How Artificial Intelligence Can Help Your Business
2 minute read
Artificial intelligence is set to have a huge impact on the way we live and work in the coming decades. It is already having a major impact on industries such as health care and transportation, and it will continue to drive major transformation across a wide range of industries in the near future. Many businesses have started to embrace AI, with a clear focus on improving the effectiveness of their marketing and customer service operations. AI can support your business in a variety of ways, enabling it to grow in line with the ever-changing demands of your customers and market. This article explores some of the ways AI can support your business.
AI Helps to Automate Time-Consuming Tasks
Automation is the key to rapid growth in many industries, especially business-to-business (B2B) markets. With automation, a business can save enormous amounts of time and labour. For example, a manufacturer whose operations are based on the availability of a human workforce can now reduce their lead time from weeks to hours. This has huge implications for customers, who can expect more rapid delivery of custom products.
More generally, AI can be used to automate any task that can be accurately quantified (e.g. time or effort) and that does not require human judgment (i.e. pattern recognition). Other examples include stock management, data analysis, and marketing planning.
AI Helps to Detect Changes Before They Occur
Artificial intelligence can be used to detect subtle changes that may occur in the future. For example, a manufacturer can use AI to identify the signs of potential quality issues in their products and act preemptively. The manufacturer can send out alerts if there are any abnormalities detected, and take preventative steps (e.g. to suspend or scrap a faulty batch). Similarly, an insurance company can use AI to identify high risk customers and issue them a warning before an event occurs.
AI Helps to Improve Customer Experience
Customers are always right, and AI can help to improve how your business serves its customers. For example, an insurance company can use AI to identify customers who may be facing a difficult decision, and can provide personalized recommendations based on past customer behavior. This can help to avoid customer frustration, dissatisfaction, and churn.
AI Helps to Grow New Businesses
Businesses that want to expand their operations or enter new markets can use AI to explore new opportunities. For example, a manufacturer can use AI to identify potential customers with highly irregular purchasing patterns. The manufacturer can then proactively reach out to these customers to introduce new products and services that may be of interest to them.
AI in the Real World
The potential for artificial intelligence to drive transformation across a wide range of industries is immense. It seems hard to believe, but we're only at the very beginning of this technology. In the coming years, we'll see artificial intelligence play a larger role in our daily lives, helping us to achieve more with less effort.