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Whether it is automation or brilliant decision capabilities, AI solutions are steadily becoming a part of modern enterprises. As per a 2021 PwC prediction survey, 86% of CEOs reported that AI would be mainstream technology in their offices by 2021. Interestingly, the widespread presence of AI solutions indicates a much more significant percentage, now in 2022.
AI for businesses is a growing demand echoing across all industries. Enterprises from healthcare, telecom, mining, banking, and others are now investing in state-of-the-art and sophisticated AI solutions to catapult their businesses to the next level. IDC’s global analysis of spending in the AI domain predicts that global spending on AI systems will jump from $85.3 billion in 2021 to more than $204 billion in 2025! This reflects how quickly the market of AI for businesses is growing.
And why not? AI has the transformative power to revolutionize the working of any enterprise. Here are five reasons why AI is critical for the business world:
1. Helps businesses to process data and draw insights
Advanced analytics
Businesses generate tons of data each year. The data in its simplified form holds the key to critical insights that can help businesses to adopt fresher strategies or modify existing ones. Data analytics of Big Data has aided in having a resounding impact on processing data, but its sphere of functionality has been limited. The presence of scientists’ human intellect defines the parameters of analytics operation.
When combined with the analysis of Big Data, AI revitalizes the research process to another dimension. With AI, data scientists can analyze data in magnanimous quantities quickly and thoroughly. Such a fresher and thorough data analysis provides businesses with compact and revealing insights to better connect with their customers.
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Reduces human labor
40% of human resources (HR) functions being applied across small and large businesses globally are now using AI-augmented applications. This has aided in the reduction of human time and effort spent on driving valuable insights. Now, AI-driven solutions process data with human supervision over the operation.
2. Elevates customer experience while saving costs
Self-service channels
AI-powered chatbots can handle small to medium-scale customer issues. Here, AI provides the humanized and insightful touch that can make a customer service experience welcoming and memorable. The optimization of self-service portals helps in driving down the operational costs of the customer care team. An optimized self-service channel enables agents to deflect primary queries to self-service channels. It further reduces inbound traffic at a call center saving cost per call.
An innovative way to leverage AI chatbot is to integrate it with a knowledge base for customer service. A KMS helps organize a company’s data and feed the correct information to the chatbot to resolve any query satisfactorily. The AI patterns behind the chatbot further help it categorize customer pain points further result in a more swift and smoother query resolution in the future.
Personalization
Businesses spend gazillions of resources annually to understand their customer’s behavior and preferences. AI-driven data analytics of customers helps in creating consumer personas to understand them better in a cost-efficient manner. It further aids businesses in sending highly personalized messages to their customers through emails or media to communicate their points impactfully. Customers expect personalization today, with 67% of consumers wishing the brands to adjust their content based on context automatically.
3. Automates the recruitment process and saves time
Selecting the ideal candidates
A Tidio survey found that 85% of the responding recruiters acknowledged AI for businesses as a valuable technology that will/could automate the repetitive functions of the hiring process. The predictive analysis by AI-based recruitment software helps companies narrow down the ideal candidates from the bulk of applications, saving both time and resources in the hiring process. Companies can govern their recruitment operations by selecting the parameters that suit them the most.
Unbiased hiring decisions
Human biases often cloud a correct decision-making process. Companies don’t want to miss out on the best talent because of the biases or preconceived notions of the recruitment team. On the flip side, AI for businesses ensures that the candidate a company selects is not on the whims of biases but instead has an unbiased opportunity to perform on merits.
4. Improves decision-making with real-time data analytics
As discussed above, relevant insights from data drive businesses up. As per McKinsey, 66% of leaders credited technologies like AI with helping them reach their goals and increase profits. Sophisticated AI platforms provide insights and suggest a course of action to help decision-makers make thoughtful and meaningful decisions. This can range from introducing a company-wide policy to recommending a prospective client a new product.
AI analyzes complex issues and spots anomalies and provides intelligent recommendations, free of biases, that reduce the burden of analyzing multiple scenarios simultaneously. It is crucial to remark here that although AI does not have human-emotional prowess yet, the decision-makers can channel their emotions and intellect into making better decisions based on the analytics by AI.
5. Encourages higher productivity with reduced human error
Increased productivity
SnapLogic survey reveals that 61% of workers credited adopting AI within the workplace with their boost in productivity. AI for businesses eliminates workforce participation in mundane tasks of number crunching and manual, labor-intensive work. The employees can instead leave such work to the miracles of advanced automation and focus their energies on other critical business operations.
Likewise, AI empowers professionals like security governors, customer agents, analysts, and others with insights and tools that help them do their jobs quickly and efficiently.
Reduced human error
Humans are prone to errors and biases. While AI is not entirely error-free, it can make drastically informed decisions on crucial matters. AI in business helps business owners watch over essential operations like factory processes, machine health, and temperature changes that might go unnoticed to a human eye but are quickly detected by AI algorithms.
Future of AI
AI technology is not a future trend anymore. It is driving the wheel of progress and innovation across industries. The future of AI looks as exciting as its present.
As per a Forbes article, AI is expected to help speed up scientific progress. Although humankind is discovering new insights every year about their bodies, the earth, and even uncovering the secrets of space, there has been a standstill in the research domain. AI is expected to help scientists compute and decipher complex patterns and anomalies.
Interestingly, this is also just the start of the disruption of modern businesses by AI. WIth the growth of AI as a technology, it will further majestically impact modern businesses. It is rightfully said that the possibilities with AI are never-ending.
