Home Artificial Intelligence Can Improve Business Growth

Artificial Intelligence Can Improve Business Growth

How much do you know about Artificial Intelligence? Have you ever implemented AI into your business yet, or are you using it in helping your processes? Since the last few years, Artificial Intelligence has gained much popularity in every industry be it Healthcare, transportation, manufacturing, logistics, retail and many more others have begun to use AI-based to improve their productivity and performance.

The best way to test an emerging technology is to search for different ideas for its practical use in your business. In this article, we will look at some crucial methods of AI apps that can lead your business to a path of growth and success.

1)  AI-based Analytics to Make Better Business Decisions

The recent advancements in the network and storage technology have brought about a revolution in the era of big data. The collection of data becomes useless without analysis. Due to its large size, it becomes impossible to analyze the data without using human intelligence. The information technology and security are the areas which utilize machine learning and deep learning algorithms to understand the machine.

What’s the solution now?

Cyclane offers cybersecurity products and services that prevent rather than detecting the defects by executing advanced persistent threats and malware. Another solution to this is HANA which is SAP’s cloud platform and machine learning solution used by companies to manage databases of information they have collected like sales transactions, customer information, relational databases, applications, and other sources.

2)  Customer Service

Many companies know the importance of their customer service and how well it affects their company. Still, things can go wrong very quickly, either. For instance, Microsoft researched that more than 50 percent of customers will stop doing business with a brand just because of only one poor customer service experience.

The consumers don’t like to feel conversing until they reach the expert they need after waiting on line, pressing buttons, and being transferred multiple times. The solution to this problem – Chatbots; they can read and analyze customer data from the initial touch point by providing smart insights on assisting your customer effectively.

What’s the solution now?

Nano Rep allows you to integrate your customer service solution with resources like Zendesk, Magento, and Salesforce. It also allows your business to become available on the most popular messaging platforms like Facebook Messenger, Slack, Skype, and WhatsApp.

3)  Business Management

From scheduling conferences and team meetings to business trips and supporting decision makers, AI can help tons with your business management activities. The cloud-based solution can measure up with the size of your company, which can be used by small companies to MNCs.

What’s the solution now?

Avanade is the joint venture between Microsoft and Accenture, which leverages the Cortana Intelligence Suite along with some other solutions for predictive analysis and data-based insights on your business. It tapped the better advice for the development of new products by understanding policyholder behavior and trends.

4)  Accounting and Finance

Accenture predicts that more than 80 percent of accounting and finance tasks will be carried out with automation in the next upcoming years. Also, a company named KPMG has made some innovations by using McLaren Applied Technologies in its audit processes to develop a critical site of tools for their audit and non-audit clients that can use the predictive analytics capabilities.

What’s the solution now?

KPMG has also signed an alliance with IBM’s cognitive computer Watson that can read up to thousands of pages of contracts or agreements along with summarizing them almost instantly which is based on your criteria related to what is exciting and what is not. The AI-enabled tool also allows to interrogate, assess, and challenge the predictions to underpin the valuation of assets on their clients’ balance sheets.

5)  Human Resources

Many HR reps know how tedious and complicated the process of recruiting is, interviewing and onboarding can be. It is no wonder how human resource department is excited by the idea of applying artificial intelligence to their department’s work. Finding the perfect candidate for a job is a time-consuming process, and therefore there are new facial AI-based facial recognition apps that can interview candidates and also evaluate their performance using emotional cues which can help businesses streamline their recruitment process.

What’s the solution now?

Restless Bandit is a SaaS-based product which helps to automate the tasks of screening apps, searching right candidate match, reaching out to them and scheduling face-to-face interviews to reduce the work which is involved in bringing an excellent potential candidate into the office.  Also, companies like Unilever, IBM are already using AI to screen entry-level employees where candidates interview using HireVue app on their smartphone. The application takes in the data from the interview, performs analysis and recommends for the next step to human recruiters.

6)  Sales and Marketing

Until recently, you can not leverage artificial intelligence to revolutionize your marketing and sales department even though both of them have been moving over to digital at the lightning speeds. AI-based apps can start to handle all of your daily tasks. They can also customize marketing and sales information for customers as AI-based chatbots can go further by responding to customer service requests to improve customer satisfaction and provide some recommendation for upselling. Machine learning can help with the price-optimization for various markets.

What’s the solution for now?

Adext AI is one such platform which can apply artificial intelligence and machine learning for digital advertising to search out the best audience or demographic group for any advertisement. It manages budgets across variant audiences on different platforms like Google AdWords and Facebook Ads automatically by optimizing every single ad about 400 times a day which improves its current average. Not only this, but it also guarantees Adext Partner agencies for getting a better cost per conversion for all their accounts and campaigns.

RapidMiner which is a data science platform, leverages the data about competitors, suppliers, consumer preferences and risks to create pricing models for every individual market segments. This approach helps businesses to optimize their profit margins.

7)  Supply Chain Management

Machine learning algorithms aid retail and other businesses to manage their inventory better. This can automate refilling requests and optimize supply chains by handing over your inventory management and supply chain decisions to AI-based apps.

What’s the solution for now?

Major artificial intelligence players such as IBM Watson are heavily investing in supply chain management to help you automate your order management and fulfillment. Another firm namely TransVoyant is combining machine learning and the Internet of Things to create applications that predict supply chain movements.

8)  Expand with self-driving technologies

Major advancements in self-driving cars heavily depend on AI and hence businesses that heavily depend on transporting products which use self-driving trucks to lower costs to improve reliability. Manufacturing and other sectors can now use autonomous cars to improve their efficiency.

What’s the solution for now?

A company names Waymo has announced at the 2018 Google I/O conference that it will start to manufacture their self-driving taxis whereas GM is preparing to release by next year. Such self-driven vehicles will lead to new opportunities for businesses to improve current processes and create new business revenues.

Wrap up!

You can only learn by trying, and it is normal for any organization to get things wrong. You will learn from your mistake after you start implementing solutions. Now you know what AI is, so may your business boom.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Kibo Hutchinson is a Technology Analyst at Tatvasoft UK which is a software development company in UK. She have keen interest in learning latest practices in the development so she is spending her most of the time on the Internet navigating the unique and the extraordinary topics and technologies trends.

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