Artificial intelligence is changing the scope of business at an unprecedented rate. These changes call for a speedy response from business owners whose failure to adopt these technological upgrades will negatively affect their businesses.
In this article, we will explain why and how you can change your current business model into business intelligence with artificial intelligence, better known as AI.
Ways in Which AI Can Change Your Business
AI will automate your customer service department
Conversational artificial intelligence, commonly known as chatbots, will help you reduce the number of customer representatives in your company. With artificial intelligence, your company can provide 24-hour customer support without hiring additional customer representatives.
More improved chatbots mimic human speech and pick up conversation nuances, thus offering your customers a personalized experience.
Artificial intelligence also uses each customer’s purchasing habits, social media activity, and preferences to predict the type of product they are likely to buy.
AI will control and manage your financial activities
Finances are always a great deal for any company. Getting a complete overview of your business’s financial operation can be tedious and complicated.
Artificial intelligence provides automated invoice systems, procurement records, and complete audits.
With it, you get fast and accurate reports to give you a real-time overview of your company’s finances. Using predictive maintenance will also help your company save money and time.
AI will improve communication by eliminating language barriers and bias
While implemented across business units or departments, AI will provide answers to your colleagues, set reminders, and issue instructions across various units.
This will increase productivity and save the time employees spend moving from one department to another. For a cross border organization, instant and accurate translations will enable your customers to relate to your products.
Since AI is unbiased, all your customers and employees will be subject to equal treatment. This ensures that even the new customers will receive the attention they deserve.
AI will ensure data privacy for your customer and employees
Artificial intelligence uses differential privacy, which adds mathematical noise to a sample of individual usage patterns while still preserving a dataset’s features.
This limits the possibility of identifying an individual data set. An AI’s ability to incorporate more datasets in its functions than a human being also makes it easier to fight cybercrime or malware. With AI, therefore, your company will be using predictive response other than fixing problems that have already occurred.
Here is how you can adopt AI into your business in four simple steps:
1. Get familiar with AI and identify the solutions you want to provide
Familiarize yourself with AI. Gather information from individuals and online sources to understand the basic concepts of AI.
Using the gathered data, list specific problems in your company that you would like to solve. This might include improvements in finances or your firm’s customer service, among others.
2. Consider the cost against your company’s capability gap
Assess the financial value of the AI you want to implement. The entire process of software development and implementation involves many stakeholders, which explains why software is expensive. As such, take time to assess the preexisting projects that need monitoring before full AI implementation.
3. Engage the experts and integrate your company’s data
Start small, set up a pilot project, and engage software developers, designers, project managers, and quality assurance managers.
Work with the experts and a team from your business to ensure the project is balanced. The insider team will be responsible for cleaning the existing data. The data used should be accurate and relevant to your markets.
4. Balance and incorporate AI as part of your daily tasks
Since AI is a new technology in the traditional workplace, work to incorporate it into your daily tasks and routines, albeit gradually. You can do this by training your employees and providing necessary information relating to the new technology. The technology should not replace the entire routine; it should be balanced in all aspects.
From the above discussion, it is clear that artificial intelligence is more than just popular chatbots. It can transform the way your business operates by increasing productivity, enhancing efficiency, and making work easier for everyone.