6 Good Reasons Why Businesses Need AI To SucceedMarch 29, 2021 No Comments
Featured article by Allen Brown, Independent Technology Author
With AI, our lives have improved in so many ways that we can barely comprehend its impact on our jobs. While the concept of artificial intelligence may sound like it only has to do with data, the truth is that you can benefit from its features to gain powerful insight, improve performance, and secure your business data from malware and threats. Here we share with you six good reasons why businesses need AI to succeed in the current market.
1. AI can help with Strategic Improvements
When it comes to planning your business’ strategy, you need to line up your long-term goals across all departments in your company. Nowadays, the IT department needs to share a shared vision with its leadership to innovate and stand out against the competition. To do so, you need to have a clear understanding of what challenges need to be solved. Otherwise, your strategy will have flaws that can undermine your team’s efforts to progress in any area.
Artificial intelligence aids with predicting patterns by analyzing insane amounts of data in record time, and you can obtain vital insight that will help you guide your business in the right direction.
2. Using AI Solutions for Inventory Management
Knowing how to keep track of your inventory and order refills in time is a delicate art that no longer needs exhausting planning when you use artificial intelligence. You can completely shift over to an AI-based application for inventory management and supply chain issues for better functioning in some cases. The most obvious benefit from this is that the supply chain will never stop due to human error or negligence. Your company can plan accordingly with real-time data to know where they need to intervene with additional supply or when to cut down spending.
3. Your Business Needs Protection from Cybercrime
There are plenty of risks and dangers that your business should actively fight against to ensure that delicate data such as your customers’ information and sales transactions are safely stored and protected with AI. You should invest in AI-based solutions to detect fraud attempts and should lock down your data if any breach is identified. Cybersecurity must be an essential topic of discussion when planning your business strategy, and expert artificial intelligence developers can offer tailored solutions to fit your company’s particular needs. Businesses should also consider several backups in their budget if the central database suffers any loss, which can also be managed and controlled with AI-driven software.
4. Automatized Tools Will Increase Production
From the moment of its creation, artificial intelligence has been a vital help to cut downtime and costs associated with mundane, repetitive tasks. You can let the software dedicate itself to solving business processes without losing concentration while allowing your team members to focus on more complex tasks. It also eliminates human error from the equation, mainly when the AI software is applied to intensive yet repetitive tasks, reducing costs in the long run. Any company can understand the ROI involved when evaluating what impact an AI-based product will cause on their business model.
5. AI Helps Bridge Communications with the Customer
People can walk away from your business if they feel like they have received poor service, especially if there’s no way to reach out to the company. However, thanks to advancements in technology, everyone can access a virtual assistant bot that serves as the first contact with customers when they need to communicate with the business 24 hours a day, seven days a week. It’s the perfect way to filter commonly asked questions from cases that require the assistance of a customer support member. Setting up chatbots can also help you gather data on your client’s needs and readjust your team’s tasks and efforts accordingly.
6. Using AI-based Solutions Can Increase Sales
A final reason why your business needs AI to succeed is directly linked to better sales.
Setting the marketing team with AI solutions to understand their customer’s profiles and adjust their strategy accordingly can increase your website’s traffic and potentially increase your revenue. Using these tools can help you see a customized advertisement to your target audience and engage your customers with your products and services with better success rates than the competition.
Each company needs to evaluate how an individual problem needs to be solved initially with an AI-based solution and assess its results after a trial period. The best part is that the technology is accessible to most budgets, depending on which areas of your business you want to support with artificial intelligence.