How Can Artificial Intelligence Benefit My Business?
Artificial Intelligence is used within many businesses to help increase sales, improve customer experience, provide predictive analysis, detect fraud and more. This shift towards AI provides a more efficient and accurate way to solving problems within businesses.
What Is Artificial Intelligence and Why is it Popular?
Artificial Intelligence is a combination of different technologies that work together enabling machines to have human-like levels of intelligence. When talking about AI most people think of the AI they see in sci-fi movies but actually, we experience AI in our day to day lives already. Weather apps and digital assistants such as Siri and Alexa are all part of the AI landscape.
There are two types of Artificial Intelligence, Narrow (weak) AI and General (strong) AI. Artificial Narrow Intelligence is AI that’s programmed to perform single tasks for example a self-driving car or even Google Search. Artificial General Intelligence is machines that have the same level of human intelligence which does not exist yet.
The use of Artificial Intelligence is rising because it can improve the effectiveness of our workplaces and can enhance the work humans can do. AI can replicate the decisions and actions of humans without weaknesses, for example, feeling tired or any other types of emotions. AI allows you to achieve accuracy by analysing deeper data using neural networks that have hidden layers. Data accuracy is beneficial to businesses because it is what gives you credibility.
6 Benefits Of AI
Artificial Intelligence can have major positive impacts on your business. Here are some of the benefits:
- Smart Decision Making. AI allows you to make smarter decisions for your business because AI technology can coordinate data delivery, analyse trends, and provide forecasts.
- Automation. This is one of the most common benefits of AI, it eliminates recurring tasks or processes in a business. Automation leads to higher production rates, increases productivity, improves product quality and reduces lead times.
- Solve Complex Problems. AI can help businesses solve challenging problems such as fraud and help to find the right solutions. By being efficient in solving these problems, it reduces the expenses for businesses and increases their productivity.
- Improve Customer Service. AI can respond to customer queries and issues quickly and efficiently via chatbots, as you may have seen or experienced before chatbots can generate highly personalized messages for customers.
- Increase Business Efficiency. AI can increase your businesses efficiency as it can ensure 24/7 service availability with always the same performance and consistency. Unlike humans, AI will never get tired or bored. For example B&F have a powerful software called ‘Smarty’ that makes running your business easy, it does the job of a PA, accountant, sales manager and web marketing expert.
- Business Continuity. Using AI in business forecasting can help you make decisions and prepare for any predicament to ensure business continuity by creating scenarios to help you plan for a disaster recovery strategy.
5 Effective Ways To Use Artificial Intelligence In Your Business
- Increase Sales with Product Recommendations. You can influence customers to buy more with product recommendations. Product recommendation systems use data analysis methods to facilitate purchase decisions by recommending products that meet customers needs.
- Improve Content Marketing Strategy. Content marketing is a technique for attracting and engaging with customers by delivering valuable content through social media posts, podcasts or videos. AI uses algorithms to analyze your existing data and create the best strategies to market the content.
- Create In-store Experiences. Nowadays customers want an exciting store experience and with AI you can offer your customers just that. Through AI you can have fast checkout, product support, personalized recommendations, interactive features around your store and more.
- Improve Cybersecurity. As online businesses grow, the risk of cyberattacks increases. AI can prevent your business from many types of threats like identity thefts, account takeovers and vindictive ransomware strains.
- Competitive Intelligence. For any business conducting a competitor analysis is extremely important and now by using AI it’s easier than ever to conduct competitive intelligence, research and analysis. You can effortlessly spy, track and understand what your competitors are doing and why they are successful.
So how can you use AI to benefit your business? Well, it depends on what your business is trying to achieve. AI can be used in many ways that will have a positive impact on your business, there is potential for AI to change the way your business operates. If you are a forward-thinking business and you aim to grow and stay ahead of the competition AI will be a massive opportunity.