Artificial Intelligence, since its inception, has created a lot of buzz and debates ranging from benefiting humankind to destroying it. It has created a certain level of fear and unease with a particular group of people, while the other group is highly excited to see how Artificial Intelligence applications can transform life. The term, Artificial Intelligence, was first coined in 1956, and it was essentially meant to describe a concept of “thinking machines” that included cybernetics, automata theory, and complex information processing. However, today, modern science describes Artificial Intelligence as a sub-field of computer science and how machines can imitate human intelligence and/or carry out human behavior and functions.
Artificial Intelligence will enable people to use their time efficiently, which will increase their productivity by 40%, in turn enhancing business productivity. The question that arises is, how can Artificial Intelligence aid your business in growing profits and help you lead up to the path of business growth. The right Artificial Intelligence adoption can improve your business’ security, make leadership decisions easier, and in turn increase profits. Following are some uses of Artificial Intelligence applications that can lead you to a path of business growth:
AI-based Analytics can Make Better Business Decisions
They say the world’s most valuable resource is no longer oil, but data. Today, massive amounts of data are being generated from all enterprises, from diverse sources. While there is a massive inflow of data, it becomes necessary for enterprises and organizations to be able to capitalize on this data and to be able to make sense of it. This data could range from consumer behavior, market research, etc and needs to be capitalized to make better business decisions. Most organizations need analytical tools to be able to use this data.
AI-powered analytics can help businesses create and deliver on all their most important strategies. Basic analytics may help them in understanding what has happened and help them investigate why, however, to stay relevant and be able to engage with their customers, all organizations today need AI. Artificial Intelligence can identify the best action, and enterprises can decide on situations where they want to automate business processes. Amazon is a pioneer in offering personalized shopping recommendations, and over the years, its algorithms have become increasingly sophisticated. Suggestions are now based not only on past purchases, but also items that other customers have bought, searching and browsing behavior, and many other factors.
AI-based analytics can aid in assisting, augmenting, and amplifying work. Today, almost 85 percent of executives believe Artificial Intelligence will enable their companies to obtain or sustain a competitive advantage, according to an MIT Sloan study. According to a project report by Harvard Business Review, 36% of executives said that their primary goal for incorporating Artificial Intelligence is to optimize internal business operations. AI can support three types of business capabilities: automating business processes, engaging with customers and employees, and gaining insights through data analysis.
Implement Automated Marketing to Make Your Sales Soar
Marketing Automation, as the name suggests, is a platform that allows companies to effectively target consumers with automated marketing tools across channels such as emails, websites, social media, etc, in turn generating sales leads. Automated marketing provides the platform to decrease human error and makes marketing initiatives more consistent. It also enables organizations to invest in more urgent tasks by taking away the menial tasks.
According to research by Statista, 87% of AI adopters said they were using or at least considering using Artificial Intelligence for sales forecasts and to improve their email marketing. Artificial Intelligence can follow shopper behavior to offer necessary suggestions on products and services that customers may have shown interest in. Shoppers can also ask chatbots specific details about products, request to be notified when a product is available or even get suggestions based on past purchases. Basis of research by consulting firm Capgemini three out of four organizations implementing AI and machine learning have increased their sales of new products and services by more than 10 percent.
According to Forbes, Netflix implemented a practical machine learning algorithm that automatically recommends personalized movies and tv shows to subscribers, basis what they have seen previously. This helped Netflix save $1 billion because consumers had started giving up on a search after 90 seconds. There are plenty of automated marketing tools available in the market today, to enable you to implement them into your business. For instance, Marketo is a marketing automation platform that includes account-based marketing, email, mobile, social, digital ads, web, and marketing analytics, allowing business owners to drive engagement through multiple channels from one platform. It can handle hundreds of millions of activities each day.
Use AI to Prevent Cybercrimes
Today, Artificial Intelligence is playing a leading role in combating cyber-crime and discovering cyber-attacks. According to IBM study, 95% of all cybercrime results from human error. Despite advanced security technologies available today major hacks target vulnerabilities rooted in human behavior, not just those in systems and networks. Artificial Intelligence software can dive deeper into data to determine if there has been any security breach. AI can also prevent cyber-attacks through a system called “supervised learning”. With this method, the algorithm is provided with a number of inputs and outputs and over time “learns” to detect threats by making judgments based on the data it sees or expects to see.
Facebook is now working to build Artificial Intelligence tools to find fake accounts, find coordinated networks of inauthentic activity, and take them down; making it much harder for anyone to advertise in ways that they shouldn't be, in turn, providing the right kind of real, authentic content for its users.
With AI, Make Inventory and Supply Chain Management a Breeze
Basis of previous studies, conducted by the Tungsten Network, it is said that valuable time and money is wasted on trivial supply chain related-tasks that are conducted operationally by humans. Tech vendors such as Google, IBM, and Amazon have released products that utilize artificial intelligence. Companies have started to implement chatbots for operational procurement, and similar organizations are also using Machine Learning for Supply Chain Planning. A company called TransVoyant is combining machine learning and the Internet of things (IoT) to create applications that predict supply chain movements.
Artificial Intelligence provides the supply chain with intelligence that can be used by businesses to reduce operating costs and manage inventory. Companies make use of Artificial Intelligence along with machine learning to get new insights into areas that include warehouse management, logistics, and supply chain management. Implementation of such Artificial Intelligence software avoids human errors and ensures a much smoother functioning of the entire supply chain management. Companies that heavily depend on transporting are also investing in self-driving vehicles. These lower costs and improves reliability as well as remove the scope for human error.
Improve Maintenance and Safety
As discussed earlier, the implementation of AI to prevent cyber-crimes has already gained popularity. Artificial Intelligence also aids in improving the maintenance and safety of your equipment. AI-based software can be used to predict the wear and tear of a machine, and this software can be used to schedule maintenance for machinery accordingly.
The advancements in Artificial Intelligence are proving useful to reduce manufacturing negligence and produce safer products for consumers. Automobile manufacturers are also using analytics for indicators to improve vehicle safety. According to Forbes, Global energy leader BP is using technology to drive new levels of performance, as well as enhance the safety and reliability of oil and gas production and refining. Artificial Intelligence can also make “predictive maintenance” of products possible. Meaning, AI uses predictive maintenance form predictions about asset malfunction. This allows for reductions in unplanned downtime.
Businesses invest heavily in trying to define a workflow that works best for them. Workflows can primarily be defined as the execution and automation of business processes: where tasks, information, and documents are shared between team members and acted upon according to a set sequence of rules. Artificial Intelligence can streamline workflows and ensure efficient project management, by reducing monotonous and time-consuming manual tasks and by creating automated and intelligent tools. It also reduces costs by offloading repetitive tasks. It eliminates the ground for human error and also maintains schedules and budgets.
AI’s growth over the last few decades has been massive. According to the research firm, IDC projected global spending on AI and cognitive systems will hit $77.6 billion in 2022. While most consumers see Artificial Intelligence as self-driving and smart cars, bots, smart assistants, drones and smart home devices, the technology has now become so advanced and that it has the potential to improve other industries significantly. Most industries, be it Fashion, Music, Security, FinTech, Travel, to name a few have already implemented Artificial Intelligence in a way that is aiding them in improving profit.