AI Advantages: Scrutinize To Know What It Offers To The Businesses

Artificial Intelligence (AI) is one of the emerging technologies that have become a buzzword these days. As per the recent Deloitte report estimates that considering an AI system can save a considerable amount of human effort and hours. It predicts that AI adoption in the government workforces can save around 2 to 4% of all labor hours, while medium involvement of the latest technology like machine learning and artificial intelligence can save up to 13 to 15% of the time of the employees whereas fully adaptation of AI technology provides the benefits between 27 to 30% of time as well as efforts of the individual employees.

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Artificial Intelligence (AI) is here to transform business, it is no longer the process of coding and automate business logic. It provides insight into the new currency and speeds the overall business process, it also brings more value and many other advantages for the business entrepreneurs. According to a Gartner report, AI is one such technology that has grasped the top five investment priorities for 30% of CIOs globally till the end of 2020. Many businesses are still trying to know how they can implement AI technology in their working environment to leverage various advantages offered by it.

What Artificial Intelligence Really Means?

Artificial Intelligence (AI) is one of the modern technology, which makes it easy for machines to learn from their previous experience. It also allows machines to adopt inputs and perform tasks more accurately and efficiently. This advanced technology combines all the quickly and processes on the basis of intelligent algorithms, it enables the system to learn automatically by identifying specific patterns with the help of data. Some of the AI forms include digital assistants, robots, chat-bots, etc. Artificial intelligence also includes continuously evolving methods and range of technologies, this technology and methods are as follows:

• Machine Learning (ML)
• Natural Language Processing (NLP)
• Deep Learning (DL)

As per the PwC report, AI technology will contribute around 15.7 trillion dollars to the economy, and it is also estimated that the global GDP will reach 14% higher due to the adaptation of AI-based systems at the workplace by 2030. Many organizations have started leveraging the use of modern technology in their business field. And those businesses who avoid adopting this latest technology trends are surely losing many competitive advantages which will lead them to stay far behind from their competitors.

Know Why AI is Important for Your Business to Leverage Competitive Advantages

Artificial intelligence and machine learning (ML) can help in automating time-consuming and manual tasks, it enables employees to focus on other work and can accomplish it by automating the rest of the business activities with the help of the artificial intelligence-powered system. AI will be provided with business insights and will enhance the decision making power of the businesses and provide them with improved outcomes.

The recent PwC report represents that more than 72% of business decision-makers strongly believe that artificial intelligence poses the ability to provide a competitive edge on the business front.

Early adoption of artificial intelligence for specific, clearly defined applications enables forward-looking organizations to create significant business value and, ultimately, to set the stage for transforming business models and processes. Business entrepreneurs who consider and opt for AI solutions can create significant value for their business and can easily transform the business model and process as per their requirement. There are various advantages that businesses can grasp when they consider implementing AI technology for their business.

Reduce Human Errors

Most of the time, business entrepreneurs face huge blunders due to the mistake of their employees. Therefore it will be more beneficial for businesses to automate most of their business activities and process, this can help them to prevent most of the human errors which occur when they perform the specific task manually.

And with Artificial intelligence (AI) based system, it becomes quite easy for them to make effective decisions. They can use a specific set of algorithms that have been developed using previous information. This might result in a reduction of errors and provide them with a greater degree of precision in accuracy and possibility.

According to the VentureBeat report, the accuracy of the organization can be increased by 99% when entrepreneurs consider AI-based sophisticated systems like Google’s LYNA or any other for their business. It has provided 99% to 69% accuracy and sensitivity when it comes to metastatic breast cancer detection. It also reduces the chance of errors, which mainly cause due to human interaction. Hence entrepreneurs who are aiming to reduce human errors need to implement an AI-based system in their business.

Customer Experience

Consumers these days demand to get the best experience from the brands whom they choose, thus it becomes essential for entrepreneurs to find new and engaging ways to provide a personalized experience to their customers on their demand. They can develop an AI-based app solution for their business to offer customers with multiple services in real-time, they can even opt for ready-made app solutions like gojek clone or any other which helps them to meet all their consumer's requirements and provide them with the best experience.

Recent Zendesk report represents that more than 42% of B2C customers purchase decisions are based on good customer service experience, while it also shows that bad customer experience and service interactions affect 52% of customers buying decision as they return from the particular business without making the purchase. 59% of shoppers respondents that personalized experience influences their purchase decisions. Amazon experiences a 29% increase in sales after introducing its recommendation system, hence business must also consider offering the best experience to their prospective customers by implementing AI-driven chat-bots, virtual assistance, etc.

Real-Time Assistance

The advent of artificial intelligence has proved to be boon for almost all business sectors. It has much to offer to businesses that constantly need to communicate with a large customer base regularly. For instance, the transportation sector has to deal with millions of passengers regularly, hence they can use AI technology to interact with their prospective customers in real-time. It can also help them to send personalized travel information to consumers like information related to delays, any updates related to cancellation, and much more. Some of the companies are even using AI technology to track the location of their vehicles in real-time so that they can easily provide the latest updates to their customers who demand it.

Predicting Outcomes

AI allows businesses to predict the outcomes for their business based on data analysis. It recognizes the patterns of customers' purchase behavior by collecting information about them, this might help businesses to know whether their business products are on sale or not and at what volume sales will be generated. Also, it will predict when the demand for a particular product or service will tail off. This might prove to be more beneficial for businesses as they can easily know which strategy they must follow and how can they make their business future proof.

The ability to predict can prove to be beneficial, especially when it comes to retail business. AI technology is also beneficial for the banking sector as it makes it easy for them to predict stock price and currency fluctuations in the market, while the healthcare sector can predict outbreaks of any of the infections by analyzing and gathering data about the same from various sources.

Ending Note

Artificial intelligence provides a wide range of benefits to businesses. These benefits might include customer service, personalized marketing, inventory management, operational automation, recruitment, and much more. There are various ways that businesses can consider using AI technology for improving their work space and providing the best experience to the customers. They can develop AI-based apps, cloud-based systems, and much more for their business to leverage various competitive advantages.