The business benefits of AI
In the past, companies had to rely on data scientists to analyse their data and detect trends. Due to the enormous amount of data available and the limited time in their workday, it was nearly impossible for them to detect every trend or beneficial piece of information.
Now, through the use of artificial intelligence, data can be analysed and sorted in real-time. In turn, organisations are able to increase the speed of optimisation when it comes to business decisions, ultimately achieving greater outcomes at a quicker pace. These outcomes can be as small as improving internal business processes, to as large as improving the efficiency of traffic in large cities.
The other benefits of AI are almost limitless. Let’s dive into how organisations can take advantage:
A better customer experience
One of the top benefits of using AI is the enhanced customer experience it enables. Artificial intelligence enables organisations to put forth enhanced product offerings through the rigorous, ongoing analysis of consumer activity. For instance, if users are regularly engaging with certain features and functions, or experiencing performance issues on certain pages, AI can help you immediately identify these issues, and even provide suggestions to resolve the problem.
Aside from analyzing customer activity, artificial intelligence can also facilitate consumer interaction. For instance, by analyzing the behavioral patterns of consumers, AI can also improve marketing efforts through personalisation by offering more relevant advertisements and product recommendations. Or, you could use an AI-enabled chatbot to provide real-time support to users. When combined with machine learning technology, you can even improve your support by letting your chatbot learn from every interaction for a continually enhanced experience.
Improve business efficiency
One other benefit to artificial intelligence is the ability to automate business processes. Instead of spending labor hours having an employee do repetitive tasks, you can use an AI-based solution that will perform those operations instantaneously. Additionally, by leveraging machine learning capabilities, the algorithm will be able to automatically provide optimisations for business processes that are on-premise and in the cloud. For instance, a logistics company could use AI to analyse and optimise their infrastructure, workloads, communication, transportation, and more.
This results in savings in both time and money through better productivity and, oftentimes, more accurate work. Now, instead of assigning employees to do repetitive or ongoing tasks, you can use their intellectual capital to find new solutions to business problems.
Increase data security
A huge plus of AI is the fraud and threat protection possibilities it is able to bring to organisations. Since AI monitors user activity, it can learn to detect potential security threats, both internally and externally. For instance, an AI-based security solution could regularly analyse when certain employees log into a cloud solution, which device they used, and from which location they accessed the cloud data. However, one night, a user logs into their account at 3 am, using their approved mobile device in a neighboring country. The AI would notice this activity was unusual, and ask the user to confirm their details. An hour later, your IT helpdesk receives a call from an employee, saying they lost their phone on a night out and they needed their accounts locked down.
If it weren’t for the AI-driven security solution, a hacker could have used that hour to download or destroy important documents, causing massive business disruption. In an era of cloud connectivity and bring-your-own-device, this level of security should be the standard. Through early threat detection, companies can save time, money, and their reputation.
Identify new business opportunities
With AI, your organisation will be able to uncover a multitude of new business opportunities by combing through market, customer, and company data and searching for associations. For one example, AI can help identify quality leads and discard low-quality leads by automatically assessing the validity of form-fills. For instance, an official company email will be automatically sorted as a high-quality lead, while a “hotmail.com” email address will be sorted as low quality. This will help you spend less time cleaning datasets, and more time capitalizing on hot leads.
However, this isn’t the only method. You could also use AI to find customers with a high lifetime value, or identify which leads are the most likely to convert quickly. By using AI to help you focus on where the best opportunities are, you can increase revenue, lower expenses, and even improve morale among your business development teams.