7 Key Benefits of AI for Business

When it comes to discussing artificial intelligence, it’s easy to get caught up in the scary implications of AI that some people fear. For example, AI could one day lead to widespread job losses among humans if machines are able to think for themselves and perform tasks better than we can. However, these are just individual consequences of AI. When used correctly, it can have many benefits for businesses – especially those that understand how it works and what it can offer them as an organization.

artificial intelligence

Artificial Intelligence is a branch of computer science that lets computers make human-like decisions based on data inputs and pre-programmed logic. It’s not a new concept in business, but thanks to recent innovations such as Big Data and Machine Learning, there has never been a better time to implement AI solutions in your company.

AI and Big Data

Big Data is an integral part of modern AI solutions. AI is only able to analyze data and make decisions based on the information it has been fed. So, if an AI program has been fed incorrect or incomplete data, it won’t be able to make accurate decisions.

This is where Big Data comes in. As AI becomes increasingly more common in businesses, the amount of data that needs to be processed and stored will increase ten-fold. However, the majority of businesses don’t have the infrastructure to handle this data, let alone analyze it in a way that is useful for AI. Big Data solves this problem by allowing an organization to store data in an open and accessible format, ready for AI to easily analyze and draw conclusions from.

Fraud Detection

AI’s ability to analyze information and draw conclusions from it makes it an excellent tool for fraud detection. AI can analyze all of your company’s financial data in real-time, as well as any data it has been fed by your customers, employees, and partners. Using this information, AI can detect any unusual activity that may indicate fraud.

For example, if your employees have been given a certain daily spending limit, but AI detects that someone has broken that limit, AI can generate a warning that something suspicious is going on. Similarly, AI can use its knowledge of your company’s financial data to help you make better business decisions. For example, AI can analyze the weather forecast for the day and the demand for your products to determine the revenue you can expect to make that day.

AI-based HR Solutions

AI has the ability to draw conclusions based on data provided to it. For example, if an employee is late for work on a daily basis, an AI solution can track this and use it as a data point for its conclusion. The AI solution can then suggest disciplinary action against the employee, such as a warning or dismissal from the company. AI can perform many other HR tasks, such as recruitment, employee training, scheduling, and payroll.

AI can analyze data from your company’s social media accounts, such as the number of likes, comments, and shares, to determine the best times to post content to get the most engagement. It can also analyze employee data, such as their job role, number of hours worked, and average performance, to determine who should be promoted and who should be given a pay rise.

AI in Customer Service

AI has proven to be an effective way to handle customer support. AI can be programmed to respond to customer queries and complaints in a variety of ways. It can identify patterns in the way a customer communicates their issue and respond in a more empathetic and helpful manner than a human customer service agent would. It can also use its knowledge of your product or service to respond with information that is likely to satisfy the customer and resolve the issue.

For example, if a customer calls to cancel their account with your company, they may be angry and in a hurry. Using natural language processing to analyze the customer’s words, AI can identify the real reason for the cancellation and respond with a solution that is more likely to satisfy the customer and keep them as a customer for longer.

AI in Marketing

AI can also be used to create content for your marketing strategy. It can generate blog posts, social media posts, and newsletters based on data it has been fed and your company’s goals for its marketing strategy. It can also analyze data from your social media posts to determine what works and what doesn’t work when it comes to engaging your audience.

AI can then use this information to generate more posts that are likely to get more engagement than your previous posts. For example, after analyzing the success of your company’s last blog posts, AI can generate new posts that are likely to be as successful based on the topics that got the most engagement.

AI and Robotics Together

While AI and robotics are two completely different fields of technology, they can be used together to great effect. AI can be used to power a robot’s software and allow it to easily navigate around your building and perform tasks more accurately than a human can. It can also be used to control the robot remotely and allow it to navigate in locations that would be inaccessible to a human. For example, AI can be used to control a robot vacuum cleaner to navigate around your house and clean your carpets without having to press any buttons.

Similarly, AI can be used to power the software controlling a drone and allow it to navigate autonomously to your delivery destination. It can also be used to control the drone remotely and make deliveries that would be impractical or dangerous for a human to make.

Bottom line

As you can see from the above, AI has a wide range of applications, covering almost every aspect of business. Many businesses have already started to implement AI solutions, and the technology is growing ever more sophisticated. As AI becomes more commonplace, expect it to become more integrated into every aspect of your life, from your phone to your fridge!