In Your Business, it’s AI FTW

Ready, willing or not, artificial intelligence has resoundingly arrived in the workplace. What is meant by the term "artificial intelligence?" Machine learning, natural language processing and computer vision are the technologies that make up the components of AI’s capabilities. In short, this technology allows machines to "learn," "understand language" and "see." Match those abilities with rapid-fire processing and unmatched accuracy and you’ve got some potentially powerful business benefits in AI.

Overall, most entrepreneurs (64% in fact) anticipate experiencing such benefits as improved customer relationships and increased productivity with the aid of AI. At the same time, a significant number concurrently express concern about becoming overly reliant on technology to run their business and/or their ability to use the technology properly and effectively.

Like any innovation, it can take some time and trial and error to discover the way you can use it to its best advantage. How can you best utilize AI technology to help your business be and stay competitive?

First of all, let’s consider what AI does most effectively. After all, you would want to hire any employee to do the work they perform best. Artificial intelligence excels at data manipulation and analysis as well as enhancing communication. AI benefits a business by performing tasks (often much more quickly and accurately than humans), freeing up people to do more innovative work.

Here are examples of the types of work artificial intelligence can take off human hands:

• Analyze data and come up with insights based upon it (finding new income streams, new customer offerings, customize medical treatment to a specific patient, make manufacturing processes more efficient, generate customized reports based on disparate data)
• Create software code - and test it
• Write templates for standard business communication and outlines
• Solve "word problems" by analyzing a simply-stated verbal request and pulling together a cogent, contextual, accurate answer
• Compile reports on recorded meeting content
• Respond to common customer queries

Moreover, AI makes existing procedures and processes more effective:

• Analyze equipment use and condition, anticipating maintenance, thereby minimizing breakage
• Enhance monitoring for surveillance; improved pattern recognition in crime prevention
• Manufacture with high accuracy making higher quality goods free from human error
• Improve inventory management by not only tracking what’s on hand but stock level trends so you have what you need in stock when you need it
• Enhance customer experience by analyzing purchasing habits, preferences, behaviors and recommending appropriately-selected products and services

These are just a few stand-out things AI is capable of bringing to your business. Consider where your business’ operations sag: Customer service? Efficiency? Accuracy? Profit margin? Safety? Recordkeeping? Data analysis? That’s the area in which you should consider implementing an AI solution to help relieve the issue. You need not go with a complicated solution; be certain you understand what it does and how it can be of benefit; then monitor the results to ensure it’s having the desired effect.

Artificial intelligence can be a boon to business. Once you’re aware of the kinds of things it can do to boost productivity, efficiency, accuracy and customer relations, you’ll understand why it’s a game changer.

How can artificial intelligence help your business stay and be more competitive?