When someone talks about Artificial Intelligence, then the first picture we frame in our brains is a robot and machine ruled future. But that characterization is waning day by day, and it becomes commonplace in our lives today. The best example here is Alexa, it is a household name today.
Artificial intelligence’s acceptance in mainstream society is a new phenomenon, but it is not a new concept. The modern field of AI came into existence in 1956. Still, it took 4-5 decades to bring it at the forefront and make it a technological reality that also offers some astounding business benefits to the different industries.
That’s what I am going to discuss in my blog. So, read all the points and understand how you can leverage it for your business use. But before this, take a look at the current developer stats of the market.
Now, let’s peek into the business benefits of Artificial Intelligence:
1. Improve Personalized Shopping Experiences
With the personalized marketing experience, you can increase customer engagement and sales. That’s the reason being many companies are working hard to acquire their benefit. One of the best benefits of AI here is that it tracks customer browsing habits and helps them in making a better shopping decision. By analyzing the millions of transactions stored in a cloud, this technology caters to the demands of every individual customer with accurate offers and deals.
That’s how AI provides the personalized shopping experience to the customers and acts as a sales booster for e-commerce businesses.
2. Automate Customer Interactions
When have you dialed the customer care number last time? Remember the greetings like Hello Sir/Mam, how may I help you, and more. These communications involve human intervention. What if we replace it with the AI. The best example here is the AI chatbot, how smartly it handles the conversation with diligence.
With AI, you can automate customer interactions by analyzing the previous communication data and program it to respond accurately to customer inquiries. It’s cheery on a cake if AI and ML get combined. The best benefit here is that a single chatbot can handle the thousands of customer inquiries at the same time with no errors.
Thus, the integration of AI chatbots in websites and mobile apps can provide a better user experience and keeps them engaged too.
3. Real-time Assistance
Now comes the next benefit, i.e. real-time assistance. What if you get all your answers on the spot without any hassles. It can be used best in the transport industry, train, bus, and airline companies, which has millions of passengers every day. You can use AI to interact, in real-time, for sending personalized travel information, such as delays notice.
Some bus companies are already using AI to track the bus location and provide travelers with real-time updates. Customers receive this information on the bus company’s application.
4. Data Mining
Another best advantage of using cloud-based AI is that applications powered with this technology can quickly discover the essential and relevant searches during big data processing.
It can give businesses previously undiscovered insights that can help in acquiring an edge in the marketplace.
Artificial Intelligence can operate other technologies that boost automation in business. For example, AI can be used in controlling the robots in factories or maintaining the ideal temperatures through intelligent heating. In Japan, robotic humans serve as receptionists in some of the countries’ hotels to automate check-ins, booking services, and deals (in 4 languages) with customer inquiries.
Retail industries, AI links with RFID, and cloud technology that tracks inventory. In China, police forces use this technology to catch criminals. The country has an extensive CCTV network where AI uses facial recognition for spotting and tracking suspects to apprehend them.
Many of us know that AI can predict outcomes based on data analysis. Yes, you can leverage this technology to get an idea of your possible business results. For example, it recognizes patterns in customer data. It shows the product status and whether it will remain in demand in the coming days and if yes, then gives an idea estimated volume. It can also predict when there will be a downfall in the market demand.
It’s beneficial in helping a company in maintaining its stocks in the correct volumes to meet future demands. And this ability to predict is not just helpful in retail but in other industries too such as banking to predict currency and stock price fluctuations or in healthcare to predict infection outbreaks by analyzing social media data.
7.Improve the recruitment process
Artificial Intelligence is now helping companies in automating the new employees’ recruitment. It can quickly shift through applications, reject applications that do not meet the job eligibility. It saves time and costs both.
Additionally, it also ensures that no discrimination or bias should be done in the shortlisting process. The AI programs available today can handle many recruitment administrative tasks.
The scope of artificial intelligence is continually growing in transforming the industries today. We don’t find any halt signs that restrict business growth. This technology has already become a household name with applications like Alexa, Google Assistant. You can see how single AI-powered applications are helping us in our daily life.
Thus, availing its astound benefits in our business can encourage your profits and growth in the market. Better, if you make this right decision today and hire AI developers in India to achieve your business goals with an increased ROI.
Let me know your feedback and perspective on AI in the comment section to discuss this topic in-depth. Till then, keep following this space and stay updated with every update of the technological world.