Artificial Intelligence (AI) has gained momentum in every industry over the past few years. Businesses are using it to improve their productivity and performance. Many people believe that by 2030 AI will contribute $15.7 trillion to the global economy. There are lots of great benefits for those businesses who are investing in AI today – mainly in the form of having a competitive advantage. This is something that most executives seemingly understand, but it’s still important to understand its practical uses for your niche.
Make better business decisions with AI-based Analytics
Hacker Noon says the age of big data started with improvements in network and storage technology. This data is useless if you don’t properly analyze it though. In order to receive the desired output, you need to learn from the data available. However, because of its massive size this isn’t something human intelligence can do. You need to rely on machine learning and deep learning algorithms instead. Here you can find patterns, which is something that has helped Walmart understand the 245 million customers who visit their stores and websites. With this information in hand, they’ve been able to make better decisions.
Make your marketing and sales soar by automating
AI-based applications and chatbots can also handle routine tasks like customizing your marketing, handling your consumers’ sales information and problem solving. They can dig deeper to find a response to customer service requests so your customers are happier. Additionally, they’re able to suggest additional products they may want or need. Some are even able to suggest ways you can optimize prices, understand your competition better, manage your suppliers, act upon your consumers’ preferences, and avoid risks. In doing so, your business will be able to optimize its profit margins.
Simplify inventory and supply chain management with AI
Machine learning algorithms are also available to help businesses better manage their inventory. This is a great way to automate refills and optimize supply chains. It’s something that IBM Watson is heavily investing in this today. Their goal is to help you automate your order management and fulfillment processes.
Improve your equipment maintenance and security
Manufacturing and transportation sectors benefit from AI helping them to improve their maintenance schedules. For instance, the airline industry uses this technology to help conduct routine maintenance checks. It predicts how much wear and tear their fleet’s mechanical parts have experienced in hopes of preventing downtimes. This also helps them create maintenance schedules that are better optimized so they can avoid any unwanted delays.
Find and hire the best candidates
Another time consuming process for business owners lies in finding the right candidates for job openings they have. This is because some AI-based apps have facial recognition capabilities. As such, they can conduct interviews and tell you how they performed based on a set of predetermined emotional cues. In doing so they help your business streamline its recruitment process. Sometimes these even come in the form of a business phone system with artificial intelligence.
Many businesses are using these phone systems with voice AI integration today. Including IBM and Dunkin Donuts, who have smartphone apps to screen entry-level employees. Once the app captures the candidate’s audio and video it analyzes these things then provides recommendations for what your human recruiters should do next.
Fight fraud and prevent cybercrimes with AI
Businesses spend a lot of time trying to detect fraudulent transactions. Since there are patterns here, machine learning tools can handle this for you. This is why they can also detect cyber security threats. Today, DeepSense.ai is using these techniques to develop solutions to help you here. These tools can decrease the number of false alarms you receive because they aren’t rule-based systems.
Use self-driving technologies to expand your business
Businesses that have to transport a lot of products are hoping that self-driving cars, which depend on intelligent systems, will help lower their costs. And prove more reliable than human-driven vehicles. For example, those in the manufacturing sector would be able to cut down on transportation expenses. There’s also been a lot of talk about self-driving taxis in recent years. The hope is that these vehicles will create new opportunities for businesses to improve on their processes and thus make more money.
Improve team communication
Tech Emergence says that another way we’ll all stand to benefit from this type of technology is by way of improved communication. There are many solutions which mid-sized companies are using in this regard today – including Sharepoint and Confluence to name a few. Solutions like these contain proprietary search tools that don’t function as an advanced search algorithm would. In other words, you shouldn’t expect them to act like Google.
Unfortunately, this can make it somewhat more difficult to find specific information when conducting an internal document search. This is why these solutions are best suited for internal knowledge-request search operations. Such as taking requests for information that exists within your company’s wikis or PDFs. And finding specific contextual excerpts based on your definitions. This is especially true if you own a large business in which human operators would be very inefficient at completing these types of tasks.
Using these systems will let large-scale businesses stay on top by making internal knowledge more accessible. For instance, if your employees wanted information about how a specific process works and that information is found within your company’s wiki, this would work well. In the future though, people are hoping that contextual awareness and personalization will help these information systems be able to provide better answers.
The platforms that are being used today are already quite capable in managing information and making suggestions about what content you should make additions to. Typically, these suggestions are based on user requests. So, you’ll automatically know what is being searched for on a regular basis and what information is the most helpful in answering these searches.
Some of these platforms can already perform unsupervised clustering of a company’s internal data and categorize it based on similar word choices. Additionally, many of these platforms can be proactive in the suggestions they make. This is great because you’ll know what changes you need to make and what documents you can merge together.