The most exciting thing about Artificial Intelligence? It’s all around us, yet most people take very little notice of it. From simple autocorrect on your phone to Google Maps, all web and mobile applications use AI in one way or another. Those that are not are fading away into oblivion. The same holds true for businesses.
Governmental and non-governmental organizations are increasingly transitioning to smart technologies to combat challenges and exploit growth opportunities. Artificial Intelligence (AI) and other modern technologies are disrupting industries worldwide. The 21st century is and will continue to be defined by AI as business models rapidly evolve, keeping abreast with the times.
AI is essential in today’s tech-enabled world, not only to thrive but to survive as well. Before we explain why and how AI is critical to your business’s success, let us briefly explain what it is.
What is Artificial Intelligence?
A textbook definition of AI is “the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.”
But there is a more convenient way to explain it. Artificial intelligence simply refers to the simulation of human-like intelligence in machines, primarily computers.
Humans program machines to think, reason, and perform actions like humans. These machines are intelligent and innovative. There are three ways these machines learn: supervised, unsupervised, and reinforced learning. Machine learning and Deep learning fall under the purview of AI.
The importance of AI in different industries
AI is well embedded in business processes that it is easy to overlook where it is performing what task. AI brings with it the ability to harness the power of big data. And big data is king these days. Everything is being recorded, tracked, and worked upon, from your social media handles to your google searches.
Humans don’t have the same ability. Yes, we invented language and writing. But then we also created AI to take care of the stuff we cannot. Let’s see how and why AI is critical to business success.
Market and Consumer Insight – There is no lack of data around us; all apps and businesses collect user information somehow. All this data, which is actually raw information, is used by AI to make predictions, detect patterns, and suggest improvements. It offers powerful insights which drive business growth.
Automation – Process automation is one of the essential benefits of AI. No company wants to hire resources for tasks that machines can perform more efficiently. AI-powered machines cost less overall and are free from errors. Why not save time and money both by employing AI?
Virtual Assistance – AI-enabled virtual assistance is taking over many of our manual tasks. Do you want to play a song on your iPhone? Ask Siri. Do you want to look something up? Tell your Google Assistant. You don’t even need human resources to offer customer support; you have chatbots!
Improved Customer Experience – The most important thing for any business is to ensure an excellent customer experience. Nothing helps retain customers more than a pleasant experience. AI-enabled apps help your company enhance the customer experience by providing vital insights into their behavior patterns.
Increase in Productivity – AI works best when it is supplemented with human intelligence. By automating many ordinary and mundane tasks, AI frees your workforce to direct their energies to more significant business matters. Besides, AI never tires of repeatedly doing a job, unlike humans.
Inventory Management – Traditionally, inventory managers manually took note of their inventory. This cost time and was always susceptible to errors. But AI has made inventory management error-free and highly efficient. Your AI-powered inventory management solution can look after your First-in, First-out inventory approach. It will predict future demand and place purchase orders accordingly, thus ensuring that you’re never out of stock or overstocked!
Enhanced Security – While we can create standard operating procedures for securing data, loopholes will always lurk around. The remedy? Leverage the power of AI and Machine learning to detect fraud patterns and send updates and alerts.
Human Resources Management – AI consultancy used by companies to hire and retain the best talent. From finding the best job candidates through screening to finding out what motivates each of them, AI is revolutionizing the talent management sector as we know it.
These are just some fundamental reasons why using AI is pivotal for your company. If you deliberately choose not to leverage the power of AI, your business is improbable to fare well in the coming years.