There was a time when AI ML was featured in sci-fi novels and movies. But that is no longer the case. Today, AI has become ubiquitous – it has been embedded in our everyday lives. From the autocorrect and speech assistant on your smartphone to Google Search on your Mac desktop, AI is involved in nearly every other technology.
And since this world is increasingly becoming tech-enabled, the spread of AI is vast.
But most importantly, that’s not where it stops. AI’s usefulness has made it a hot, much sought-after technology for companies. It has managed to become a part of almost every business, irrespective of its industry. Research suggests that the artificial intelligence sector is set to snowball and become worth $60 billion by the year 2025.
So, let’s explore how AI is helping businesses grow and deliver innovative products.
1. Increase in Revenue
AI is fast replacing humans when it comes to analyzing trends and forecasting revenue growth. A vital benefit of AI is automation. Thus, companies are replacing humans for demand forecasting with machines that can perform better and deliver more accurate results while reducing company costs.
Research suggests that AI can increase lead generation by 50%, induce cost reduction by up to 60%, and reduce call time by up to 70%. These numbers are enormous and evidence of AI’s business utility.
Most businesses are driving their revenue growth by using AI for demand forecasting, lead prioritization, NLP techniques, and customer service via AI-powered chatbots. One can safely say that the goal of using AI is to drive revenue growth.
2. Customer Support
Customer support is a vital part of any business strategy. Your customers are happy with you if you offer them reliable, continuous, and meaningful support. Companies set up elaborate customer service departments to ensure prompt responses to customers. But this costs a lot, especially if yours is a rapidly growing business.
However, with artificial intelligence, the concept of customer service has been completely revolutionized. Companies now use AI-enabled chatbots to reduce their customer support department costs. These virtual assistants serve as the first line of communication between your company and its customers.
Thus, customer-chatbot interaction is fast replacing human-to-human interaction and driving down business costs.
As mentioned above, AI is known for its automation capabilities. It enables you to automate mundane and repetitive tasks, thus allowing you to enforce more efficient resource allocation. Besides, a machine does not err, as do humans.
You can use AI automation for your accounting department. It can upload files, read through important data, unearth trends and errors, and classify data according to the parameters you set. Thus, accounting processes like payroll management become a lot easier and more cost-effective for the business!
4. Human Resource Management
AI trends are now driving new HR trends, especially since the outbreak of the pandemic. Companies and individuals alike are shifting to hybrid modes of work. Due to social distancing measures, companies have accelerated the process of virtual hiring. And AI is at the center of these trends.
Your HR department can use AI to vet and shortlist candidate profiles according to your needs. Moreover, you can use artificial intelligence to track employee performance and motivation by using AI-enabled analytics.
Artificial intelligence is now the cornerstone of cybersecurity. And its importance in the cybersecurity industry is growing rapidly. It is an effective tool for unraveling enterprise system vulnerabilities. Moreover, leading cloud service providers like Google employ AI to bolster their cloud servers’ security.
All cybersecurity software applications use machine learning and deep learning, which are associated technologies of AI, to provide predictive and prescriptive analytics to businesses. These help you identify potential risks and enable you to act proactively before a security breach occurs.
In all honesty, this is just the tip of the iceberg when it comes to finding out how AI boosts business growth, efficiency, and security. Many IT experts say that just as software has ruled the industry over the last two decades, AI and its associated technologies will rule the next two decades.
Every business is now moving towards AI-based solutions to drive greater efficiency and profitability. Make sure you don’t miss the boat!