5 Ways Artificial Intelligence Aids Businesses
Artificial Intelligence (AI) is considered a disruptive technology, a part of the ongoing Fourth Industrial Revolution that merges the digital, biological, and physical worlds. It’s a disruptive technology in the sense that it’ll upend existing technologies today, causing a huge impact on the way humans work, do business, or go about their day-to-day lives.
For now, however, AI is used to recommend movies for you to watch or what music you’ll like. It’s also found in self-driving cars or virtual assistants like Siri and Alexa. It may not be the AI people had expected, but scientists are confident that today’s AI is just a precursor to ‘strong AI, which is AI of the sci-fi kind.
AI systems today are basically sophisticated machine learning software, with behavioral algorithms that can learn and modify themselves. AI uses instructions, definitions, behavior, and examples to learn. AI will be a driving force in technological advancement in the future, but today, even in its infancy, AI is incredibly useful in many industries and businesses.
Importance of AI In Businesses
Artificial intelligence has encouraged the development of many applications to deal with the amount of information that’s being collected. Artificial intelligence analytics indicate that businesses in the coming years will be more reliant on this tech.
Here are a few ways artificial intelligence aids businesses:
Answer Client Queries
AI-driven chatbots can assume the responsibility of answering queries from customers that come through after office hours. Some chatbots can identify the nature of the customer’s concern and address it themselves. If not, they can always let a human customer support representative handle the customer. Chatbots are particularly successful in retail, where an estimated 2.6 billion client-chatbot interactions were collected by a research company in 2019.
Juniper Research Group also predicts that the number could increase to 22 billion a couple of years from now. With a chatbot handling customer queries, the need for humans to attend to basic questions from clients is lessened.
Automation
Tasks that are labor-intensive and repetitive are the reasons why automation is gaining prominence. Automation made possible by artificial intelligence permits workers to focus more on essential and creative tasks that would require human action and discernment. Automation for businesses or RPA (Robotic Process Automation) utilizes AI/digital workers or bots (software robots) to steer the automation of processes and workflows.
Efficiency has improved in many industries where RPA is used. RPA played a crucial role in the automation of processes in industries like lending and mortgage, banking and finance, e-commerce retail operation, optical character recognition (OCR) application, customer support, data extraction, and others.
Faster Data Transfer
AI technology requires fast data, especially in data-intensive applications like VR (virtual reality). A slow transmission would defeat the purpose of VRs as it would result in glitches and lags. For people who use VRs in games and other entertainment, lags would interfere with immersion; for VR’s other uses, like as construction and design, lags could cost money. But as it turns out, AI also helps speed up data transfer.
There are AI-assisted services that could boost speeds throughout any WAN (wide-area network). These services can accelerate the delivery of any kind of data consistently. This is especially effective when businesses have to transfer data between cloud environments or data centers.
Better Protection From Cyberthreats
Data breaches and other cyberattacks are some of the main sources of headaches for any company around the world. The number of data records that were leaked totaled about 37 billion in 2020, which is an increase of around 140% from the previous year’s 15 billion. With AI-powered cybersecurity, even the smallest threats are detected by recognizing unusual behavior and patterns, flagging them as threats, and then stopping them before they can cause mischief.
Furthermore, an AI’s errors are significantly low. This is one of the major advantages of AI in cybersecurity. Also, an AI can easily handle a huge amount of data to scan–it can process humongous amounts of data quickly and accurately. Hence, your security team would be able to monitor other areas of your company’s network security infrastructure.
Give Accurate Insights And Make Smart Decisions
No human can match an AI’s speed and accuracy in predictive analytics. Businesses today collect and store all manner of data, like people’s browsing habits, social media activity, and others. Analytics tools that process these collected data make use of AI to analyze the information and then spit out results that you can use. For example, these tools can accurately predict clients’ needs based on what they learned from the processed data.
AI-powered predictive analytics can also reveal trends and patterns, thus helping you make business decisions based on those trends. The tools can also help you pick the course of action that could help you retain a customer. Since more than 90% of dissatisfied customers would leave rather than voice out their dissatisfaction, being proactive to their needs is extremely helpful in retaining them.
Conclusion
AI is a technology with enormous potential and is extremely helpful in businesses. Listed here are just a few highlights of what an AI can do. AI is evolving at a rapid pace, and businesses’ reliance on AI would continue to increase in the future.
