Artificial Intelligence has created a buzz in the market. The top business giants are leveraging this technology to gain a competitive edge in the market. It’s one of the most promising technologies that’s shaping our future.
Microsoft, Amazon, and Google have developed immensely with the adoption of AI for forecasting, adapting to evolving market conditions, and profit generation. Many companies are already reaping AI perks with their early investment.
According to the latest AI and ML development stats, the global revenue from AI-based applications in the industries can reach $31.2 billion, where 87% of current AI adopters are already utilizing AI for sales forecasting and improving their digital marketing strategies.
Now, let’s see how it benefits the businesses:
- Improve Customer Communications & Save Costs
“AI-driven chatbots help the companies in providing 24×7-customer-support by automating customer communications, to personalize the customer experience”.
In 2021, the chat will outdo other customer service platforms. AI-driven chatbots enable companies to provide 24/7-customer-support by automating customer communications, providing a more personalized user experience. The advanced natural language processing improvements enable “bots” to pick up communication nuances plus mimic human speech better.
According to an AMA study, chat enhances the customer journey, leading to a significant hike in revenue and customer satisfaction.
Banks with recently added chatbots have seen a decrease in salary and benefit costs while advancing back-office efficiency. For small businesses with low budgets or human resources, AI-enabled chat is best. It can fill customer service gaps.
- Streamline the Hiring Process
“In a highly competitive world with small talent pools, AI decreases the time to fill open roles, examining candidate applications at a quicker rate than your HR department.”
The next area where AI can boost efficiency is the HR department. It can aid in the recruitment process. Through automated screening calls and by automating candidate applications, AI speeds up the candidate review process. It also aids in eliminating human bias from preliminary screenings, and it’s excellent for workplace diversity.
In competitive fields with small talent pools, this technology decreases the time to fill vacant roles, analyzing candidate applications faster than human agents.
You might have heard about PepsiCo’s news where at once they needed to fill 250 jobs within months. For this, they have used a robot named Vera to conduct first-round interviews. The robot interviewed 1,500 candidates in nine hours, whereas human staff would take around nine weeks to interview the same number of candidates.
This technology provides AI a competitive edge in the recruitment process by boosting cost-efficiency in securing talent.
According to Talent Board’s study, when companies create a positive candidate hiring experience by reducing the recruitment process’s overall time, they cut their per-hire costs.
- AI Unlocks Opportunities
“AI adds value to customer service, aids in generating new revenue and reduces costs”.
Perhaps the most substantial business benefit of AI is the reduction in human error. One time-consuming process prone to human error but essential to business success is forecasting cash flow. AI technology can help a business automate accurate forecasting without manual intervention. It provides companies greater visibility of their future finances, empowering them to make better decisions and take actions to achieve goals.
According to the latest McKinsey study, companies using AI will experience a hike of 120% in the cash flow by 2030. It’s crystal clear that AI will add value to customer service, produce new revenue, plus reduce costs.
Further applications for technology to advance business seems to be endless, limited only by our imagination.
Whether you belong to healthcare, restaurant, or any other industry, to benefit from the innovation that AI makes possible, you must begin with a robust foundation in business fundamentals.
EU Business School’s programs combine theory with practice, teaching students how to apply emerging technologies to improve business continuity.
- Increase Forecasting Accuracy
“AI technology helps a business automate objective forecasting with no manual intervention”.
The most substantial benefit of AI, in my opinion, is human error reduction. The advanced AI technology helps the business in automating accurate forecasting with no manual intervention. It gives companies a better idea of their future finances and empowers them in making the right business decision to achieve goals.
After learning the above benefits, you might have a clear understanding of the business benefits of AI. With all these points, we can also predict its future where it will become a competent part of our business. Indeed, AI is competent in taking your business to great heights. So, start leveraging this technology today and get benefits.
No matter which industry you belong to, in this digitized world you have to start with AI. It lays a strong business foundation and makes every innovation possible. Though, now it’s important in the business fundamentals too.
For better guidance, you can also connect with the top AI and machine learning company in India. They will guide you better and give your business the right guidance.