobs and create 97 million new jobs by 2025.
