AI or Artificial Intelligence is simply referred to the ability of machines to read and understand the world around them. How could it be beneficial for your business? Following are the 5 advantages of using AI in your business.
1. Improved Decision Making
When making business decisions it is important to analyze and identify future trends. AI is capable of providing you with clear insights into how your industry is going to behave. High-scale businesses are getting an abundance of data on a daily basis which needs to be analyzed properly to derive insights and it is a key to staying ahead of the competition.
Identifying future trends is not the only benefit of the results gained via AI. They will provide you with a clear picture of your customer and their behavior. That is how AI supports decision-making.
2. Better Data Security
When implementing new technology in a particular sector, security is one factor that they hold prominence for. The importance given to security is comparatively higher in the financial sector and banking services. AI excites those as it is capable of detecting the fraudulent activities of hackers who are trying to break into the system and have access to customers’ confidential information. AI utilizes data processing automation, its ability to understand the natural language, and machine learning for the above processes.
This is immensely beneficial for businesses as history speaks for itself about how businesses have been affected by these cybercrimes in the past. The business giants could save millions of dollars if they are able to identify the occurrence of criminal activities in advance. That is why they should go with AI.
3. 24*7 Availability
Talking on a productivity front, let me elaborate on something. An average person is working for approximately 4-6 hours a day omitting the breaks. At the weekends they are given 2 days off, with the intention of granting them some time to balance their personal lives with their professional ones. Within one year taking the holidays in to count there is a fair amount of an unproductive period.
AI will solve this issue as it could make machines work throughout the day with no breaks. Humans tend to get bored when doing the same thing for a longer time. But that isn’t the same with AI. Organizations getting many queries throughout the day could make use of AI to the max.
4. Digital Assistance
Most organizations have a support team to respond to the queries and issues raised by customers. AI allows you to set up a Voicebot or a Chatbot that could answer customer inquiries and issues. Some highly advanced organizations have already put this technology to work. On April 2020 WHO launched a chatbot on Facebook messenger to prevent the spread of COVID-19 misinformation.
The customers coming to the website can chat with the digital assistants about what they are looking for. The function intended carried out by the digital assistant is to help them to get what they are looking for. Some chatbots are extremely advanced as they make the users double-think whether they are chatting with a real human.
5. Saving the Costs
AI gives you the opportunity to automate some specific processes. This will save you a significant amount of money as you won’t need staff for the simple processes. As your employees do not have to worry about simple tasks, they can pay attention to many critical ones. There is a great example of this from the health industry. Experian Health initiated a plan of automating up to 80% of their tasks. As a result of this, the productivity of the employees has already doubled in the present day.
The automation process will identify the errors before they get translated into huge losses. That is another way AI could save businesses from spending money on unexpected problems.
Qodeify will consult you and provide you with the appropriate AI solution for your business. Check out our AI services here.