Give Your Business an Edge with Artificial Intelligence
Our perception of artificial intelligence (AI) may be one of the fiction-inspired images of machines and robots completing manual tasks. It seems like a concept for the future, but the future is now. AI has already integrated itself into our lives, in more ways than we probably know. From our smartphones to our cars, AI is everywhere. Moreover, businesses have begun implementing AI to solve business-related problems.
In the past, it was only the privileged and financially-endowed companies that could invest in AI technology. However, the high-speed growth of AI technology that has made it possible for even small businesses to acquire this invaluable technology.
Opportunities for AI across all industries
Artificial intelligence is not limited to any one industry because it can be used to solve problems across many spectrums. In the healthcare industry, AI can help with better tools for early diagnostics. In the automobile industry, vehicles have become safer, reducing the incidence of accidents. In the financial services industry, AI automates processes and detects fraud. In logistics, AI improves inventory and delivery management. In retail, AI can map out consumer behavior. In the utility industry, smart meters and grids decrease power consumption. And on it goes.
Why AI for Your Business?
· Increased sales
An important aspect of AI is image recognition, whereby machine learning algorithms process and analyze pictures. Consequently, they are able to recognize certain objects in a picture. This includes videos as well. This aspect makes AI effective in marketing and increasing sales.
· Detects fraud
The algorithms used in artificial intelligence analyze user behavior to check the credibility of a certain action and whether it can be fraudulent. Machine learning systems minimize the number of false positives and detect any false activity, so with AI, you can detect and prevent fraudulent activities which would have otherwise resulted in losses.
· Improves your customer experience
AIs can handle multiple customers at a time, giving effective phone support and holding meaningful ‘conversations’ with customers, thus taking care of customers’ needs 24/7.
· Automates your business’s work processes
One of the greatest fears that limit people from implementing AI is the fear of redundancy. Yet, you can use artificial intelligence to automate the specific processes you want while avoiding those you don’t. This results in more efficient and less human errors.
· Provides predictive analysis
AI can analyze large volumes of real-time data. Furthermore, it can give insights, recommendations, and predictions.
· AI provides virtual assistance through virtual platforms integrated with social media platforms.
· You can also receive better insight into the market with its dynamic nature and ability to learn and adapt.
The potential of AI is unimaginable and the unlikely liability issues make AI the perfect business partner. Start looking at possible tools for your business today with these strategies:
· Figure out your business needs and what can be eliminated by AI
· Understand the risks
· Find valuable AI services
· Build the right background of the right people with the right culture
Artificial intelligence is here to stay and to disrupt how business is done. Take advantage of AI early and expect to reap its many benefits for a long time to come.