Even when artificial intelligence (AI) is set to revolutionize the world, its clear that not all businesses maximize its potential. In the US, only 9% of companies use machine learning and voice recognition. And of the top 500 US firms, only 29% benefit from AI systems.
All these when the benefits of AI are loud and clear either in terms of monetary value and industry importance. Studies forecast that AI will likely grow to a whopping 17 trillion dollars in 10 years. Tech executives believe AI boosts people to be creative and productive. Plus, it generates more jobs.
With continued research and innovation, AI will become something that no technology has ever seen. Some say it will become so accurate in predicting that we could control more of the future. Others believe AI will boost us into interstellar travel. While that might be a long shot, todays AI a blend of software and digital tools is already changing the technological landscape.
Artificial Intelligence as we know it today can mimic human intelligence and give predictive analysis based on billions of past data. And this is good news for almost all businesses. That means you can leverage AI more than human skills, which are prone to error and body limitations.
Here are some of the best and widely used benefits of AI for businesses of all sizes:
1. Automates Workflow
To automate and control repetitive, structured, and manual tasks these are the main purposes of AI. When handled by humans, these tasks are prone to error. Even more, they induce chronic fatigue and restrict creativity among people.
With AI, its possible to control repetitive tasks without human intervention. While AI is doing the work, humans can channel their effort on creativity and leadership work.
Todays digital tools are helpful when maneuvering workflow. For example, Timely, Toggl Track, Rescue Time, and Harvest are time-bound AI tools. Which means they help people keep track of time and schedules with ease.
Whats more, is you can integrate these tools in team settings so that everyone can track time spent on each activity per person. They work in the background, so no one has to do something actively.
Consider this: if you always take the menial and redundant task of keeping time stamps, chances are it robs you off of the ability to think and be creative. Instead, turn to AI timekeeping software for it does the job.
Boomerang, Astro, AI Zimov are for those who spend hours on emails. These AI tools help you by reviewing and mimicking your email behavior. They filter messages that need the most immediate replies. Then, they copy your responses from past emails and use the data to respond to less important inboxes.
For those looking to automate their workflow, AI tools such as Trello are top of the line. Their passive task-tracking ability helps people to break down project schedules and work files. And like Boomerang, these tools review recent behaviors on projects. Because of their machine learning capabilities, one word can trigger many suggestions.
The result: automated workflow prevents employee burnout. The ability to memorize human behavior helps AI tools to act almost independently. This leaves humans more time and energy to work on the creative, collaborative, and happier aspects.
2. Gathers and Presents Data with Efficiency
Perhaps the most important advantage of AI is its ability to maneuver billions of data. An attribute no human can compare. Businesses nowadays capitalize on its efficiency and speed.
For instance, Deloitte created an AI program that can scan thousands of complicated legal documents. Pulling out and organizing textual information, this AI-powered tool speeds up contracts and other business negotiations.
On the other hand, chatbots are efficient responders. Not only for customer service, AI chatbots help companies distribute satisfaction surveys, collate data, and analyze them. Bots share data to HRs, too: leaves and incentives. Thanks to its analytics, a company could oversee bottlenecks, understaffed or overworked areas, high-cost departments, etc.
3. Automated Branding
Branding gorge on business budget. From logo to website design, everything is pricey. Hiring a designer or a design agency is a premium end not all companies can afford.
But branding tools are getting smarter nowadays. Some logo creator tools such as Zyro, BrandCrowd logo maker, and Themeisle show pre-made logo templates you can customize to suit your brands goal image.
Upon paying for the custom logo, these sites, for an additional price, provide automatic designs suited for different forms of marketing collaterals such as flyers, business cards, websites, t-shirts, even cups, and mugs. Imagine in a few clicks and cheaper prices, youll have a complete brand image.
Of course, branding runs deeper than visual aspects. Its the collective experience of all customers toward a business. Analytics tools such as Latana, Adobe Campaign, and Totango help brands feel and listen to customers perceptions.
And that has been made easy with their AI-powered software. This means every transaction leads to analyzing customer behavior, segmenting them, and providing them a better experience next time. All these happen in the background even without human intervention.
4. Sales Forecasting
The power of AI lies in its predictive technology. And one of the best ways it helps a company is through future forecasts, specifically about sales.
Lets accept it. The ultimate goal of business is to get better sales. With the help of AI, companies can calculate the future of sales even for the next few years. They do it by using billions of past data on market situations, brand following, trends, insights, etc.
And this is insanely helpful for success. Not only can it know whether or not the brand will sell more. AI software provides strategic reports that can also guide the company on its next course of action.
For example, predictive analytics tools such as those of IBM, SAB, and TIBCO help businesses formulate budgets, allocate resources, estimate potential revenue, and plan future growth.
Specific uses of these AI tools: provides individual and team sales quotas to hit, a well-established process for salespeople to follow, and detailed customer relationship management (CRM) to track consumers along the sales funnel.
5. Customer Targeting and Providing Better Algorithms
Social media rampantly use this form of technology. Every user knows this. Say you were searching for the best vlogging camera on Chrome for a set price. Then you log in on your Instagram, and on your feed come a selection of cameras, and this goes on across social media sites like Facebook, Twitter, Tiktok, you name it. which
Todays social media hoards massive amounts of customers data. As a result, some advertising companies and businesses can generate custom-made content for a target audience using these data.
This technology comprises a big chunk of advertising strategies. You can find these handy tools in CRM platforms, social media analytics, Google Adsense, etc.
Fortunately, algorithms and customer targeting are not only to hook people to buy. It also helps brands to present unique and customized content for their target audience. For example, Twitters and TikToks AI gathers previous data so it can suggest things you would most likely engage in.
Even reputable news sites such as the New York Times and Washington Post use customer-targeting tools. It can generate content based on your past interest. And for non-readers, they present stories that are either advertised or organically posted on their other paid channels.
So theres no reason why you shouldnt adopt Artificial Intelligence. AIs customer-centric tools are the key to acquiring more customers through targeted advertising strategies or giving more palatable services to your already trusting consumers.
AI doesnt just directly improve a business. One indirect effect, nonetheless significant, is that AI relates to increasing work happiness and satisfaction. You can scour the entire literature on AI benefits, yet none is greater than that of happiness.
Happy people work the hardest. When AI takes over mundane and repetitive tasks, theres more room for humans to breathe and think. As a result, they get to be more creative and productive, and happy.
AI may not be in any businesses budget. Yet with its tremendous benefits and its projected growth years on, its not long before AI penetrates every market.