How can artificial intelligence (AI) help businesses succeed?
AI has become an important part of our everyday lives. From self-driving cars to virtual assistants, AI has helped us to achieve greater efficiency and accuracy through automation. There are many ways in which AI can benefit companies and individuals — from improving customer service to increasing productivity and reducing human error. These 6 uses of AI can help businesses improve their operations and save time and resources.
1. Detecting Human Error
Human errors cost the global economy $4 trillion dollars a year. One of the reasons for these huge losses is that human analysts have difficulty detecting and identifying erroneous data due to their lack of expertise.
Artificial intelligence (AI), on the other hand, can easily detect errors by looking at patterns and analyzing data within minutes. Dileep George, CEO of AiPulse tells CBN News, “You think of the amount of money that’s spent by banks unnecessarily. If you could just automate some of those processes, you would reduce that tremendously.”
2. Reducing Risky Behaviour
Millions of people around the world gamble every day of their life, but most lose money as they make mistakes or choose wrong options. With the use of AI technology, it will be much easier to predict risk and avoid bad decisions. Through deep learning algorithms and complex neural networks, an AI system can learn from personal experience and understand each individual’s behaviour better than any human analyst. This helps to ensure safer gaming experiences and protects users against fraudulent activities such as phishing scams and identity theft.
3. Improving Customer Service
Humans can only answer so many questions at once. And with over 2 billion customers worldwide, providing adequate customer support can sometimes be challenging if not impossible. The growth of online shopping further complicates this problem because consumers expect immediate replies to queries when they shop via sites like Amazon or Uber, and online casino platforms
4. Increasing Sales Conversion Rates
As sales personnel struggle to stay ahead of the competition, it’s becoming increasingly difficult to close deals and win new clients. In order to overcome this challenge, more organizations are using AI solutions to automate marketing campaigns, respond to emails, schedule meetings, and even convert leads into potential buyers. For example, one company leverages AI to find email prospects based on the content of previous messages. Another company creates AI chatbots that automatically reply to customers who inquire about products.
5. Expanding Industries
Companies in various industries are already benefiting from the application of AI to solve real-world problems. Retailers and retail giants like Walmart are helping to transform the e-commerce industry by adopting AI solutions to enhance product discovery. Meanwhile, healthcare providers are using machine learning to diagnose illnesses, treat patients, and predict disease outbreaks.
6. Enhancing Productivity
There are certain jobs where being slow can actually result in a pay increase. However, there are also professions whose success depends entirely upon speed. Automation will inevitably play a critical role in the workplace in the coming years. According to Gartner, almost half of all workers will see their job tasks being automated by 2030.
The Bottom Line
In addition to improving existing business models, digital transformation has opened up new opportunities for companies across a broad range of sectors. From automating mundane customer interactions to enhancing productivity through sophisticated automation systems, AI is poised to become the next major disruptor of business operations. Business leaders must take steps now to embrace this technology and adopt a strategy to get ready for the future.