Today, artificial intelligence has become a valuable contributor to successful human endeavors across numerous industries. With the ability to learn and comprehend human activities, AI solutions are disrupting the world at an unprecedented speed.
The application of artificial intelligence in business is not a new concept. While several organizations still consider AI as a technology that’s not fit for a basic business use case, numerous enterprises have already begun to implement it and enjoy its benefits. In a recent survey by McKinsey, it was revealed that there is “nearly a 25% year-over-year increase in the use of AI in standard business processes”, with 44% of the executives saying that it has reduced costs and boosted revenues.
As we come across the newfound applications of artificial intelligence every day, there are several ways it can prove to be valuable for your business. In this article, we will discuss the importance of AI in business. Let’s begin.
- Increased Efficiency
There are two ways artificial intelligence increases business efficiency:
- Speeding up mundane and repetitive tasks
- Saving your workforce’s time so that it can be invested in other value-generating activities
Solutions powered by artificial intelligence help organizations to automate and speed up routine tasks at a pace that cannot be matched by their human workforce. As a result, the workforce which was earlier occupied with such tasks is now free to focus on other value-generating activities that can increase the generation of revenue and transform the business.
- Faster Delivery Timelines
Today’s digital age demands businesses to move at a fast pace to keep up with the ever-changing customer demands and the highly competitive market. With artificial intelligence, you can automate several procedures in your development cycles and delivery timelines, making them faster and more efficient. As a result, you will be able to achieve higher levels of customer satisfaction and increase revenues.
- Actionable Business Insights
For any business to succeed, it is important to have a customer-centric viewpoint at least up to a certain degree to ensure that the products and services are fulfilling their purpose. Actionable insights play an important role in ensuring this.
With the help of AI, you can pull out highly actionable business insights from your datasets. These insights can help your teams to check if the products and services are fulfilling their purpose, where they are lacking, what are the significant loopholes, and assist them in identifying key areas where action is required immediately. Such key insights can help you to make intelligent business decisions that can boost your success significantly.
4. Interpretation of Unstructured Data
Usually, the amount of unstructured data that organizations have is much more than that of structured data. While it is comparatively easier for your employees to pull out insights from the structured data and use them towards the betterment of your organization, the unstructured data can do wonders for you if you find a way to extract insights from it.
With the help of AI, you can convert your massive amount of unstructured data into actionable intelligence. By receiving actionable insights from a larger amount of data, you’ll be able to make more informed business decisions and achieve more success.
- Enhanced Customer Service
The ultimate way to ensure exceptional customer experiences is to ensure that you’re providing customized/personalized and quick customer services round the clock. With artificial intelligence, you can leverage the power of bot-driven interactions with the help of Chatbots and Virtual Assistants. These AI-driven solutions can help you to ensure that your customers always have apt help when they need it.
- Real-Time Monitoring
Solutions driven by artificial intelligence can have the ability to process data in real-time. This quality gives you an opportunity to implement real-time monitoring so that you can have instantaneous alerts in case of any breaches, issues, and security threats. It will not only help you to initiate safety protocols in time but will also save your organization from a lot of reputational damage.
This feature can be exceptionally useful when it comes to the security of your operations. Today, as your business is functioning majorly in a digital environment, the ability of real-time interpretation of data and analysis of massive datasets to identify patterns can help your teams to take quick actions. As a result, you can provide better security options to your customers while ensuring that your business doesn’t face major losses and disruption in case of a breakdown.
Along with the several reasons mentioned above, AI solutions can also prove to be of great importance to your business because they reduce human errors. The processes that you automate via AI or the analysis of information that you do through it can have a scope of errors if done manually. Due to the absence of errors, the quality of your work, products, and services improves as well.
Irrespective of the industry your business functions in, AI has the ability to help you. By looking at this technology through the lens of business capabilities, you’ll realize that it can support important business needs like customer and employee engagement, business process automation, and insight generation via in-depth data analysis. You can use it for a competitive advantage and for fighting challenges. The variety of benefits that artificial intelligence has the capacity to offer in your business clearly defines the scope of its importance.
With the continuous development of artificial intelligence and the significant growth in its popularity, you can do wonders for your business if you implement it in an apt, compliant, and safe manner.