Benefits of Artificial Intelligence to Businesses

Updated: Aug 21

Written by Mariam Ahmed Diriye


Introduction


Much has been said about artificial intelligence and its impact on businesses. Artificial intelligence simply refers to the use of algorithms which imitate human intelligence and activities (Artificial Intelligence and Business Processes., 2017). We are at the horizon of a technological revolution that will fundamentally modify businesses’ operations and strategy.


The benefits of artificial intelligence are limitless for businesses. This concept is fairly novel and has not completely reached mainstream status. This means that the early adopters of this technology stand to achieve a strong and competitive advantage.


Benefits of Artificial Intelligence


1. Customer Intelligence


Artificial intelligence could be used in customer intelligence. Businesses could utilise data analytics software to assess consumers’ buying habits and collect data relating to it. Furthermore, such software can analyse this data by identifying trend lines, making correlations and identifying patterns among different consumer segments. This sophisticated, yet user-friendly technology could revolutionise the understanding of consumer markets. This will enable businesses to receive real time information regarding consumer markets. In turn, it can aid enterprises to effectively target consumers by avoiding unprofitable segments.


2. Customer services


The use of Artificial Intelligence has also been used in customer services, and this does not refer to the use of automated answering machines at call centres that is too facile. The abilities of AI in the customer services industry is far much superior. Today AI is used to record customers’ calls and convert them into text. This text is then run through software that highlights keywords to illustrate customers’ exact problems and sentiment. In addition, this technology can also analyse the tone of the caller to recognise anger or frustration, after which, an array of personalised solutions is generated and presented before the customer in a matter of minutes. This will not only cut costs but also enhance customer satisfaction and retention.


3. Optimisation and automisation


Using AI is not only limited to marketing, customer intelligence and customer services. It can be implemented to optimise and automate daily operations. During departmental meetings at the office, you could record the meeting and use software to generate minutes. This will ensure that employees are making efficient use of their time in strategic decision making as opposed to the mundane task of ensuring they’ve recorded everything that was discussed during the meeting. Furthermore, AI could be used to monitor stock levels and order new shipments in time. AI could identify which products are not popular, therefore customising order volumes in relation to demand or even the time of the year etc.


Conclusion


In conclusion, it is important to note that AI is not an unfamiliar concept, but it is only now that people are able to identify its potential and actively solve problems using Artificial Intelligence. I anticipate that this report has enabled its readers to visualise the vast possibilities of Artificial Intelligence and acknowledge how simple it is to implement.


It is imperative for any business to evolve and embrace the disruption brought about by Artificial Intelligence to ensure profitability, competitiveness and most importantly continued existence.

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