Know How Artificial Intelligence Is Adding Value To BusinessesKiran Patel
Today artificial intelligence is much used across different industries with the aim to boost customer experience. As per the research of Gartner, it is predicted that the business value will increase by using artificial intelligence and it will reach $3.9 trillion by 2022. The introduction of artificial intelligence at the business level is making things easier for them and many businessmen are finding it beneficial to grow and expand.
So let’s check out what’s possible with artificial intelligence for your business and how it adds value to the businesses :
- You can increase efficiency with Artificial Intelligence
In order to maximize your resources you should be able to run your business efficiently. In the long run, this helps your business to save money and time. By making use of artificial intelligence in businesses, it becomes possible to improve operational efficiency. For instance, by using artificial intelligence it will become possible to come up with speech recognition applications which can be used by medical practitioners to take notes loudly. This way coders and medical billers can easily process invoices without having to work with transcription of notes.
It is possible to increase efficiency in your office space using voice assistants that are powered by AI and help you with tasks like setting up reminders, scheduling meetings and with recording points which you need to discuss in the team meeting.
- You can Boost Productivity with Artificial Intelligence
AI offers you promising results if you are looking for ways to improve the performance of your business. You can easily boost productivity using AI. For example, to speed up the tracking of your inventory in the manufacturing facility or warehouse, you can come up with software. You can even increase productivity of the leads which procure by making use of AI.
For example, in order to increase daily lead generation Harley Davidson came up with a marketing platform powered by AI. After this implementation within a span of three months they saw an increase of sales leads by 2930%. This clearly shows how much you can do better in your business and achieve speed and productivity using AI.
- Artificial Intelligence can help Businesses with Improved Automation
When you choose to go for automation for your business you can take care of many manual tasks with ease saving you enough time and money. This helps your business to grow without any hurdles. When you make use of software applications powered by AI, you will be able to increase automation at the business level. Such kind of automation takes care of the business processes efficiently and you are saved from investing more in manual labor.
The brand Walmart came up with effective automation solution using robot process automation by making use of approximately 500 bots which included the ones to answer the questions of employees and to retrieve relevant data from audit documents. Such a step helps the business to scale automation in the organization efficiently as well as save the workers from taking the responsibility of repetitive tasks.
- Artificial Intelligence can help you improve customer experience
Improving customer experience means trying to assist your customers in positive manner whenever they need your help. But this is not practically possible for the employees to be present 24*7 to attend the customers. Again, if yours is a startup business or the one in its early years, then it is not possible to have full-fledged team of employees to serve customers in different shifts. But by using chatbots you can increase your workforce and offer amazing customer experience. Such chatbots are based on AI algorithms and can be used to answer the queries of the customers as well as attend them whenever a human agent is not available.
Travel companies like Expedia now makes use of Chatbots to offer amazing customer experience to the users during the booking process. In order to understand the browsing patters of the users they make use of machine learning algorithms and based on the learning they suggest travel destinations to the customers in the absence of human agents. Chatbots are capable to respond back to the customer queries instantly and thus it works towards improving the overall experience of the customers during interactions with the business. In order to take customer experience to the next level you can even come up with voice assistants to help with audio search and make it easy for the customers to get answers for what they are looking for.
- You can decrease the instances of errors with Artificial Intelligence
For any business operations human errors can turn out to be a costly affair. You can reduce the chances of human errors in your business through AI. You can work towards coming up with software solutions which are built using AI which focuses on improving accuracy and reducing errors while adding data, reviewing documents and taking care of other administrative tasks. Such AI powered solutions will help businesses to analyse thousands of documents in a very small interval of time and so working on larger sets of data becomes totally easy saving cost and time.
- You can have creativity at work with Artificial Intelligence
If you want to stay competitive in the market then you will have to stay innovative and the best way to put your innovation to work is through creativity. Creativity gets support from artificial intelligence. With right kind of automation it will become possible for you to take care of the repetitive tasks at the industry level. The time saved in such a manner can be put to use by your employees into handling more creative tasks.
- You can boost ROI for your business with Artificial Intelligence
You can definitely boost ROI by making use of artificial intelligence. You will be able to enjoy better returns on your investment when your business processes are working properly and your team will be able to focus on important areas of the business which concerns to contributing towards business revenue and increasing productivity, through proper design and planning. This means when you are able to take care of workflow management, support accuracy and improve the experience of the customers you will be able to improve efficiency and productivity resulting in better customer retention and increased revenue.
Artificial intelligence is now getting introduced across different industry verticals. Businesses are finding it to be effective in terms of boosting productivity, enhancing customer experience, boosting ROI and making business processes smoother. The use of Chatbots that are smarter to handle different kinds of customers have made it easy for the businesses to become available to them when needed.