Artificial Intelligence (AI) has become a phenomenon that has taken the business world by storm. This is illustrated in current statistics, which show that about 35% of global companies reportedly use AI solutions in their business. This has only made the debates on the existence of AI and its uses in business even more controversial. Artificial Intelligence, in simple terms, is the stimulation of human intelligence by machines and computer processes. Over the years, the prevalence and scope of this technological solution have widened, offering several benefits to individuals and businesses alike. As a business owner, you always look for smart and affordable ways to achieve your goals and your envisioned success. In that case, you can consider AI solutions. Here are eight reasons you should include AI solutions in your business today!
1. Assists in decision making
The decisions you make today affect the success, profitability, and growth of the business. Therefore, business owners constantly worry if they are making the right decision. Fortunately, the use of AI can decrease and alleviate this pressing concern. In business, smart decisions are ones driven by data. For example, if you want to change your company’s marketing strategy, you need data to justify the need for change. However, a common problem businesses have is gaining access to and collecting the needed data. This is where AI plays a role. With AI, you can process and analyze large quantities of data within minutes to give you the necessary information. Additionally, AI software can be included on digital platforms, such as your website or social media account, to acquire real-time information.
2. Reduction of human error
Human beings aren’t perfect. Therefore, mistakes are bound to happen in a business run solely by humans. Mistakes, although unavoidable, have negative effects on businesses. For one, time is misused when a mistake happens as more time would be consumed rectifying the mistake. Additionally, mistakes can sometimes be expensive, costing your business money that could have been used for something else. The implementation of AI reduces the issues of human error within your business. As AI takes over repetitive tasks, of which the monotony causes humans to become bored and less attentive, there would be fewer mistakes. Furthermore, components of AI such as machine learning and Robotic Processes Automation tools can further help eliminate errors. Reducing human errors in business operations would save you time and money, boosting overall productivity and efficiency.
3. Harmonizes with your automation efforts
Automation is a keyword in today’s modern business practices. In simple terms, automation can be defined as using technology to perform tasks efficiently and productively. Additionally, AI plays a significant role in helping businesses achieve this. These technological solutions also assist in optimizing the use of raw materials, reducing waste, and making more resources available for other purposes. Within your business, you may have implemented numerous technological solutions to help you achieve your digital transformation goals and reap automation’s benefits. Therefore, the last thing you want is to include solutions that would interfere with them or make them unable to work together. So far, this is not an issue that comes with automation. For instance, if your business uses collaborative channels like HVAC software, you can still use communicative AI tools such as Grammarly or Zoom to further bolster your smart communication channels among your team.
4. Improves customer service and experience
Your customers are the lifeline of your business. Without them, you would be unable to make sales, reach other customers, and grow. Therefore, offering the best customer service and experience should be paramount to a business owner. However, as the world evolves, so do your customers’ nature, needs, and wants. Businesses often struggle to retain their customers as they do not know how to keep them happy. Fortunately, this can be resolved using AI tools. As noted earlier, AI can process large volumes of data to gain data. With this data, you can determine the behaviors and preferences of your customers to formulate the best strategies to improve the service you offer them and their experience with your business. Another way AI can assist your business in improving its customer service and experience is through the tools it offers for this purpose. For example, customers are attracted to businesses that can meet their needs 24/7. Understandably, this may be difficult for your employees, and outsourcing a customer service company to handle this aspect of your business would add to your business’s expense. Fortunately, AI offers more affordable solutions. You can use automated chatbots for your websites to assist customers with inquiries. The fast responses also add to the experience, making customers more loyal and drawn to your business.
5. Improves efficiency
Efficiency is a major component of any business. An efficient business that utilizes resources reduces waste, and effectively manages time to produce high-quality results would experience great growth and profits. However, this is easier said than done. Fortunately, this can be achievable with the help of AI. AI tools prevent your business from misusing resources. For example, you can go paperless with AI, reducing the operational cost of purchasing paper. Additionally, it would encourage employees to rely on more efficient and reliable platforms to communicate and share information. This helps them manage time too. Imagine the line behind the printer if everyone had to print out or copy documents to get work done! As mentioned earlier, AI takes over repetitive tasks, which helps reduce the chances of human error. However, this also improves your business’s efficiency. This is because such tasks take up much time if done purely by humans. However, with AI tools, your employees can focus on completing other tasks, ensuring their time is used wisely.
Gone are the days when talks of Artificial Intelligence seemed to be futuristic and out of reach. The truth is this technological development is here to stay and keeps improving at an increased pace forcing everyone, including businesses, to acknowledge its potential. As a business owner, the abovementioned points should get you reconsidering including AI tools in your business operations today.
