Welcome to this post about the benefits of Artificial Intelligence on Businesses, via Afrokonnect. Research on Ai have begun since 1956 but it has been relatively unknown to much of the populace – in recent years its impact has tremendously increased in all sectors as there isn’t a sector ranging from sports to healthcare to security that hasn’t felt the much needed impact of Ai.
In the world as of today over 80% of the population have been affected by Ai either directly or indirectly and all these shows its wide coverage and very soon its general acceptance. Ai has been accepted in all sectors but businesses have had the lion’s share of the cake so this article will be devoted on outlining the various benefits of Ai on businesses across all sectors of life.
What is Artificial Intelligence (AI)?
Artificial intelligence also known as AI is a situation where computers are given the ability to learn from their past experiences, adapt & gain experience in their niche hence aiding computers to perform various tasks with the aid of data and very minimal mistakes. Here are the 4 activities engaged by a computer software that shows it is powered by AI- technology, they include:
- Learning
- Planning
- Problem-solving
- Forecasting
With the speedy advancement of AI it is able to provide similar answers as a human when presented with the same data that a human has access to. In the business realm, Artificial intelligence have been used to solve 5 major problems that the sector is usually faced with, among which includes:
- Providing business trends
- Providing in-depth analysis on human data and interactions
- Making predictions as they have a 80% accuracy or more.
- Reducing the work force hence providing more efficiency at a minimal cost
- Providing suggestions that aren’t driven by assumptions/feelings but by data
The impact of AI has a wide spread across all sectors so if your business hasn’t been integrated with AI tech, you are lagging behind your competitors as the AI market is expected to cross a threshold of over $500 billion by the year 2024 (that’s next year).
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Benefits of Artificial Intelligence in the business realm
AI has been very impactful and significant to the rise of many businesses in the past couple of years and helping top brands remain relevant in the game (WOW), so I would suggest you grab some popcorn as I will be expatiating on how AI is transforming and benefitting the business realm:
1) Reduce Human Error:
There is a popular saying which goes thus “No one is above a mistake”, this is correct when considering the human factor as no one – even the most skilled person known to man is liable to mistakes but this isn’t applicable to machines.
Some may argue that machines malfunction and I would counter those claims that as long as you don’t mishandle the equipment or input wrong programming when giving the computer instructions – you should have a long lasting and error free computer. In English, a term has been coined out “AUTONOMOUS ARTIFICIAL INTELLIGENCE” — it is a situation where AI can handle its operations independently without any error.
2) Reduce costs:
As of the 20th century to build an industry or a big enterprise requires that you have a large workforce to sustain it and once the staff wages and other bills have been paid the profits remain very little hence reducing growth in the operations of various companies.
The growth of AI in the 21st century has been very significant to increased productivity with lesser workforce as an AI driven equipment can perform various tasks with more efficiency and lesser maintenance costs hence resulting in increased revenue for the company.
3) Financial Analytics:
When it comes to anything data AI can be likened to Arsenal Football Club (Hope you get the logic);
AI uses data to provide 100% reliable analytics on various monetary policies, For Example: Google Analytics uses AI driven technology provide bloggers with the needed information to grow their income and it’s all based on consumer data. Humans might find it very hard to analyze a huge chunk of data but for AI technology surprisingly it’s a normal day in the office.
4) Accurate Market Research:
Data never lies hence AI can’t lie. AI provides seekers with various research on the market such as trends, likes and dislikes of the customer using market data, For Example:
AI can’t take data from various search engines to provide seekers on various trends such as trending clothes, shoes, bags, cosmetics and the likes. Note: Search Engines don’t sell your data but uses it for research and all these has your permission.
AI unlike humans doesn’t fatigue so you can get access to these information on a 24/7 basis; Using market data and its ability to learn can provide you with an effective marketing strategy to remain relevant, become relevant or penetrate the market.
Benefits of Artificial Intelligence
5) Chatbots:
Most humans are fond of panic with little crisis with a product and call the customer support, For Example: Zoey doesn’t know how to operate a washing machine but instead of reading the manual or asking a friend nearby for help they prefer to call the customer support hence enabling those with harder problems unable to reach the customer support.
Various companies have looked careful into it and with the help of AI- technology developed a software known as a Chatbot – this is a software which communicates with the customer directly and address minimal problems while transferring pressing issues to human workers through tickets as all the details of your problems have been provided in the ticket hence enabling the human employee solve your problem quicker and more efficiently.
6) Recruitment of employees:
When one think of company requirement it would ordinarily involve the company posting job ads, people applying and being called up for an interview but AI has improved that as various companies uses various AI- powered solutions to find skilled candidates efficiently while human interaction will still be needed and a must to selecting the best candidates.
AI has come to stay so instead of keeping your business in the dust it is important to integrate into your company’s operations. It is important to note that unlike other technologies AI can’t work alone and has to be incorporated with a human workforce and a business structure to meet the company’s expectations and improve productivity.
Benefits of Artificial Intelligence
Conclusion
AI technology has become an essential tool for businesses of all sizes and industries in recent years, providing a range of benefits that can help organizations to streamline their operations, improve their decision-making processes, and drive innovation. In this article, we have explored some of the key ways in which AI can benefit businesses, including automating routine tasks, enhancing customer experiences, and enabling better predictions and insights.
While there are some concerns around the ethical and social implications of AI, its potential to transform the way we do business is vast, and companies that invest in AI technology are likely to reap significant rewards in the years to come. Therefore, it is important for businesses to consider integrating AI into their operations to stay competitive in today’s ever-evolving marketplace.
