The increased capabilities of AI in business

The usage of artificial intelligence (AI) in business is growing. According to IBM’s “2021 Global AI Adoption Index,” nearly three-quarters of firms utilize or are researching AI.

Changes in company demands due to the pandemic highlights a motivating element in the IBM poll. Because of the epidemic, 43 percent indicated their companies had boosted AI rollouts.

The report detailed how new AI tools have made AI more accessible to businesses. It was noted that organizations used AI for data protection, process automation, and customer service. The survey indicated that over half of organizations use NLP (Natural Language Processing) apps.

Chances are, if you have come into contact with a business over the past couple of years, you will have encountered some AI applications utilized to improve processes within the company. This post looks at some of the most common benefits of using AI.

Targeted marketing

Intelligent systems by online search providers, online merchants, and other internet companies allow them to understand their users and their purchasing patterns better, targeting adverts to them for the exact things they are most likely to want or need.

Additionally, artificial intelligence can assist firms in delivering tailored marketing in the real world. As a result, some businesses have begun to combine intelligent technology, such as facial recognition and geolocation software. They also work with analytics to identify customers and then promote products, services, and sales tailored to their tastes.

Improved maintenance

Another method in which artificial intelligence is already being used in organizations today is to assist facility managers in optimizing energy use and the comfort of building occupants.

When it comes to building automation, artificial intelligence to manage buildings and control lighting and heating/cooling systems, the internet of things, sensors, and computer vision are all used to monitor facilities. Per the information gathered, the AI system can change the building’s systems to account for variations in the number of residents, time of day, and other factors. Artificial intelligence assists facility managers in increasing the energy efficiency of their buildings. Many of these systems also have a component for building security, which is an additional component.

AI geospatial technology can assist businesses that need to monitor vast infrastructures and locations to assist with maintenance and improve efficiency by diverting resources where needed without employing multiple personnel to do the job at hand. Water management companies frequently adopt this technique to assist in identifying potential failures or breaks in the infrastructure.

Accounting

Many firms are discovering that the promise of cost reductions and more efficient operations is the primary attraction of artificial intelligence in the workplace. Robotic process automation can produce highly beneficial outcomes in these areas for the accounting and finance industry and departments.

Using artificial intelligence in accounting, employees in accounting departments can benefit from reducing some of the more repetitive chores. This allows them to devote their time and energy to higher-level operations. Because AI can monitor communication through natural language processing, it can also support organizations by updating companies with real-time status updates on financial concerns.

Improved supply chains

AI is being used by businesses across industries to manage supply chains better. They employ machine learning algorithms to estimate timely requirements and efficiency to move goods.

When applied to this scenario, artificial intelligence assists company executives in developing more efficient and cost-effective supply chains by reducing. In some cases, it could help eliminate overstocking and even the risk of running out of high-demand products.

It is suggested that 50 percent of supply chain firms invest in this technology before 2025. Their goal is to expand on their capabilities and support growth and expansion.

Improved customer relations

The use of automated menu services in call centre operations is not a new concept. There is a long history of this type of technology use in this capacity. But advancements in this area allow for more streamlined and efficient handling of customer contact via different means. 

It can be via chatbots on websites that can deal with basic consumer queries, using voice recognition software to improve the accuracy of care and reduce human error while identifying problematic customer services to allow for more enhanced training support to further improve how you operate.

The software can also anticipate customer internet and predict the best course of action to help de-escalate situations. It can also help enable employees and businesses to resolve complaints and queries more effectively.

In conclusion, the use of AI technology isn’t a new concept. However, the increased capabilities of some programs and the benefits these hold for a wide range of industries means that more businesses are implementing this technology to further support what they do.