This concept has been in the industry for many decades, but there is a huge difference in the artificial intelligence of yesterday and today. Today, it’s used in almost every IT project to make it smarter. The idea is to enable computer programs to think like humans. While this may seem impossible to entirely replicate a human brain, the growth until now is astonishing.
Humans have a short life and limited memory. With an artificially intelligent system, you get hundreds of years of experience at one point. We, humans, are also prone to mistakes – a concept unknown in machines. Today, artificial intelligence is serving almost every industry one can name. This article discusses what it can do for your business.
Fast and Personalized Buying Experience
One of the best ways your business can take advantage of artificial intelligence is by utilizing it to enhance the sales process. Web applications have automated the process of placing an order, but it’s a challenge to get customers there. It has enabled businesses to increase the speed of this process for customers and provided a personalized experience for each of them. You will need the help of professional service to implement these AI solutions, and they are worth every penny you invest in it.
You have many examples of e-commerce stores. Once you visit the website, you will keep getting very accurate suggestions. Many other business websites also use it to enhance the buying experience of their potential and existing customers. This includes multiple algorithms running in the background, processing all the customer information to ensure he goes through the entire purchasing process.
Error-Less Finance and Accounting
Computers have always been good at numbers. Simply feeding them a formula would solve hours of calculations. The only problem was that computers didn’t know when and where to put the formula. This task was usually done by humans, which made these software not much different from calculators. However, artificial intelligence has solved even that problem. Now that there are programs specially designed to meet finance and accounting problems. They require very little data entry and get more done with accuracy.
The job of numbers has always been challenged by computer programs. Now that artificial intelligence has significantly improved, you can save the cost of salaries and employee benefits. The job of accountants might even be one day limited to just helping improve these programs with the help of programmers. They would use machine learning with accounting and finance concepts to build tools that would meet the exact requirements of each company.
Better Customer Service
This is the most well-known benefit of artificial intelligence that we see on a regular basis. We have seen the old bots trying to provide customer service and failing at it terribly. However, artificial intelligence has been much enhanced since then. Today, we have programs that can have a complete conversation with humans without saying “I don’t understand you” over and over again. One big example is Siri that can not only entertain the user with conversations but also use the web to find a solution to all problems.
Even to date, companies have to spend a great deal on providing customer service. This is a time-consuming task that requires expensive tools. Most companies outsource their customer service to call centers that already have a great setup. You can save all that cost by using an intelligent program that at least filters the number of people who need human interaction for service.
Provide Cognitive Insights
Businesses depend on decisions. One wrong decision could lead the entire company to bankruptcy and one really good decision can double the business. It didn’t take much time to realize that decisions rely on data. So, people started gathering relevant data that would help them understand the markets, consumers, and competitors.
You no longer have to do any manual labor to even read images when you have a data labeling platform. There is just so much data in a crude form that it would take years for a human to compile them. They would be irrelevant by the time one would be finished with the task. Data science uses artificial intelligence to extract useful insights from a huge amount of data within minutes.