7 Ways Artificial Intelligence helping business to grow
Thursday, 15th April 2021
Businesses stand to gain a lot of advantages with Artificial Intelligence and Machine Learning in their processes. The worry that AI will render many people jobless by refuting it as a mere misconception because while several mundane jobs will vanish with the introduction of AI, several new jobs will actually be created. AI can actually increase business productivity several times over.
The need for businesses to shift to AI
Businesses need to handle monstrous amounts of data everyday, ad with the complexity of customer needs and continuously evolving preferences, it is not humanly possible to rely on traditional business methods for them to grow.
Business processes themselves are continuously growing to levels that make it difficult for humans to manage without the help of machines. The complexity of data coming from various sources helps business draw valuable insights and make innovative strategies based on the data.
How businesses can transform themselves using AI
With the huge influx of data, human intelligence cannot analyze the data on time to recognize the payments in them. For example, Walmart uses Hana, SAP’s in-memory data platform, which makes use of machine learning to analyze and recognize patterns in big data. Walmart has hundreds of millions of customers spread all over the world. Unless there is machine learning algorithms, it becomes virtually impossible to make sense of them.
The different ways in which AI can help businesses intelligent grow
- Automating workloads
AI workload automations aid in proactive workflows since they no longer have to worry about content and document scattered across disparate locations, and they have to worry about the newness of the version. The copious amounts of data generated on a daily basis is no longer a nightmare for employees.
- Customer services takes on a whole new level
New techs and trends have been making it so much different for customers. For example, Walmart recently launched Pickup Towers where customers can pick up their online orders by scanning a barcode on their receipt. They don’t have to wait in queues anymore, and bypass the traditional pickup process to get their products.
- Automated marketing and sales
With AI it is possible to leverage data about competitors and create pricing models that target individual marketing segments based on customer preferences. This approach helps in optimizing profit margins, and pricing for various markets.
- Easy supply chain management and inventory
Managing inventory is another hassle faced by businesses. Refilling requests and optimizing supply chains is something businesses find hard to manage as that has to be done on a timely basis, and there must be someone to look into it. With AI, it is possible to automate order management and fulfilment. By combining ML and IoT, it is possible to create apps that predict supply chain movements, making it easier for businesses to move faster, and without a hitch.
- AI can predict work patterns
The use of voice based assistants like Alexia, Siri and Cortana are increasing, and with machine learning, chatbots and voice assistants employees will now have more free time to be productive and mobile. Chatbots with ML capabilities can have non-linear conversations, make predictions based on previous work habits/patterns and free up time for other tasks.
- Research and Development (R&D)
AI can not only automate tasks, but it can open the doors to several novel discoveries depending on which industry it is delegated to. AI in R & D will work perfectly well in healthcare, pharmaceuticals, financials, automotive and many more. Now AI will help in strategic and innovative products that are beyond human capabilities.
- To fight fraud and prevent cybercrime
Businesses are always wary of fraudulent transactions, and they spend a lot of manpower on this. But with AI based transactions, there are applications that can track patterns and detect anomalies much more easily than a human. Together with ML capabilities, fraudulent transactions can be minimized and decrease the occurrence of false positives.
Businesses can use key analytics with the help of AI to make strategies and decisions that would positively influence their business metrics, create machine learning models to make valuable forecasts and predictions from the huge data influx. As per the MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project, many businesses will adopt AI and will contribute $157.7 trillion to the global economy at 2030.
Adopting AI and ML in your business processes will definitely pave the way for its growth and success, but there should be practical guidance and analysis to know the level of sustainable growth.
To know more about how AI can elevate your business processes, contact Scalans Labs. We will have a team ready to discuss the possibilities and applications that would make this possible.
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