3 Benefits of Artificial Intelligence for Business
11 September 20
New technologies and trends are always popping up, but Artificial Intelligence (AI) is definitely one of the most promising technologies of 2020.
Artificial Intelligence is the practice of processing data to find patterns and anomalies in your business. This information is then used to mimic human behavior and even make rational decisions. Unlike Business Intelligence where an actual person has to make the decisions in the end, Artificial Intelligence is autonomous and makes decisions based on its learnings.
Here are 3 ways your business could benefit from Artificial Intelligence:
1. More automation
Artificial Intelligence can help automate and optimize routine processes that normally humans would perform. This will not only save the time of employees but save money as well. For example, instead of having employees answer emails and online chat with customers all day long, AI could automate these processes through chatbots. Plus, machines are more efficient than humans as they can work 24/7, without breaks.
2. Personalized shopping experience
With all the processed information and data, AI can help offer your customers a more personalized shopping experience. For example, when a customer is shopping, it can predict results based on previous searches and provide customers with additional purchase options based on their search history. This leads to a more personalized experience for the customer and more sales for you.
3. Predicting outcomes
Similarly to how AI can predict what a shopper may want to buy, AI can also help predict outcomes that are relevant for the business in various areas, such as retail, banking, or healthcare. For example, in retail AI can predict sales, helping the company stock up properly. In banking, AI can predict currency and stock price fluctuations. And in healthcare, it can predict outbreaks of infections based on social media.
As you can see, AI systems provide businesses with a variety of benefits, including undiscovered insights, more automation, more personalization, and inventory management. While AI can’t do everything and surely can’t replace humans completely, these systems can bring a lot of automation to your business and are definitely worth looking into.