The amount our lives have changed due to artificial intelligence (AI) in the last twenty years is immeasurable: every popular online service uses AI to varying degrees to deliver the results you’re expecting: Google uses AI to provide better search results to its users, Spotify uses AI to predict the client’s taste and play songs he’ll enjoy, Amazon uses AI to create a real-time recommendation engine, etc. – these advancements aren’t slowing down either – the demand for artificial intelligence and machine learning specialists is set to grow at a rapid rate. This is signaling the importance of AI and ML to the business world.
So, if you’re not a tech-savvy business manager and are being hit with FOMO due to how much you hear about AI, don’t worry! This article will help you learn how and why to implement AI in your business to help it reach new heights!
Businesses that Adopted New Technologies Almost Always Outlasted Their Competitors
Although nostalgia and rosy retrospection make most people have a favorable view of the past, and the old ways things were done, this couldn’t be further from the truth in the business world. The businesses that survive and thrive aren’t the ones who return to the “traditional ways,” but they are the ones who jump on new technologies, experiment, and are always thinking about ways to improve their business processes.
Artificial intelligence is the newest iteration in the series of game-changing technologies that included the office computer, the dot-com boom, and smartphones. Every one of these technologies disrupted large sectors of the economy and opened up massive new opportunities for businesses to innovate, optimize, and expand. Businesses that adopted these technologies quickly expanded, and the ones that didn’t go bankrupt in most cases. You don’t want your business to be one of the latter.
Respond Quicker to Consumer/Client Demand
Lean business processes are one of the largest advantages a business could have over its competitors. It is what allows it to change with a changing market, respond to changing consumer demands quicker, and evolve fast to expand into new markets. It is one of the main reasons startups often beat large established businesses, it is one of the main reasons for Japan’s manufacturing sector’s massive success. It is a technique you need to learn and master if you are going to survive in an era of massive multinational corporations’ global supply chains.
Artificial intelligence and ML can help you improve the leniency of your business processes and respond much quicker to consumer demand. By collecting, analyzing, and sorting data faster than any human ever could, you’ll have a massive amount of useful information to work with regarding the markets you’re operating in, changing trends in your clients’ behavior, and much more.
Frees Up Your Workers for More Productive/FulFilling Tasks
Study after study shows that your employees are more productive and perform better when they are working on more creative and non-repetitive tasks. That’s why large companies like Google and Microsoft have various unorthodox activities to encourage their workers to be more productive. Implementing artificial intelligence can help you kill two birds with one stone: it is amazing at automatizing repetitive tasks that don’t need any imagination or skill. This way, not only will you free up your employees’ time to work on more productive and technical tasks, but you’ll also improve their work satisfaction and improve their productivity further.
