Ways in which Artificial Intelligence will impact businesses

 Ways in which Artificial Intelligence will impact businesses

AI in Businesses

Artificial intelligence is a word that we hear now and then. One of the few things that come to our minds when we say artificial intelligence or AI is ‘Siri’ or ‘Alexa.’ While Siri, Alexa, or Clever Nelly are making our day-to-day activities more manageable. There’s more to AI than that. AI aims to create computer programs or computers smart enough to imitate or copy the human mind’s behavior. Let’s see how AI can help you achieve your business goals.

Machine Learning

Machine learning is the science of designing and applying various algorithms that can learn things from past cases. For example, complex algorithms can analyze a past issue of credit card fraud and can manage such situations beforehand. But if there are no previous cases, these algorithms won’t work.

By pairing artificial intelligence in business, the program won’t be limited to the computer instruction that the programmer wrote. It will be more flexible and will require less programming than traditional programs. Artificial intelligence will change how the software behaves and work proactively based on previous results or data.

Find Better Candidates, quickly – Automating Recruitment

One important subset of AI is Machine Learning — algorithms that analyze large amounts of data, identify patterns and predict outcomes.

While we heavily depend upon machinery at the workplace, humans are still the backbone of every business. A company’s process mining technology will help businesses to understand how their employees are behaving. Artificial intelligence will help identify things like how long workers stay in a particular position, the cost per hire, which positions are quickly filled and take longer, and so on.

With the help of artificial intelligence in business, the human resources department can increase the ability to identify the bottleneck in the recruitment process and reduce the costs substantially. This will ultimately help in hiring the perfect candidate quickly.

Personalizing marketing and sales

AI promises to revolutionize marketing and sales and is doing it right now. For instance, AI will qualify leads the way faster and more effectively than humans, allowing sales reps to just close deals.

For example, how much time can a rep spend updating and cleaning up the company’s customer relationship management (CRM) system? AI can make CRM a self-updating, auto-correcting system that works for you.

Machine learning can analyze your prospect’s data and predict who will buy. Wouldn’t that come in handy? This is called Predictive Marketing 

Not only that, but AI can also create hyper-personalized email/chat messages for each prospect, create targeted content, and cross-sell and upsell suggestions for each client. What’s more, AI can do all that by itself, without much human intervention — you’d have to set up a chatbot on your website.

Source: Unsplash

Simplifying customer support

Just like in sales, chatbots are taking over customer support. They answer queries quickly, are available 24/7, and only refer customers to a rep when necessary. There are two relevant stats here: A chatbot alone could handle up to 80 percent of customer support interactions. Many people prefer live chat over other contact methods because it prevents them from being placed on hold.

Customer support reps can partner with robots to simplify their work. An interesting case would be using AI to analyze customer call data, classify interactions based on positive or negative outcomes, and then analyze each category’s patterns to provide a script with the most effective phrases to use during support calls.

Improving Security

With all the sci-fi movies predicting a dark future where AI robots enslave humanity, it’s odd to think we should let AI take care of the security of our businesses.

The fact is, however, that most cybersecurity breaches are due to human error. So, AI can make our computers and networks safer, filtering out malware, spam, and phishing emails even before a human open them.

Machine learning that has analyzed our customer’s behavior already can easily recognize who’s a customer and who’s not, thus preventing or reacting to cyberattacks in real-time.

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Reducing operational costs

At this point, it must be evident that AI has the potential of saving time, eliminating tasks from your to-do list, and making your staff more efficient and productive. So, implementing AI automation in your business will free up time for other tasks, reduce human error (which costs money), and even eliminate the need for some positions or at least the need to oversee specific tasks.

AI solutions can make the production process more efficient in manufacturing and enable predictive and preventive maintenance and upgrades, lowering downtime and fewer expenses.

Source: Unsplash

Lead Generation

According to Google, lead generation is the process of identifying and cultivating potential customers for a business’s products or services. For any company, any expenses linked to consumer acquisition via lead generation are significant. Top AI companies are now using some AI systems that can process data better than the human. These AI-based systems better analyze consumer data from their social media and understand their interest. Or it analyses human language and compiles a clear picture of the buyer persona using this information.

This is just the beginning and more to follow…..

Top AI companies also help in many other business areas, such as administration, enabling entirely autonomous processes, time management, to name a few. These are areas of a business that can be mastered better with the help of artificial intelligence services. In any case, artificial intelligence in business is going to be the future of the industry. So, it is best to adapt and join hands with AI for bigger and better success.

Why choose TECIE?

Sure, hiring is challenging when many other companies are fishing in the same small pond. But to thrive in this arena, we need to think outside the box and come up with creative ways to stand out. TECIE is considered to be the most client-friendly on the market for Hiring Tech Talent. If you’re ready to take your hiring to the next level, schedule a call with our experts now!

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