The increased use of artificial intelligence (AI) across all industries has hardly gone unnoticed. For example, the number of companies who now rely on AI for chatbots and business analytics has been growing exponentially. And rightly so, artificial intelligence is one of the most advantageous inventions in the 21st century when judged by anything from efficiency all the way to cost-reduction.
Expectedly, the most common entities who are turning to AI are businesses who need help with their operations. In the past, this normally required hiring more workers or figuring out new ways to make things. Now, however, leaving it all up to a superpowered computer with human-like thinking capabilities is the way to go.
Below, Sunil Jagani explains three of the most common ways in which companies can leverage AI to improve their performance?
Figuring out how to automate simple tasks is undoubtedly the easiest way to go about reducing costs. In fact, according to the President and Chief Technology Officer of AllianceTek, Sunil Jagani, this is one of the most common manners in which companies increase their profits. To better understand the concept, consider the following scenario.
In the past, all businesses had to conduct their payroll and human resource tasks manually. Obviously, this meant that those particular jobs were in high demand. After artificial intelligence began to take off, companies started looking for ways to deploy these new systems to streamline relatively outdated methods of both HR and payroll processing. As time went by, they slowly figured out how to let AI classify employees, assess their performance, assign proper tax factors to their worker profiles, filter job applications and so on.
In other words, the technology has replaced a lot of the jobs that were traditionally performed by humans. What does this mean from a business standpoint? Savings!
Paying a salary to a worker almost always comes with non-tangible costs such as benefits, paid time off, and other non-cash compensation factors. With AI, the computer can operate 24/7 and requires no expenses besides the flat fee to acquire it. So, in the long-run, companies can save a considerable amount of money by modernizing.
Interacting with buyers is one of the easiest ways to increase market share and raise revenues. For instance, businesses that spend a lot of money investing in their customer-service relations are more likely to have a good presence in this area. The reason why is the fact that people like having their questions answered quickly and a fast-paced market in metropolitan areas waits for nobody. Sometimes, however, keeping up with all the inquiries may be impossible given the volume of demand.
This is where AI can come in and help build a system for customer service that elevates efficiency to the next level. For example, having a computer handle customer questions based on prebuilt algorithms and its understanding of real-time interactions will save time and money. So, instead of hiring fifty new agents to answer the phones, one can simply build their AI system to analyze people’s questions and answer them immediately.
In order to figure out what areas of performance need improvement, Sunil Jagani advises companies to take advantage of high-profile analytics based on big data. For those unfamiliar, this represents the limitless amount of information that comes from the company’s daily ventures. In the past, however, a lot of important inputs were overlooked because businesses lacked the capacity to deal with everything that needs to be analyzed.
Consider, for instance, how a company that sells locally could leverage buyers’ information to figure out their marketing strategy. Meaning, if they can assess their customers’ demographics and needs in real time, they will be able to target them more efficiently.
The problem, however, is the fact that companies must hire data analysts who know how to read complex information. Well, these professionals spent years learning how to do so and they do not come cheap. Thus, they will represent another cost that will count against the bottom line. So, most companies do not take this route and end up leaving a lot of important data on the table without ever using it.
With artificial intelligence, however, there will be no underutilization of data as computers are specialized to read complex systems quickly. Just think about the fact that an average computer can read, analyze, and assess information hundreds of times faster than a human.
AI can help companies take their analytics to the next level and understand their buyers much better. In turn, this is bound to lead to higher revenues as it will help create better marketing campaigns. So, the odds of the right advertisement being displayed to the right person will be significantly higher than before!