AI For Business: Is It Worth Entrusting Your Work To Machine Learning?
by Arnab Dey Business Intelligence 30 August 2022
Robots used to be sci-fi-themed entertainment that did not have a manifestation in our existence. Up-to-date AI still does not resemble what we have seen in the movies. Nevertheless, that incorporeal entity drives all processes better than humans do. Wait, does it?
Many business people say yes, and there are solid reasons for such solutions. So, here is how an AI can ensure that your business sustains success and thrives in the long run.
1. AI Manages Your Most Time-Consuming Labor
We all know that time kills deals. The more time you spend on a single task, the less likely you will succeed. In business, this often leads to human error and inconsistency in service-level agreements. Time-consuming tasks are also a huge burden on your team, preventing them from focusing on other business areas.
AI and machine learning solutions automate time-consuming tasks such as customer service, data entry, and social media management. That will free your team to focus on more important tasks and help you improve your bottom line.
2. AI Never Gets Tired or Sick
One of the most influential strengths of AI is that it does not get tired or sick. It can work non-stop, 365 days a year. That is a major advantage over human employees, who need to take breaks and vacations.
3. AI Has No Emotions
The human factor can be more detrimental than it seems. Our perceptional peculiarities distort reality. So, they make us believe things that resemble objectivity but do not represent it. An extra emotion, be it happiness or irritation, can alter the conclusion that must get another form.
In addition, information selectivity makes us neglect many essential facts. Moreover, negativity and positivity influence how we confer all information to our teams, and the process alters again.
AI is the emotion eraser that remains mathematically impartial and picks facts without bias. Its analysis, conclusions, and reports are soulless, but that is what we need for a pragmatic decision.
4. AI Can Analyze Enormous Data Volumes
The speed of data analysis is one of the critical success factors in business. The human brain cannot process all the information it gets quickly enough. Face it; you will never be able to outpace an AI system when analyzing mountains of data.
Artificial intelligence will gather, systematize, and analyze all information, while you will only open the laptop. Even the team of specialists will not be as fast as robots that process everything automatically. Hence, contribution to AI is a contribution to both accuracy and swiftness.
5. AI Learns Quickly
The fast learning ability is probably the most impressive feature of AI. It takes a human about 20 years to learn everything they need to know to become an expert in their field. AI can do it in days or weeks, depending on the volume and complexity of the data. Moreover, an AI system never forgets anything.
6. AI Is Scalable
Scalability is one of the most significant strengths of AI for business. An AI system can handle any number of tasks quickly and efficiently. Your team can scale up or down all operations without worrying about the impact on your bottom line.
7. AI Improves Customer Service
If you want to provide top-notch customer service, you need AI. It can help you automate repetitive tasks like data entry and customer support. AI can also help you personalize your customer service to meet the needs of each customer.
8. AI Increases Sales
AI can help you increase sales by providing personalized recommendations to customers and upselling products. AI can also help you identify new sales opportunities and cross-selling products.
9. AI Reduces Costs
AI can help you reduce costs by automating tasks and processes. AI can also help you improve your operational efficiency and eliminate human error. And the latter often becomes the cause for extra expenses to mitigate the issue.
10. AI Enables New Business Models
AI can enable new business models that were not possible before. For example, AI can help you offer new products and services customized to each customer’s needs. AI can also help you create new revenue streams by selling data and insights that you generate from your AI system.
11. Custom AI Solutions Work Specifically for Your Business
You may develop an AI project specifically for your business demands. That digital servant will ensure that all your deals and decisions will bring the fruit your company needs. Moreover, custom AI solutions often have better scalability because it focuses on your business demands from the start.
12. AI Networks Guarantee Better Communication between Systems
Data operations are very tender processes, and faulty communication can break all that chain. AI-driven decisions minimize the risk of data misinterpretation and provide better data insight for future projects.
13. Boosted Security
AI as a security manager is an amazing helper! Given that it “remembers” all patterns and detects deviations, it can alert you whenever suspicious activity occurs. It can also become an extra shield for your customer data.
Here is an example. Suppose that your clients are from Lithuania. Suddenly, the robot notices a new client who is seemingly from Lithuania but has a VPN turned on. Moreover, that particular client never reads some of the website’s sections, but this time they scan it.
AI will see unusual behavior and tell you this account might be in the hacker’s hands. Of course, that is a mere example, and AI is capable of more.
14. Better Predictions, Better Decisions
AI analyzes, you read. AI suggests, but you choose. All major steps remain your decisions, while the robot is your advisory assistant that helps get priceless insights. Overall, decision-making with AI tends to be more profound and pragmatic than without a robot’s help.
The advantages of AI for business are quite evident. That technology can help you automate tasks, improve operational efficiency, and generate new revenue streams.
Such a helper might not replace humans, but it remains an amazing assistant nothing else can replace. Hence, do not neglect AI — it exists to help your business thrive.