Application of AI in the Real World: Here are the Ways AI Can Help Your Business!
Organizations should embrace the potential of artificial intelligence in order to be future-ready. Here is an introduction to what AI can achieve for your company.
- According to Grand View Research, the size of the global AI industry was $62 billion in 2020 and is projected to increase by 40.2% per year from 2021 to 2028.
- As per McKinsey’s “The Status of AI in 2021” survey, 56% of have already implemented AI, among them 50% implemented them in 2020.
- According to Accenture’s AI survey, 84% of C-suite executives believe utilizing AI will help them reach their growth goals.
Unquestionably, AI and machine learning are the present and future of this digital world. If AI is still not fully incorporated into your company’s system, you run the risk of falling behind your rivals. After all, the market for artificial intelligence is predicted to surpass $500 billion by 2024.
Real-world AI is often only able to perform a single task, necessitating human intervention to support and implement technology in the workplace, despite AI’s reputation as an incredibly clever technology capable of dominating humans.
These are some major ways AI can help you streamline your business operation and make it better.
Informed decision-making
The use case for informed decision-making AI now includes making decisions. Humans typically find it challenging to examine large amounts of data. But for AI, it’s just another typical workday.
Businesses may provide their staff access to vast volumes of data thanks to AI and ML. These cutting-edge tools recognize trends, forecast future outcomes, and recommend the best course of action. The staff then makes decisions on their next course of action in accordance with the company’s objectives and mission, using the data that has been reviewed.
AI can reduce the amount of time, money, and resources spent on manual decision-making because it is faster and more accurate than people.
Superior Productivity
AI is assisting organizations in a variety of ways to increase efficiency, including automated workflow and improved daily chores. It reduces the amount of time workers need to complete a task. They accomplish more in less time as a result, increasing the overall productivity of the business.
In the upcoming years, it is clear that demand for AI and ML will increase as organizations continue to generate more income.
It might surprise you to realise how frequently businesses use AI. Artificial intelligence has practically endless applications, from marketing to operations and customer support. Here are a few examples of how artificial intelligence has been used in business.
Better customer service
Have you ever visited a website that welcomed you with a chatbot? Chatbots are one of the most popular ways for consumers to have direct conversations with AI. Commercially speaking, chatbots allow businesses to automate customer service processes and free up staff members’ time for issues that need more specialised attention. Chatbots frequently employ natural language processing, machine learning, and AI to interpret customer wants.
Moreover, chatbot technology can point customers towards a human agent who is best prepared to respond to their questions.
Making product suggestions
Companies can use AI to recommend products that intrigue and keep customers interested in them. By keeping an eye on website visitor activity, you may offer your customers products that are similar to the ones they have already seen. This tactic is especially beneficial for companies that engage in online commerce.
Another resource for user-specific recommendations is streaming services. By suggesting similar movies and TV shows to you based on an analysis of the genres of material you frequently click on, streaming providers may persuade you to use their app for longer lengths of time.
Audience Segmentation
Similar to how it may sell products, advertising departments can utilise AI to segment customers and create tailored adverts. In fiercely competitive businesses, it is crucial to target the right audience. For marketing campaigns to be more successful, businesses use data to predict which user types will view which ads. AI is used to predict how consumers will respond to specific advertisements.
Bottom Line
These are a few ways how AI can help you in your business operation and accelerate its growth. Hopefully, these solutions have amazed you and you have found them helpful
Talent sourcing and hiring
Although human interaction will always be necessary to secure the finest applicants, many companies now rely on AI-powered recruiting and talent-sourcing technologies to quickly locate qualified employees.
AI-powered talent sourcing tools can read a job description written in plain language and make recommendations for the best candidates based on the listed qualities. Recruiters can use chatbots to aid in the screening process.
