Computers, digitization, and emerging technologies have become a part of the business landscape and life in general. The evolution of these elements has grown so much that you can train computers to execute tasks without your involvement. And just like human-executed tasks, computers have the same capability or even more in performing tasks more successfully.
The technology field enabling machines to complete given tasks is called artificial intelligence. This technology is developed by software developers in AI, such as PixelPlex AI development company and many other reputable experts in the field. AI can be used in many sectors and business applications, such as process and task automation. This article explores practical ways to apply AI and how that can help in business growth.
Using AI in business operations
You can use AI in your business in many ways and to fuel business growth. AI improves efficiency through data analytics, automation, and Natural Language Processing. Applying AI-driven processes can help you improve many business functions, including the following:
- Better customer insights that help improve customer retention and acquisition
- Improved efficiency through automation of common and repetitive tasks
- Improved process speeds and consistency in service delivery
- Discovering new opportunities to attract customers or introduce products or services
One of the best qualities of AI is the capability to fit and be implemented in any business plan. But before you dive into its implementation, below are some practical ways to apply it in business. Hopefully, this will help you identify a use case that you can apply to solve your specific business need.
Automation and process streamlining
If you’re facing struggles with streamlining workflows and processes in your business, AI solutions might be just what you need to stay on track. Especially when merged with machine learning, big data, and IoT, you can benefit a lot from your data and get insights that you wouldn’t any other way. To put into perspective areas, you can use it to build more efficient processes, here are a few examples:
- Managing warehouse or retail inventory: Efficient inventory tracking can save you from running out or having low stocks in times of high demand. It can also keep you from overstocking in low seasons. But predicting the changes in demand isn’t an obvious thing. You need to gather and analyze massive amounts of data with the right tools to get accurate reports to help you read historical patterns. This is how you can predict future demand and stock your inventory accordingly. AI combined with big data not only simplifies the process, it’s also quicker and more accurate in forecasting.
- Managing supply chain: Consistency in delivering products on time is a huge struggle in many supply chains. But if you take the AI solutions into consideration, this can change. Data gathered and analyzed by AI systems can help you to estimate the shipping times more accurately. In addition, from the insights you get, it’s easier to decide the best way to ship products or simply in route planning.
- Optimizing customer service: AI chatbots are effective in giving quick and reliable advice to most customer queries. By using them, you can free up time for your teams and make the customer service process more streamlined.
- Human resource management: Another best area to apply AI in your business would be in human resources, especially hiring. Manually scrutinizing job applications to find the right candidates to shortlist can take long hours, and the process may not be entirely reliable due to human bias. AI can help speed up the process and eliminate or recommend candidates based on the job description and the requirements. The issues of gender, race, or other unfairness and biases are automatically eliminated.
Improving marketing and sales
Another practical application of AI-driven solutions in your business is in marketing, advertising, and sales. Look at some of the ways you can benefit from using AI in your marketing:
- Better product recommendation: It can be difficult to track what products each of your customers are aligned to through manual processes. But with AI tools, you can track and get a report through customer behavior analysis to help you provide more relevant recommendations to your customers. This encourages customers to engage with you longer and increases the chances of completing a sale. It also makes you their to-go space for when they need a product because you seemingly understand them better.
- Audience segmentation: In relation to the above point, AI can help you create more targeted campaigns by segmenting your audience, allowing you to place your ads to the most appropriate audience. This is highly relevant if you’re operating in a very competitive niche.
- Lead generation and scoring: If you want to know the right leads to focus on, AI tools are an excellent way to do that. These tools can help you and your sales teams know how to prioritize leads based on how likely they are to convert.
- Market research and competitor analysis: These are two important aspects of a proper marketing campaign but are also very difficult to get right. Use AI tools to analyze customer feedback and reviews at scale and use them to your advantage by giving customers what they want or improving service delivery. Also, you don’t need to waste time manually checking what your competitor is trying to do. AI tools can help you analyze your competitors by a topic or theme and give you all the reports you need to beat them.
Detecting and preventing fraud
AI is an excellent technology for detecting and responding to threats related to fraud. There are AI tools available that can help you detect suspicious activities and transactions. By training AI and machine learning, you can stop fraudulent activities as the algorithm aborts any transaction when the risk alarm is triggered. They go ahead to alert the relevant parties for further investigation.
AI tools also come in handy in lending businesses by analyzing and assessing risks before disbursing credit to a party. You can also analyze loan supporting documents to identify fake documents or high-risk clients. This can save your business from getting defrauded by individuals who’re only looking to get finance with no intention of paying back.
AI is an excellent technology that can change your business for the better. As you can see above, its applications in business are numerous and cut across all functions. If you’re still on the fence about implementing AI-driven solutions, you can research further or speak to AI experts for more insights.