Artificial Intelligence is intelligence shown by machines to decide on a particular thing by learning from the decisions of humans. AI systems will show behaviours associated with human intelligence like planning, learning, reasoning, problem solving, knowledge representation, perception, motion, etc. AI can be seen everywhere nowadays. from talking to Siri or Alexa to showing similar things as suggestions when we shop online, the usage of AI has reached far and wide. Nowadays, businesses rely more on artificial intelligence than on human labour. This is done by keeping in consideration, the advantages of using AI:
- Saves time and money: Machines are more efficient than humans. They can work 24/7 and don’t need breaks. This means that any information can be immediately passed on to you irrespective of the day and time. Artificial intelligence can analyse vast amounts of data in a blink of an eye and therefore spare the employer from coordinating with hundreds of human employees. AI can also take repetitive jobs away from people but automating routine work.
Also, the money needed to be spent as salary for hundreds of employees can be saved. A robot or machine, although might be costly in the beginning, will come out to be pocket friendly in the long run as compared to human labour.
- Reduces possibility of errors: As humans, we are bound to make errors. Those errors might come as a destruction to the company or the firm. Working with machines assure that these errors can be minimised. A fully functional and properly trained machine will rarely make errors and hence ensure smooth sailing of work.
- Strengthen brand loyalty with personalisation: Consumers expect a personalized experience. The challenge for most business is that personalization takes time, effort and money. Personalization is to anticipate the needs of every customer. This is a tremendous task which is difficult to be handled by humans alone if the number of consumers is large.
By using artificial intelligence, predicting the needs of the customer gets only a few clicks away. There are codes which when fed by the purchase history and data of the customer, can rightly predict the next suggested item for that customer. When customers see this customised experience given out to them, there is an increased chance to them being impressed by their experience and hence be a loyal client for that company.
- Increase efficiency of hiring process: Artificial Intelligence can increase efficiency is in the recruiting process. AI speeds up the candidate review process through automated screening calls and by automating the analysis of candidate applications.
It also helps to eliminate human bias from screenings which helps to get rid of discrimination during hiring. In highly competitive fields with small talent pools, this technology reduces the time to fill open roles, analysing candidate applications at a faster rate than humans can.
Artificial Intelligence is changing the business world. It helps a company to grow keeping in mind the growth of its alliances and enemies.
The following are some of the ways in which businesses use AI:
- Business alignment: AI is used widely for data and business alignment. Businesses grow when multiple businesses having similar interests get together and share their resources. AI is used to predict which all firms if joined together could increase the production and profit of a particular company. This kind of system is also used within companies.
By analysing data from across the whole business, it could, say, recommend actions that the sales team should take based on what the marketing team has already done and what the business goals are. It will be able to constantly adapt and react to what separate areas of the business are doing and continuously provide personalised feedback.
- Pre-checking investments: Making investments in a certain equipment/infrastructure/ software can bea very important decision for big firms. The AI robots are used to predict the pros and cons of making a particular investment and hence helps in the final decision of making that investment or not.
AI robots can go through a lot of factors involved in the aftermath of making a particular decision very quickly and hence saves time and efforts of employees.
- Efficient managers: All employees at higher levels in a company have personal managers who remind them of meetings, alliances, conferences, etc. Since AI robots came into existence, that job is no longer done by humans. Personal robots ensure that their masters don’t miss out on a deadline, attend meetings and conference on time, etc.
- Fraud detection: Big companies with huge databases employ AI to check on their reserves continuously so that any abnormal activity might be checked into and fraud might be saved. Also, in case of fraud, these AI robots detect the place of attack and inform the relevant people about the type and procedure of attack so that correct measures can be taken.
Certain robots are also used to detect fault in the products manufactured by a company so that there is no harm or loss to human life.
In total, every large company has started to explore AI technologies.
Of course, Artificial Intelligence cannot completely replace human labour but it will reduce human labour by a great extent. With the right planning and development, AI could usher in a golden age of productivity, work satisfaction, and prosperity.
Adopting AI services is bothering many businesses now but soon it becomes future for business functions. Companies like “OpenTeQ Consulting” can assist you to adopt AI service for your business with affordable cost & assist you take your business into next level with its AI service & support.