Technologies like AI have already become part of our daily lives, be it in the form of a chatbot, robots, voice assistant, automation, or most digital devices.
AI helps ease our daily processes without us even realising that it’s being used in our daily interactions with technology.
According to a study conducted by Massachusetts Institute of Technology (MIT), more than 85% of the executives believe that Artificial Intelligence can add a formidable advantage to business growth.
One function of AI is to store, process, and analyze huge amounts of data and serve information in a readable and understandable form to the users. Many businesses make use of the advantages of artificial intelligence (AI) technology to decrease operational costs, increase efficiency, grow revenue and improve customer experience.
The technology delivers qualitative and qualitative change to business organizations, and creates new opportunities for growth of the company, from storing huge amounts of data to automating many tasks like scheduling meeting, screening candidates, etc.
According to a Forbes report, artificial intelligence will contribute more than $15.3 trillion to the global economy by the end of 2030. This will help businesses to garner huge benefits with such technologies.
Due to innumerable scope, possibilities and advantages of artificial intelligence, several known and major corporations have invested in AI while many more are adopting it.
Big corporations have started utilizing AI, whereas SMEs and startups are gaining pace exploring the benefits of AI to make them more competitive. AI has a wide range of uses. In business, we interact with AI everyday in one form or the other. The use of AI in business processes is gaining momentum to help companies maintain a competitive edge.
Let us look at some of the reasons behind the popularity and advantages of Artificial Intelligence in business.
The reason most businesses are investing in AI is because of its power to automate mundane tasks, bringing a revolution in the efficiency of business workflows.
For example: AI-based applications can handle daily tasks and customize marketing campaigns and gather sales information depending on consumer demand. Automation of tasks, especially that of marketing, has enabled efficient decision-making and a much quicker reaction time.
Customer Experience Enhancement
Customers are the reason behind exceptional services, innovative technologies and business growth. Customer Experience is of utmost importance in any industry. Be it providing personalized experiences, building trust among customers, providing solutions or resolving issues – business is where the customers are.
Automation enables us to assist customers at anytime of the day. Chatbots, for example, help in engaging customers and solving a range of common queries without any hurdles, which lets customer service representatives focus on handling only complex requests.
Better Business Insights
Implementing AI in business also helps identify leads and opportunities that have a higher probability of converting. Modifications in AI and its technology has given rise to big data analytics. Better business analysis using Machine Learning gives the technology a unique ability to provide insights that help executives take better business decisions.
Real time Assistance
Natural Language Processing (NLP) power chatbots and digital assistants that connect with customers to inform and update them on the value of services.
For example, flights and airplane systems, with the help of AI technology streamline logistics and customer interaction with ease. AI bots have the ability to interact with millions of people every day across real-time markets and social media.
The Future of AI
AI is eliminating the tedious day to day tasks and is helping businesses predict future outcomes. There are endless opportunities that AI brings to identify long and short-term business strategies and make well informed decisions.
At Clavis Technologies, we have a deep understanding of AI technologies including Natural Language Processing, Computer Vision and Machine Learning. Our proprietary AI platform – MindWave – gives us the ability to provide powerful business solutions that add intelligence to your systems.