Artificial Intelligence (AI) refers to the ability of computer machines to perform tasks that normally are performed by people. AI makes machines think and act like human beings.
Artificial Intelligence is not a new concept. AI software has been around for the past many years and is continuously making headlines. More and more companies are integrating AI software into their business processes. Thus, they are reaping the rewards of higher productivity, efficiency, and improved customer experience.
There are several ways artificial intelligence is helping businesses. However, this article will discuss the 5 most important ways whereby AI is assisting a business.
1. AI boosts sales with product recommendations
Companies use product recommendation systems to boost their sales. These systems employ AI, which conducts a thorough data analysis of customers and suggests products to them. Data analysis includes customers’ purchase history and the behavior of similar customers.
Almost all e-commerce platforms and online shops use artificial intelligence to suggest products to their customers and boost their sales. Amazon is a typical example. Amazon employs AI-based product recommendation systems to help customers make purchase decisions.
2. AI helps companies improve customer service and customer care
These days, many companies are using AI-powered software such as Chatbot to improve their customer services. Chatbot interacts with customers over websites, mobile apps, and phones. It imitates human chit-chat with customers and provides them with quick, personalized service anywhere, anytime.
These AI-enabled systems can replicate human functions. Hence, they can efficiently handle phone calls, chats, e-mails, social media comments, etc. This real-time interaction with customers makes them feel privileged. Thus, they become loyal customers.
3. AI helps conduct competitive intelligence
Artificial intelligence helps a company in collecting and analyzing information about its competitors and positioning itself accordingly.
With AI, a company can track the activities of its competitors. It can learn about their products, services, and customer feedback. Based on this intelligence, a company can make informed decisions regarding its own products, services, people, and promotions.
4. AI helps Businesses Ensure cybersecurity
With the growth in digital business, the risks of cyber attacks also increase. Cybersecurity, therefore, has become a critical issue for any business. Companies keenly focus on securing themselves from cyber attacks. Here, artificial intelligence again comes to their rescue.
For example, credit card companies employ AI to help financial institutions avoid data breaches and fraud. Artificial Intelligence software detects abnormal transactional behaviors and threats posed by them. It takes quick decisions to counter these threats.
5. AI software saves time and cost for business
Artificial intelligence also helps businesses automate their processes and systems, free up employees’ time and boost productivity.
Through automation of routine and repetitive tasks, AI guarantees higher output at a lower cost, within reduced time. AI ensures that the production process of a company runs automatically and efficiently. It minimizes system errors and frees up employee time for high-level tasks. Overall, AI makes a company more productive and cost-efficient.
Artificial intelligence is a must for all forward-looking companies and businesses, which aim at stellar growth. By integrating AI into their systems and processes, businesses can save time, effort, and operational cost and get a competitive advantage.
AI helps companies forecast sales, make product recommendations to their customers, and improve customer experience. AI also shields companies against cyber attacks by fortifying their cybersecurity.