Artificial intelligence (AI) is one of the leading innovative technologies shaping the future. Many businesses adopt it for good reasons. It has valuable applications in many sectors. It takes raw data and uses it to automate processes, personalize experiences, and make real-time decisions and predictions that can help personally and professionally in various ways.
Organizations across all industries can potentially benefit from leveraging AI to streamline their operations. Here, we’ll look at the benefits of artificial intelligence in business. We’ll also understand how AI is disrupting the industry and where it stands to make the most significant impact. Let’s first know what artificial intelligence is before we explore AI benefits for business and beyond.
What is Artificial Intelligence?
In simple terms, artificial intelligence is the practice of designing computers and machines to analyze and identify human behavioral patterns. These machines are programmed to understand the needs and want of the user based on context and are mostly autonomous. AI technology finds patterns and anomalies in data that will enhance or transform operations efficiently and effectively. Over time, AI anticipates needs and makes rational decisions based on its learnings and observations.
So, what are AI benefits for business?
Strengthening Personalized Shopping Experience:
AI helps attract and retain customers. One of the benefits of artificial intelligence in business is that it can quickly predict and pull in results based on patterns in customer browsing and purchase behavior. Brands are using data from previous purchases and social media activity, to map out individual customer journeys and predict the offers that will increase engagement and drive sales. Artificial intelligence fulfills this task by fully automating the process, identifying decision-making patterns, and creating personas based on these, then driving content for each persona. It is just the start of the AI benefits for business strategy.
Improving Customer Experience:
One of the key benefits of artificial intelligence in business is providing 24/7 customer-support by automating customer communications and making the experience even more personal. AI can be used to interact with customers and send them information and updates they need. Usually, logistics companies like bus companies, trains, and airlines use this form of assistance to deliver information about departure times or changes to their customers’ schedules. It helps improve the customer journey, which leads to an increase in customer satisfaction and revenue.
One of the most significant AI benefits for business is that it enables automated processes. AI automates everything from sending emails and other communications, including telephone calls, live chat, and social media messaging to automating hotel booking, healthcare, and customer services. AI-powered healthcare applications provide patients with personalized medical information. In the banking industry, primarily, it is used for security and fraud prevention. Through automation, AI streamlines many business processes and reduces the amount of human involvement required.
Increasing Forecasting Accuracy and Making Decisions:
AI can be used to create more accurate demand forecasts, optimizing manufacturing processes, and much more. Going further, AI not only helps with data for new patterns but also uses it to make predictions and accurate decisions. Perhaps the most substantial benefit of artificial intelligence in business is the reduction in human error. AI technology helps a business automate objective forecasting without human intervention. It gives companies greater visibility of their future finances, empowers them to make better decisions, and take actions to achieve goals.
Streamlining the Hiring Process
Another area to demonstrate AI benefits for business is the hiring process. AI automates the screening calls and candidate applications to speed up the candidate review process. It gives companies a competitive edge in the recruitment process by increasing cost-efficiency. In highly competitive fields, this technology reduces the time to fill open roles, analyzing candidate applications faster than humans can.
The use of AI technology can benefit businesses in many ways by forecasting accurate results, decision-making capabilities, automating processes, and much more. Doing so makes companies more competitive, reduces costs, and streamlines workflow while helping them communicate more effectively with their customers. AI adds value to its customer service and helps generate new revenue and reduce costs.
Whether you are pursuing a career in management, human resources, or marketing, to take advantage of the innovation that AI makes possible, you need to start with a strong foundation in business fundamentals.
Indian Institute of Management (IIM) Udaipur’s programs combine excellence in both teaching and research, connect theory with practice, and train students the skills to apply emerging technologies to improve the businesses continuously. With a broad range of courses offered by IIM Udaipur, there are plenty of options to help you find the next step in your career.
IIMU’s first-ever One-year MBA in Digital Enterprise Management (DEM) structured around management concepts and leadership styles emerging in the digital businesses enables professionals to learn new skills in business management, data analytics, and innovative technologies. It helps prepare professionals for the next phase of their careers in the emerging digital markets.