How Artificial Intelligence Transforms Businesses
“AI began with an ancient wish to forge the gods.”
Pamela McCorduck , Machines Who Think, 1979
Though Artificial Intelligence has been around for several years, we started exploring its immense potential in bringing business value only in recent years. Most of us came to know about artificial intelligence through the characters in sci-fi movies. However, in recent years, AI has become a household name around the world with the arrival of Apple’s Siri, Google’s Echo, Amazon’s Alexa and other voice based smart assistants helping with the daily chores.
According to a research study by Accenture, the use of AI applications will boost the profitability of businesses at an average of 38% and can lead to the economic growth of US $14 TN by 2035.
AI powered business models
For more than a decade, new disruptive business models have been evolving because of emerging technologies. Now, it’s time to go with AI-led business strategies that ensure innovation, creativity and inventions. This will result in the evolution of various new business models.
The marketplace will be filled with dynamic organizations, informed customers and increased revenues with the use of AI. Implementing AI-led strategies not only change the operational strategies of businesses but also changes the conventional mindset of businesses by giving importance to innovation, cooperation and collaboration.
Role of AI in Businesses
What role does the AI play for the benefits of businesses?
AI will give a competitive edge to businesses as it reduces human intervention in mundane tasks. This will allow humans to spend more time on building creative solutions using cognitive thinking.
Let’s talk about the roles of AI in various businesses.
- Customized customer support
Customers are looking for more personalized communication with organizations and brands where AI plays a great role. At present, most of the businesses are building AI enabled chat bots or voice assistants to enhance the experience of the customers. AI-enabled virtual assistants are capable of human-like conversations when it comes to answering customer queries. Virtual assistants can convey the information in an interactive way without being judgmental.
- Enhanced hiring process
Talent acquisition is one of daunting and time consuming tasks for most of the organizations. The hiring process includes searching for the right candidate, evaluating the qualification and skills, executing background checks, and assessing their potential for the proposed designation.
How do AI applications help in the hiring process? Artificial intelligence can simplify the hiring process by screening through several resumes. AI tools can help to improve the effectiveness of job description, scan the resumes based on the skills and qualifications, plan and manage the entire hiring process, and the onboarding process.
- Unlocking unstructured data
Earlier, businesses were generating only a smaller amount of data. Hence, the data was structured and easily stored in the databases. These structured data was used to derive business insights to enhance various business processes. Today, the business scenario has changed drastically and a huge chunk of unstructured data has been generated, especially on online platforms like social media.
It is difficult to extract and classify the unstructured data and convert them into structured data. AI-base algorithmic models are helpful in exploring a vast amount of unstructured data without human interference. Hence, businesses can use these AI tools to anticipate future business trends to make informed business decisions.
- Effective sales practices
Is it possible to launch effective sales models with AI? Integration of AI into a CRM platform will help in improving the sales pitch of a business as it helps to reach the target audience. AI integrated CRM platforms enable multitasking by handling various business functions in one place.
Businesses can offer customized solutions to the right customers as artificial intelligence helps to categorize the potential customers. This, in turn, helps to get customer insights and thereby results in better conversions.
Since AI can analyze a huge chunk of data such as purchasing history, shopping choices, transactions, credit scores, etc., it helps the sales support to understand the consumer behavior prior, during and after the shopping. In short, businesses will get enough data to create a proper customer engagement solution.
Artificial Intelligence and its applications are bringing drastic changes in the business scenario. The popularity and use of AI will increase in the years to come. Be a part of the emerging world of technology by learning Artificial Intelligence that enables multitasking in organizations.