We explore the role of artificial intelligence in business and review the 5 most important uses of artificial intelligence in business.
Artificial intelligence is positioning itself as a technology increasingly used by businesses around the world, but what is the role of artificial intelligence in business? We discuss the business benefits of artificial intelligence and review the 5 most important uses of artificial intelligence in business.
The modern world is not going to slow down and the speed of change in the business environment never ceases to impress.
In recent years, artificial intelligence has become a crucial part of business. Most organisations are already using business intelligence and harnessing its potential to improve their operations and business processes.
Companies realize the importance of going through a digital transformation to stay modern and competitive. Hence, if you want your projects to be successful, it is high time to discover the benefits of artificial intelligence in business and how it works.
Benefits of artificial intelligence in business
As with any relatively new technology, before investing in artificial intelligence businesses should review whether their company has the skills and experience to apply AI effectively. Today, many organisations are already using artificial intelligence and its capabilities. Some companies outsource artificial intelligence services and others do it internally.
Whatever option you choose, it is important to establish early expectations about the results of your investment. Then, make sure to review projected business value and ensure that the company is prepared to handle the change. However, if your organization doesn't have the resources to handle the transition, you may want to seek the services of outside consultants.
On the other hand, beyond process optimisation through automation and integration, some companies are already starting to incorporate artificial intelligence into their products and services. As the application of AI increases, companies will be able to develop smarter products that will more effectively solve everyday consumer problems.
Finally, artificial intelligence is also extremely useful when it comes to gaining knowledge about customers and can help us to carry out customer segmentation processes in a practically automated way.
The use of artificial intelligence in business
As the world continues to evolve, artificial intelligence (AI) is becoming an integral part of many companies' daily operations. In addition to enabling companies to better understand their customers, AI can also make the process of running a business more efficient. Whether you're in retail, banking or manufacturing, AI can provide you with the answers you need to stay competitive.
Companies use artificial intelligence to improve the quality of customer service systems, perform complex analysis and forecasting, and systematise different business processes, among many other things. Some of the most important applications of AI in business are in logistics, healthcare, cybersecurity, retail, e-commerce and human resource management.
Choosing the right artificial intelligence solution is crucial to a company's success. While AI can help streamline processes, it is essential to consider the costs associated with integrating the technology. It is not appropriate to implement artificial intelligence without proper testing and we must ensure that the solution or software we implement can integrate with all systems in the company and be useful to all departments.
Below is a list of some of the most common uses of artificial intelligence in business.
The most important uses of artificial intelligence in business
1. Prediction of housing prices
One of the most unknown but extremely important uses in the housing sector is price prediction. Through artificial intelligence we can easily calculate the price of housing with the help of prediction algorithms or machine learning's pattern recognition. The system scans a large database with the costs of houses in various neighbourhoods. Furthermore, additional databases with detailed information about current residents will help to find out who is the best customer for the object.
2. Demand forecasting
Demand forecasting is another fundamental pillar of the business use of business intelligence, especially in sectors such as retail and tourism. Predictive analytics and machine learning are particularly relevant technologies for hotel companies that use them to predict occupancy and optimise their resources, as well as to adapt supply to demand.
Artificial intelligence can also help to avoid management mistakes.
3. Chatbots
Perhaps every successful business has a chatbot these days. This AI-based technology allows you to stay in touch with the clients round the clock and provide them with quick assistance even when you are offline. It is possible to find a chatbot on the Internet and adjust it to the needs of your company. As a result, you will be able to deliver advanced customer service and meet all expectations of your clients.
4. Customer experience
The use of AI in business is also essential in customer experience. This technology allows companies to better understand their customers and automate processes to optimise customer service, increase revenue and minimise operational costs without degrading the customer experience.
5. Customer recommendation system
Another major use of artificial intelligence is intelligent recommendation systems, used by companies to develop cross-selling and up-selling strategies, as well as to increase the value of the purchase ticket and boost sales profit.
It is impossible to imagine the progress of e-commerce without referral systems. To understand how referral systems work, we only need to look at the major players in the market. Amazon, for example, is a great example of how a referral system can significantly increase sales.
Conclusion
Even if your company has not considered investing in artificial intelligence, exploring the uses and benefits of its application in business is a good idea. According to Statista, global AI market revenues are expected to grow to 733 billion by 2027. Therefore, investment in artificial intelligence is likely to become increasingly necessary to ensure the success of a business.
As the use of artificial intelligence in the business environment proliferates, more and more businesses will adopt it to automate processes and improve productivity. In this regard, while some businesses remain sceptical about AI, the technology is here to stay.
Exclusively written for bismart.com. Prepared by Oscar Mitchall | Oscar Mitchall is a professional author and provides help on essay writing, based in LA. He is always ready to provide students with interesting, high-quality, and inspiring essay writing on any topic. He is always happy to share his insights with a wide audience, so don’t miss the chance to expand your horizons.
