- Tips & Tricks
- Dec 28, 2021
How Is Artificial Intelligence Transforming Your Business?
“By far, the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.” —Eliezer Yudkowsky
Artificial intelligence is becoming more relevant by taking over the old technology in the modern world.
We are moving fast forward to incorporate innovations for automation in business. Artificial intelligence (AI) has superseded all those new inventions. So far, it is one of the best revolutions that occurred in humankind’s history after the invention of the engine and the World Wide Web, of course.
Artificial intelligence is no more a fantasy; it has become a reality. From sending email, searching on Google, getting assistance from Alexa/Google Assistant, facial recognition software to interacting with a robot, everything is a product of Artificial Intelligence.
Artificial intelligence can complete business tasks more efficiently. It has made us realize that instead of using our energy to do time-consuming tasks, why don’t we focus on making strategies to expand our business and let technology do our menial tasks.
The concept of technology taking over humans in the workplace seems scary to some people. However, artificial intelligence makes tasks easier for us by automating monotonous work. Algorithms of AI are error-free, but humans are prone to make mistakes. So, why not let AI solve problems for us?
Stats showed that the revenue generated from artificial intelligence worldwide was more than USD 341.8 billion, which is expected to reach half a trillion in less than four years.
What is Artificial Intelligence?
As per definition, Artificial Intelligence means using computers and technologies to perform tasks like voice recognition, decision making, and translating languages without human intervention. In simple words, computer processes do the same work as humans do but with enhanced efficiency and speed.
Artificial intelligence is divided into the following: reflexive, concept-based, memory-limited, and self-cognizant AI. Machine learning is an element of artificial intelligence, widely used in many businesses.
Human neurons have remained a mystery until now. After discovering the major neuronal networks and their working patterns, scientists are constantly trying to use this information to make artificial neural networks. This artificial neural network will mimic the approaches humans use. This network will be embedded in systems that will perform tasks by rationalizing and implementing a critical thinking approach.
“The development of full artificial intelligence could spell the end of the human race. It would take off on its own and re-design itself at an ever-increasing rate. Humans, who are limited by slow biological evolution, couldn’t compete and would be superseded.” said Stephen Hawking to the BBC.
AI-based systems utilize the raw data to perform unlimited tasks while predicting the possible outcomes using a rational and predictive approach. AI-based technologies and processes constantly enhance their accuracy over time, revolutionizing the whole world.
How is Artificial Intelligence revolutionizing business nowadays?
Those who don’t know what AI is capable of still consider it a threat to the lives and jobs of humans. Whereas in real life, AI is revolutionizing the way business works. Whether small or large, businesses can save time and money by investing in AI-based technologies.
Artificial intelligence does not replace humans; it supports us in leaving the simpler works for AI and focusing on the important ones, i.e., business strategies and plans. As Sabine Hauert, the co-founder of Robohub.org, said, “Robots are not going to replace humans; they are going to make their jobs much more humane. Difficult, demeaning, demanding, dangerous, dull – these are the jobs robots will be taking”
Artificial intelligence solves many problems like building websites, monitoring sales, and self-driving vehicles for shipping and other purposes. AI can perform tasks faster than humans without making mistakes.
“The playing field is poised to become a lot more competitive, and businesses that don’t deploy AI and data to help them innovate in everything they do will be at a disadvantage,” said Paul Daugherty, chief technology and innovation officer, Accenture.
A report says almost 40 percent of marketing agencies use AI and data science to grow their businesses. Another report showed that 75 percent of the participants in a survey were very optimistic about using Artificial intelligence in their businesses in the coming years.
Most AI-based companies and businesses successfully grabbed big investments and generated high revenues in 2021. Forbes has provided the information that out of 50 AI-based companies, 13 successfully generated revenue of a hundred million dollars or less in the USA solely.
Services Artificial Intelligence provides in Business:
Businesses can get huge profits by using artificial intelligence for routine work. The work can vary from getting data to manufacturing products by machines. Artificial intelligence provides the following services in business:
- Better and enhanced customer services
- Improved productivity in business
- Effective marketing strategy
- Automated working
- Improved cybersecurity
Analysis of basic structures and unstructured data for the planning and formation of business strategy is included in business intelligence. AI can make useful predictions by analyzing the data embedded in the system.
A survey in IBM global predicted that 85-90 percent of businesses plan to impose AI in their business structures. AI analyzes the collected data and predicts the projected outsourcing. By tracking the success and failure of the previous data set, AI systems consistently make themselves more accurate over time.
