Artificial intelligence is a powerful tool for business development. For companies working with huge flows of information, it becomes salvation — it helps to perform routine operations, process data, and provide analytics. Thanks to the work of artificial intelligence, business gets a real basis for making correct and operational decisions — figures, criteria, and recommended actions. And this allows us to improve and develop business processes and increase profitability.
We will tell you how the introduction and use of artificial intelligence in business affect different processes, whether it is worth trusting intelligent systems, and how companies are already using it in their article.
How Artificial Intelligence works
The use of artificial intelligence in business is a great opportunity to shift the tedious activities of processing big data on the AI cloud platform, forecasting decisions, and compiling reports for machines. Any service based on artificial intelligence becomes intelligent as a result of machine learning: Using specified algorithms, it collects information, analyzes it, determines patterns, classifies data, and forms conclusions.
The advantages and capabilities of artificial intelligence are already being actively used in such processes:
- Ensuring cybersecurity (protection against cybercriminals and phishing programs).
- AI-based services monitor unusual behavior of programs and files, compare them with the behavior of secure resources, and block suspicious activity. This is how companies protect themselves from data leakage and fraud.
- Sales and demand forecasting.
Based on receipts and other customer information, the computer can find out:
- Which products are the most in-demand?
- What buyers of a certain age category put in the basket?
- What is more often bought together with some product under study?
- How demand is changing.
- How buyers react to promotions.
And the more data artificial intelligence processes, the better analytics and forecasts become.
Will Artificial Intelligence Become a Magic Wand for Business in 2022?
Yes, but only with the conscious participation of an entrepreneur. IT companies can offer businesses many ready-made solutions based on artificial intelligence. But without human interaction, artificial intelligence will not make a business profitable in a moment. First, you need to set a goal, give the artificial intelligence a task, and only then use it to its full potential. The goal is set by an entrepreneur, he is a screenwriter, and artificial intelligence is a director. And if the script is perfect, the chance of directing success increases.
What goals will be:
- Improving the marketing strategy through the analysis of customer interests.
- Improving the quality and efficiency of processes through testing different approaches.
- Identifying the need to strengthen the company’s resources through the study of current processes.
- Identifying the leading directions through demand research.
Having a specific goal, artificial intelligence:
- Will collect and bring to a common denominator data from different sources.
- It will give clear analytics.
- Will generate forecasts.
For sure, it will significantly improve the level of support services as well. Consulting departments will be used to solve all the issues of companies’ clients, from the simplest to those requiring global study. At the same time, complex issues could wait a long time for their turn due to minor problems that could be solved in two accounts.
Now the services are assisted by bots (voice assistants) who can conduct complex dialogues and process dozens of calls per minute. Bots automatically accompany the client to the solution to his question if it is standard. And operators take on only those issues that the bot cannot solve. As a result, the business saves on labor resources, solving issues much faster and more efficiently. And it is absolutely clear that these services will become more and more advanced.
The Practice of Introducing Artificial Intelligence into Business
Here are examples of how business ideas with artificial intelligence can be implemented.
Voice Assistant
The introduction of a robot that will answer calls and process customer requests is unlikely to be without difficulties. Scripts will have to be modified repeatedly. But we can almost certainly say that even at the end of the test period, the number of incoming applications processed will increase significantly. Customers will have to spend less time waiting for the operator’s response. The robot takes care of the issues that can be solved without an operator.
Computer Vision
Artificial intelligence can recognize photo and video streams to increase the availability of information. How it happens: the store cameras aim at the shelves and fix empty spaces. The computer processes photos and videos, recognizes products, determines the need to fill in, and attracts staff for this. Store employees receive accurate information on the assortment and layout. The system recognizes any products on the shelves with an accuracy of more than 95%. And the report generation speed is from 10 to 30 seconds.
Assistant Accountant
One of the major retail chains has introduced software robots to automate the comparison and updating of product prices. Such a decision was necessary since it is difficult to process information from a large number of suppliers. The implemented robot recognizes amounts, dates, barcodes, and articles of goods in documents and then makes adjustments to the accounting system. Thanks to high-quality robotics, the speed of document processing and coordination with the procurement department have significantly increased, and the management of this business process has been simplified. Now 10% of the proofreading and reconciliation of figures are performed by accountants, and 90% by robots.
Artificial Intelligence for Oil Search
In 2019, machine learning was first successfully applied to search for hidden oil reserves and predicted areas of oil deposits that researchers could not determine by traditional methods. The first test gave an additional inflow of oil in the range of 70 barrels per day. At the same time, the cost of oil extraction was only $1.5 per barrel, and the development of the technology paid off according to the results of the pilot project.
Conclusion
As you can see, the use of artificial intelligence in business provides great opportunities for the development of a variety of business processes and the company as a whole. And this is not a fashion trend, but a real necessity in the conditions in which companies are operating now. This is especially true in the field of successful sales.
Artificial intelligence for your business is a means of increasing competitiveness and profitability through the automation of routine processes.
