With its incredible potential to analyze data for driving meaningful insights, enterprises worldwide are leveraging the benefits of this advanced technology to push the top-line revenues. The blogs speaks of the impact of Artificial Intelligence on businesses today. Read this now!
Business executives in the C-suite are desperate to use AI and feel the need to incorporate this technology in order to thrive. Marketing strategists and business leaders have realized the importance of incorporating advanced AI techniques in businesses today. The use of Artificial Intelligence helps businesses increase their profits.
Artificial Intelligence is providing a competitive edge on the business front, as 72% of business decision makers believe that AI will be the business advantage of the future, says a report by PwC.
Impact of Artificial Intelligence on Business!
The use of Artificial intelligence (AI) on business has become a trend now. Business leaders and executives are curious to know how AI is shaping the future of businesses today. The impact of AI on business is now a curious concept that is grabbing every entrepreneur’s attention now. Let’s see how Artificial Intelligence has completely revolutionized the business space now.
IBM says they can determine with 95 percent accuracy when a person is planning to quit. All thanks to the impact of Artificial Intelligence on business!
As per our recent study on AI, 72% of executives believe it will be the business advantage of the future, with huge potential to optimize business efficiency and labour productivity (67%), automate proactive communications (70%) and improve big data analytics (59%). In the immediate future, execs are looking for AI to alleviate repetitive, menial tasks, such as paperwork (82%), scheduling (79%) and timesheets (78%), says Adobe.
Here, in this blog, I have discussed the impact of Artificial Intelligence on businesses today. Let’s read further to know more on the Artificial Intelligence impact on business.
Improved Decision-Making!
With the disruptive market forces prevailing in the business space, complexities involved in decision making are increasing every day. Understanding customer requirements and optimizing products according to those needs is a difficult task to handle. Thus, a proper analysis of customer behaviour is needed in order to design a smart marketing strategy to enhance business growth.
According to McKinsey Global Institute’s research, AI could deliver an additional output of $13 trillion to the world economy by 2030, which would boost global GDP by nearly 1.2 percent a year. Acting as a capital-hybrid, AI can aid the growth of both the economy and humans. It will have a revolutionary impact on the decision-making process too.
But, how is AI affecting businesses today? The use of AI-driven algorithms and modeling techniques provide businesses with relevant insights into the consumers’ behaviour. Based on these insights, businesses can predict consumers’ behavior. After analyzing real-time data gathering, trend analysis and forecasting, an AI system helps businesses make well-refined marketing decisions considering the needs of their targeted customers.
Streamlined Supply Chain!
Let’s read further to know more on this intriguing topic- “ how is AI affecting businesses today? Artificial Intelligence can help improve the supply chain. AI-enabled algorithms are fed to machines which train them with the patterns of operational standards and proper systems prevailing within the supply chain. This helps machines to detect errors through supervised AI algorithms with a higher level of accuracy than humans.
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Amazon and Google are two big brands that incorporate the use of AI in their supply chains. Undoubtedly, this is an important Artificial Intelligence impact on business. One of the ways Amazon is Artificial Intelligence is by using its predictive nature to analyze future demands.
Amazon’s AI algorithms can determine the demand for specific products up to 18 months in advance because it analyzes both customer preferences and logistical operations. Google estimates that the company has invested up to 30 billion dollars into AI acquisitions, and AI research and development.
Better Customer Relations!
Still wondering about this- “how is AI shaping the future of businesses today”? Let’s read further. AI-enabled software solutions help businesses in understanding customers’ requirements. AI algorithms analyze data related to customers’ shopping patterns.
Based on this analysis, AI offers valuable insights into customer behaviour. Thus, predicting customer behaviour allows businesses to respond more effectively to concerns, complaints and queries and render services as per the likes and dislikes of the consumers.
Eight out of 10 businesses have already implemented or are planning to adopt AI as a customer service solution by 2020, says Oracle.
After reading this, I am sure you are clear with the question now- How is AI shaping the future of businesses today? Incorporating AI techniques into your market strategy helps in providing a better customer experience. AI-driven chatbots are one of the best examples of this. It saves your customers from waiting in long queues for getting their queries resolved.
By facilitating a faster and quick response to customer queries, these AI-driven chatbots help you build stronger engagement and consumer trust. Moreover, AI techniques can be used for sending personalized messages, product recommendations, and mails to customers based on their likes and dislikes.
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Improved Cyber Security!
Rendering an improved cyber security is a significant Artificial Intelligence impact on business. This is the answer to this question which is doing rounds in the industry today-How is AI affecting businesses today.
Advanced AI techniques are used in business to track and identify behaviors consistent with fraud. Intelligent apps and software driven by Artificial Intelligence can detect irregularities in pattern and thus detect threats well in advance.
Curating threat intelligence from millions of research papers, blogs and news stories, AI provides instant insights to help you fight through the noise of thousands of daily alerts, drastically reducing response times, says IBM.
With a huge increase in the number of data breaches and cyber attacks, incorporating advanced AI techniques help businesses to protect customer data and prevent them from malicious attacks. Artificial Intelligence provides robust data security that prevents data loss or any type of data breaches.
[Good Read: The 5 Most Interesting Artificial Intelligence Trends for Entrepreneurs to Follow in 2018!]
Sales and Lead Generation!
Let’s continue our discussion on the impact of Artificial Intelligence on businesses today. Use of Artificial Intelligence helps businesses in boosting sales by increasing lead generation. Artificial Intelligence plays an important role in business-to-business (B2B) sales and lead generation.
Harvard Business Review reports, for instance, that businesses which use AI can reduce call time by up to 70 percent and increase the number of leads by 50 percent.
LeadFuze, for instance, is a popular AI-based product that is focused on improving sales. It helps the sales teams in finding the right customer segment and lead. Use of this tool lets the sales team invest less time on prospect research and contact gathering and more time on actual sales conversations.
Insights-focused businesses, like LeadFuze, are projected to pull in more than $1.2 billion annually by 2020. Moreover, McKinsey believes that 85 percent of sales-related tasks could be outsourced to robots by 2020. I’m sure, now you know how AI is shaping the future of businesses today.
The Bottomline
By now, you must have got a clear idea of the impact of Artificial Intelligence on businesses today. With its incredible potential to analyze data quickly and easily to draw meaningful insights, the significant Artificial Intelligence impact on business just can’t be overlooked.
Advanced AI techniques help improve the efficiency of business processes thus making your business operate in a smarter manner. AI has emerged as an important strategic tool for boosting sales profits,
According to a PwC survey, AI is broadly defined as the ability of tech to perceive, reason, learn and problem-solve — qualities more typically associated with matter between our ears.
Businesses worldwide are using AI to improve their standard business processes, streamline strategic output, rendering improved cyber security, well-refined decision-making and increase in sales profits.
Credit: BecomingHuman By: Scarlett Rose