Artificial intelligence will help you focus on the main work while offering help in automated data collection and analysis. AI can accurately manage paperwork, datasheets, scheduling meetings, and cybersecurity-related issues. Still, thinking? Read these benefits of implementing Artificial intelligence in the business:
Better Customer Services:
Customers are the backbone of any business. Without satisfied customers, a business can’t flourish. Maintaining a healthy relationship with customers acts as a pavement for getting long-term clients.
How can artificial intelligence help in getting long-term clients? It’s simple. Customers want them to be heard if they have any complaints or queries. It is difficult to reach every complaint/query on time. Here comes the role of artificial intelligence.
You can get automated chatbots like Landbot that can respond to the general queries of clients. They can save the data of repeated queries for future use to provide better customer support over time. It will leverage the clients into trusting your services, thus building a long-term relationship with them.
Tools like MonkeyLearn are changing the way businesses work by simplifying the context of messages. They analyze the data retained from the customers’ messages. These machine learning tools offer much, from learning the language to analyzing the keywords.
Another fabulous feature of an AI-based system is optical data identification, helping businesses automate the data entry processes. Platforms like FlexiCapture offer the services to read the information from invoices, analyze images, and do other data entry works.
Improved Business Productivity
You must have heard of CRM that helps businesses grow by efficiently managing clients’ emails and phone call details. You can easily keep track of your old and new clients.
Artificial intelligence takes the CRM one step further by providing an alternative to CRM, which is more efficient and user-friendly. Salesforce is a platform that provides customized services to the leading business in automating their data and making technology work for you.
AI-based tools offer their services to manage the customers’ calls effectively. Cogito takes the CRM to the next level by managing the customer’s calls. It evaluates the customers’ emotions during the calls and generates ideas to answer them effectively.
One of the biggest headaches corporations deal with is getting potential clients from website visitors. Gong is providing its expertise as a virtual assistant for your business. They provide live data analysis, visitor’s behavior predictions, live demographics, and lead scores.
Instead of using “rules and scripts” to engage the clients, AI helps businesses use predictive strategies to get accrual clients. That’s how artificial intelligence influences visitors’ decision to buy something from the website. It helps generate leads by converting visitors to customers.
Effective Marketing Strategy
One of the most successful strategies is running ads to target your business’s right audience. Social media has helped small businesses and entrepreneurs who started their businesses from scratch and built an empire within a few years.
You must have heard the slogan “we keep you rolling, so you keep scrolling,” it is an example of how AI influences people.
SeventhSense keeps a hawk’s eye on the emails. It notices the times a client opens up the company’s email. It helps businesses find the best time to send customized emails to their clients.
Artificial intelligence is the mastermind behind all the strategic influence of social media, providing potential customers to businesses. Instagram/Facebook ads and Google AdSense are just two examples. Artificial intelligence has become the main part of businesses nowadays.
To attract new clients, you may like to use tools like Optmyzr that use the analytics of your previous marketing campaigns and help automate the promotion process. Getting the right keywords to attract potential clients, starting campaigns at the right time, and making a perfect ad copy is no longer a dream, all thanks to artificial intelligence.
Employer’s turnover time plays a leading role in defining business productivity. A report from Wired gives insight into the turnover time in New York Foundling, which was reduced to 17 percent from 40 percent because of artificial intelligence.
Tools like Timely are providing the finest ways possible to track the time. They help you to make workflow better and more efficient than ever.
Artificial intelligence also helps automate monotonous work like removing text from documents, resizing or correcting images, collecting data, and keeping records. AI-based image processing technologies are changing the way businesses work.
AI-based tools like Slazzer are taking image processing to the next level. Businesses, especially ecommerce companies, hire graphic designers and professionals to enhance and clarify the images. It takes not only money but also time.
Sometimes you’ve to go through the struggle of selecting one right image from a thousand captured images. To convert those so-so images into real eye-catching images, you can also take services from AI-based tools like DeepImage.
With the help of artificial intelligence, you simply have to get a code, and millions of images will be processed in no time. That’s how artificial intelligence reduces the turnover rate and helps enhance the business’s overall productivity.
Improved Cybersecurity
Artificial intelligence acts as a shield against malware and cyberattacks. It reduces attacks on emails and provides software and tools that protect the integrity of your emails. AI-based software keeps a keen eye on the threats and bugs.
