How Artificial Intelligence Is Enabling Businesses To Perform Better
Elliott Hoffman, co-founder of AI Tool Tracker explores how AI is supercharging business performance.
Artificial intelligence (AI) has been a gamechanger for many businesses. The technology has been used to improve decision-making, and automate, speed up and carry out tasks more accurately and efficiently, as well as to enhance customer service.
As increasingly large amounts of data have become available, so, thanks to the development of advanced algorithms used to process it, this has enabled companies to gain invaluable insights into their business and customers. Not only does this inform better decisions, but also frees up time and resources to focus on the more critical work that has to be done by humans.
Artificial Intelligence is used every day across a multitude of industries to automate simple processes that would previously have had to be done manually and are often subject to human error. An AI tools directory often collates these tools, including, but not limited to, data entry, document processing and even customer service.
Business uses for Artificial Intelligence
There are a host of different types of AI currently available that can be used for a wide range of applications. One of the most well documented in recent times is chatbots.
Chatbots enable businesses to communicate with their customers in real-time. Available 24/7, they can handle multiple requests at the same time, from answering questions to providing help and even processing orders, as well as automating basic tasks such as scheduling appointments and setting reminders.
By identifying potential problems, chatbots can help companies to resolve them before they escalate. This, in turn, has the capability to drive greater customer satisfaction and loyalty.
Another major AI use case is predictive analytics. By using machine learning algorithms, it can quickly analyse historical data and identify key patterns, which can then be used to make predictions about future events.
Previously, senior management would have had to trawl through reams of sales reports to work out their targets. But by being able to more accurately forecast sales, identify buying trends and predict customer behaviour, companies can be more forward-thinking and respond with appropriate solutions.
Marketing tool
Artificial Intelligence is also being used to revolutionise marketing. By providing rich insight into customer behaviours and preferences, it enables businesses to develop more targeted marketing campaigns.
The same technology can be used to monitor and measure the success of these campaigns. It also helps to identify and reach out to new leads.
AI’s uses also extend to image recognition, natural language processing and recommendation systems based on a customer’s behaviour and preferences. Image recognition enables the user to identify objects and is used in applications such as defect detection, medical imaging and security surveillance.
Natural language processing is used to analyse and comprehend how humans write and speak. Its applications range from translation services and document analysis to email filtering.
Key risks
Despite all the undoubted benefits that AI can bring, it’s not without its risks. Chief among them is the potential for them to go wrong, provide incorrect or inaccurate results, or be influenced by bias, both in terms of data and assumptions present in everyday society.
Given the large amounts of data required for AI to work effectively, another issue is cybersecurity and data privacy, if that data becomes compromised. But businesses can mitigate against this by safeguarding their customer data with strong security controls such as encryption.
The beauty of AI is it’s largely affordable, adaptable and can be easily integrated into existing systems and technology. As it becomes increasingly more widely available, sophisticated and capable of handling more complex tasks, so its uptake will only become more universal.
Elliott Hoffman co-founder of AI Tool Tracker
