Tracy Watson 06/06/2019 #Popular #Tips 8 min read More and more businesses are starting to implement artificial intelligence in all kinds of processes. We are now past the point where business leaders are weighing all the pros and cons, and the benefits of artificial intelligence implementation are now evident. This includes everything from smarter chatbots to improve customer service to data analytics, which offers users customized recommendations on which products to purchase. All this points to the fact that your company should not be an idle spectator of artificial intelligence, but instead actively exploring and implementing AI. Let’s take a look at all the benefits of artificial intelligence for business that your competitors are most likely enjoy and you are missing out on. Cost SavingsOne of the most significant ways AI can save you money is by automating specific processes. When you automate simple tasks, you do not have to hire somebody to do them, and you free up your employees’ time so they can focus on more critical tasks. For example, Experian Health has been working with companies to automate as much as 80% of tasks, which resulted in an almost doubled employee productivity. Another way automation can save you money is by noticing errors before they snowball into big problems. A lot of times when employees are working on menial tasks for a long time, they lose concentration, making it easy for an error to slip by. A computer does not have such issues. Improved Decision Making One of the biggest artificial intelligence advantages is that it can give you more in-depth and clearer insights, thus allowing you to make better business decisions. Businesses, especially large enterprises, have a deluge of data coming in every day and your ability to get insights out all the numbers that you collected is crucial in today’s marketplace. By making sense of all the data that is coming in, you will be able to understand your customers better and identify trends to give you a glimpse into what the future has in store. Therefore, it is essential that you create an environment where the use of such advanced processes can become standard. Improved Customer InteractionsWhile we mentioned smart chatbots early on, AI offers many advantages when communicating with your customers. First of all, it gives you the opportunity to connect with a much wider audience because it can be scaled infinitely. If you have a physical customer service department, there are only so many people they can talk to over the day. AI does not have such limitations and thus allowing you to cast a much wider net. The next benefit of such an AI process is the ability to offer real-time assistance to your customers. For instance, if you are an airline company, you can use AI apps to send personalized travel information and updates to your customers in real time. We live in an era where customers are always looking for a personalized experience, which is why companies are working on developing innovative software solutions to help them build a relationship with their customers. Data MiningData mining is one of the most exciting uses of artificial intelligence that very few people are talking about. Artificial intelligence apps are so advanced nowadays that they can take all the data obtained from the user and discover essential findings. If you have such insights available, it could give you a serious advantage in the marketplace because you will be able to adjust your service offering to meet current market conditions and be better prepared for the future than your competition. Data mining should not be used as a method to prove certain hypothesizes. Instead, it will give you answers to questions that you have not yet thought about. The data that you mine can be used as a basis for machine learning should you choose to go down that road. Better Data SecurityThe most prominent aspects of business AI is providing security for all the data. This can be particularly crucial in the financial sector and banking services. AI can be used to detect fraud attempts and hackers trying to gain access to personally identifiable data. This is made possible through things like data processing automation, machine learning, and natural language comprehension. If you can detect unauthorized access to data early on, it will be much easier to prevent information leaks, which can cost you millions of dollars in fines. Artificial intelligence in business has many benefits, but one of the biggest obstacles preventing companies from enjoying them is not technical at all. The reason is that business leaders do not fully understand all the things that AI can offer them and that they are falling behind the competition by not acting now. If you take a long hard look at your current process that are taking up the most time and resources, it will allow you to understand in what capacity you need to harness AI in business. It is vital that you understand your business objectives before beginning your AI venture. If you clearly understand your goals, it will better allow you to come up with an actionable plan to achieve them. Therefore, conduct an audit of your business processes and do not hesitate to put your plan into action. The future of your company might depend on it.