The concept of cutting-edge technology seeping into our lives has been steadily increasing over the years and it affects how we work and do business.
Most organizations are unaware of how often they’re using it at their own workplaces.
The good news?
This technology isn’t anywhere near as dangerous as people might think, although it is new and changing the world faster than any technology has done before.
However, the most important thing to consider is this: if you use it in your business, you can literally transform every area of your company. It can help you super optimize your operations, reduce waste, and save a lot of money.
Artificial Intelligence (AI) has been touted as the future of technology, and today, most executives believe that AI can significantly increase their productivity, so I don’t need to convince you of its immense power.
What is AI?
Artificial Intelligence (AI) is a broad term that covers several different areas of study including computer technology that mimics the functioning of the brain. Artificial intelligence is also based on neural networks. A neural network is similar to the structure of the human brain. It can adapt itself to solve problems more accurately and efficiently than humans can. Thus, we are trying to create a real artificial intelligence that can work more efficiently than we do.
Multi-Layer neural networks are a type of artificial neural network which can learn by analyzing data. Deep learning is a form of machine learning that can learn by analyzing data and making conclusions on its own. This enables computers to not only analyze data but also to come to conclusions in an almost human-like way.
Machine learning relies on computers that can recognize patterns in data and process them and learn from them.
Text recognition technology helps computers to understand and interpret human language. NLP allows computers to recognize and interpret human language, whether written or spoken. Children learning to speak are an example of how hard it is to train computers to look at things like humans. To teach computers to understand the world as humans, we use computer vision. Images, documents, and videos can be analyzed by AI as well.
Artificial Intelligence, is used also for commercial purposes, and this is how you can harness its power right now.
AI is changing how businesses respond to customers’ questions.
Service representatives can only really take one customer complaint or problem at a time, but AI enables service representatives to do more. They can thus improve the customer experience.
Companies are able to save money on customer service because they can handle multiple calls at once, but if a question is too complex for a chatbot to process, a live representative can step in to answer the question.
An AI algorithm takes information and analyzes it, and identifies the best representative for a customer’s needs. This allows a rep to save time and improve efficiency. The customer is able to get help with issues more efficiently.
AI in Information Technology
The growth of AI technology in industries has helped businesses streamline their operations and reduce costs, allowing them to scale their businesses at a faster pace. With Information Technology being one of the first to use AI technologies, it’s been possible to optimize and streamline many core functions of companies. This helps to improve the efficiency of the IT sector and helps it grow at a fast rate. If development of large-scale IT systems was next to impossible, with AI developing advanced algorithmic functions, this is now possible.
AI in business management optimization
After learning about how AI can improve business processes, now let’s look into the possibilities of optimizing these processes with Artificial Intelligence. If you run a business, you have a wide range of departments. Each department needs to function independently, but they all need to work together to reach a common goal.
So let’s look at the finer details of artificial intelligence, how it can help different departments of a business process, and also how it can help the business to improve its operations.
The administrative work of managers often requires juggling shift schedules and a constant stream of appointments because of staff member’s illnesses, vacations, and so on.
Human resources departments use artificial intelligence to automate and streamline a number of functions, including onboarding, performance reviews, and even payroll.
for example, AI can help to:
- Easily screen hundreds of resumes for a suitable position.
- Analytical interviews are recorded by artificial intelligence (AI) and these videos are analyzed to calculate the confidence level of candidates.
- AI can interview new employees during the initial stage of hiring.
AI in accounting
Many organizations are using AI to automate many tasks performed by human accountants. This frees up time for accountants to perform higher-value, higher-impact tasks.
Here are several fields to use AI:
Frauds – Artificial intelligence can be used to determine if fraudulent emails or bank transactions are legitimate. It can also detect if a pattern fits into accounting rules and regulations. Finally, it can detect inconsistencies flagged by humans for humans to check.Risk assessment – AI is used to quickly analyze data, and through its predictive modeling, it’ll improve risk identification and prevention.
Data input – Computerized information systems such as e-mail and databases allow the accounting department to manage data entry, data analysis, and document review. These computerized systems can detect data problems and identify the need for human oversight.
AI Will Impact Sales & Marketing
AI improves marketing performance
One of the best ways to leverage Artificial Intelligence right now is to delegate research and analysis that take up a lot of your marketing team’s time. Instead of spending most of their time on research, they can focus on growing your revenue.
SEO tools like MarketMuse will review the relevance of your current content and suggest new topics to help you increase your search engine traffic.
If you want to spread your content out across the web, you could use a content curation tool like BuzzSumo, which will search the web for the best performing content and help you make your content calendar planning easier and more effective.
Many people who send emails are finding that using artificial intelligence can predict whether or not the emails are likely to open, and apps like Automizy can help people create subject lines that have the best chance of succeeding.
AI helps increase sales
Predictions can be made using historical data to predict the future. AI systems can predict sales, for example, using sales data from previous years. These predictions of sales can be:.
Deals and prospects are most likely to close.
Look for prospects or deals to target next.
New customers who may be interested in what you have to offer.
Right now, there is no perfect way to predict who will buy items in the future. But, with the right data from the past and present, artificial intelligence can predict who will purchase items in the future.
Predictive forecasting could also create value for sales teams internally.
Artificial Intelligence can help sales managers forecast their team’s performance for the quarter. It does this by using the same types of data analysis that companies like Netflix use.
These are only a few of the AI applications businesses are using. With the pace of development increasing, there will likely be more in the future.
The world of artificial intelligence has only scratched the surface, and as more companies begin to adopt AI as a tool, the possibilities of this technology can only exponentially increase. Those who do not want to miss out on the incredible potential of AI must inevitably embrace the use of AI as a guide.