They immediately remove those threats and provide the necessary protection. Darktrace uses AI-based processes that protect against malware and cyber-attacks. They protect emails from being misused and help companies protect their data.
Artificial intelligence is efficient enough to find anything unusual and suspicious in a company’s system. A perfect example is QRadar, it protects the infrastructure of the businesses.
If we take one step further, Sophosis a big fish that uses AI-based systems (Endpoint) to analyze the data in a file in a few milliseconds. You’ll get safer, better, and accurate real-time protection every day.
Efficient Hiring Procedures
The hiring of employees in the company isn’t an easy process. It is followed by a tiresome cycle of checking resumes, finding suitable candidates, interviewing, and hiring. But, there’s a factor that affects the hiring process of the candidate; human biases.
The “first impression is the last impression” has ruled hiring and recruiting. Artificial intelligence has provided ways to select candidates based on their technical and non-technical skills.
Software and tools have been made that go through the candidates’ resumes and then select the suitable ones as per their skills. In this way, AI-based recruitment technologies like AmazingHiring can also reduce discrimination from the recruitment processes of businesses.
Another AI-based platform is TurboHire, which uses algorithms to find the ideal candidate without human judgment.
If you haven’t heard of a search engine for finding job employees, then Hiretual is the one where you can find the data of millions of candidates with just one click. You can easily find the person having the perfect skill set you want in your employee.
Factors that affect the use of Artificial intelligence in Business:
Some common factors that affect the execution of artificial intelligence in business are:
Revenue:
Artificial intelligence-based businesses have recently successfully generated greater revenues in the global market. That is why more companies are interested in using AI-based technologies in their business.
Algorithms:
Machine learning and deep learning have revolutionized technology. For instance, face recognition has taken security to the next level. It is easy to get investments with AI-based technologies due to their super-fast algorithms.
Chips and Hardware:
Hardware and chips have made artificial intelligence even more advanced. Qualcomm’s neural processing units are just an example of how revolutionizing artificial intelligence could be.
Common Misconceptions about Artificial Intelligence
Some folks say that artificial intelligence is a dangerous weapon that can destroy the pace of the world.
“I’m increasingly inclined to think that there should be some regulatory oversight, maybe at the national and international level, just to make sure that we don’t do something very foolish. I mean with artificial intelligence we’re summoning the demon.”
—Elon Musk warned at MIT’s AeroAstro Centennial Symposium
We’ve heard a saying, “excess of everything is bad.” The same is in the case of technology. It depends on us whether we want to use or misuse the technology. Artificial intelligence not only helps businesses prosper, but it is also providing means of treating illness. Industries are revolutionizing by using AI-based systems and processes.
Another misconception is, artificial intelligence is taking over the jobs of workers. Though many hiring entities believe that AI-based systems can change the way we work, they can’t take over human skills.
Instead of taking over the jobs, we believe that artificial intelligence provides extra support to humans. It is opening the ways to start businesses efficiently. More businesses mean more work. There’s no reason to worry.
Merits and Demerits of Implementing Artificial Intelligence in Business:
Artificial intelligence has changed the way of thinking. We use AI-based products in our daily life, and no one is unaware of the benefits and comfort AI has brought.
Some major benefits of using AI-based systems in business are:
- Less turnover rate
- Better and fast turnaround time
- Effective solution management
- Cost-effective solutions
- Automated work environment
- Error-free work
- Easy data analysis and outcome prediction
What we don’t like about artificial intelligence:
- Deployment costs have been increased due to complex systems.
- Automation is good, but automating everything without human supervision is harmful.
- Due to complex deployment strategies and a higher level of technology implementation, the standard for technical expertise has also been increased.
- One unidentified error in the system can cause huge irreparable time, data, and money loss.
Final Thought:
“The fear of being different prevents most people from seeking new ways to solve their problems.” — Robert Kiyosaki.
Those who fear change can not succeed in life. Artificial intelligence solves modern-day problems with utmost efficiency. Entrepreneurs and small business owners can improve their working methods by implementing smart artificial intelligence-based systems. AI can handle the mundane work and gives you the edge to grow a competitive business.
According to Cisco, 83 percent of business strategists are interested in using artificial intelligence for their business development. Artificial intelligence is the future of the business which will spread the businesses across the globe. Everything is based on artificial intelligence, from getting automated paperwork to using robots for manufacturing.
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