5 Key Benefits of Artificial Intelligence for Business [With Examples]

Not only the tech, but even many non-tech companies are also starting to embrace artificial intelligence in their business. Artificial intelligence has become a common word we hear every day in many places.

AI  is not a new technology – it dates back to 1956 when it all started. But it took a lot of time to come out of the lab to use. Since it came out, many tech giants like Apple, Amazon, and Google have started to incorporate artificial intelligence like Siri, Alexa and Google Assistant, respectively.

Today, AI is not only embraced by big companies, it is also preferred by many small to large companies irrespective of their field. From smartphones to self-driving vehicles, artificial intelligence is applied everywhere.

So, if you are planning to embrace AI in your business, you’re at the right place!

Let’s discuss how you can leverage artificial intelligence for business success.

What is Artificial Intelligence?

In simple words, artificial intelligence (AI) is a combination of many software technologies to build a system where a machine can work like a human brain.

It’s a combination of many different technologies like data science, machine learning, data analytics, automation and more. Altogether, artificial intelligence is built to make life easier.

Mostly, we see a lot of explanations and examples in science fiction movies and novels. But it’s not the same as shown and explained. Artificial intelligence is emerging and not in the advanced stage as shown, and it creates very little negative impact if used properly.

Let’s look into the two different and most common terms used in understanding artificial intelligence.

• • 1. Machine learning
    2. Deep learning

Machine learning

Machine learning is a subset of artificial intelligence. Machine learning is used everywhere, like when you make an online bank transfer, shop online, and use social media .

Basically, machine learning (ML)’s job is to build a system that learns and improves the performance of the system based on the data consumed.

Most of the time, while talking about AI, machine learning is included everywhere, but they are not the same. To make it clear – all ML is AI but not all AI is ML.

Deep learning

In the case of deep learning, it is not a subset of Artificial intelligence but a subset of machine learning. It has artificial neural networks like human brains.

In deep learning, the neural network is an algorithm that looks into a large amount of data sources and analyses them without the invention of humans. As a result of the analysing, it creates an accurate result without any human intervention.

Many AI technologies are driven by deep learning. An easy example of deep learning is face recognition on your phone. Here are the other examples of deep learning.

How does AI help businesses?

Today,  you can access an enormous amount of data on the internet, which benefits your company.

You can get data from everywhere – say social media, websites, search engines, apps, advertisements and more. There are multiple ways we can use data effectively.

So if you have a question about how to use AI in your business? Here is the answer.

Think of using this amount of data to evaluate and make a strategy for your company to drive growth. And by using AI, you can seamlessly accomplish your business goals faster.

The adoption of AI in health sectors have made a strong difference and it also helps in saving lives.

Let’s talk about the benefits of Artificial Intelligence across different industries.

Benefits of Artificial Intelligence

1. Smart pricing

The use of AI in pricing is going beyond ways. One challenging work most companies face is to determine the price of the product or service.

Using artificial intelligence and machine learning along with a good amount of data will help you plan the perfect pricing.

To determine the pricing for a product, you will need huge amounts of information like customer activity, competitors’ prices, production cost, customer review, customers willingness to pay and more.

Read the main factors that affect the average app development cost in 2022.

With the help of AI, companies can easily record and analyse the customer’s willingness to pay and how the customer from different channels like online and offline customers behave. AI can also mix and analyse these data for better conversions.

With this kind of information in hand, AI and ML will come out with a pattern that will help you determine the perfect pricing for your product or service.

Also, with the help of AI, you can easily produce a pattern that informs the pricing gap and discount patterns for more sales and revenue.

You can evaluate which kind of discounts are working and which are not, then easily eliminate the ones which don’t work. With this, you can increase your profit without those discounts.

There are two different types of AI pricing:

• • 1. Dynamic pricing
    2. Aggregate pricing

Identifying the blind spots in pricing, discount and retargeting the existing customers will be a massive task in a spreadsheet. With AI in pricing, you can do the analysis better than ever which yields high profits and new potential customers.

Companies using AI for pricing are Amazon, Uber, Zara and more.

2. Customised recommendations

As an online buyer, have you ever experienced a pop-up like “customers who bought this also bought…”

From movies, online shopping to buying cars, there are recommendations. The recommendation engine is one big thing to consider for improving your sales and revenue.

With the help of AI recommendations, you can show customers the products similar to what they are looking for.

AI analyses numerous search histories, history of purchases and more data to show the precise and tailored recommendation for every individual customer.

About 80% of the shows viewed on Netflix are through recommendations. Also, Amazon gets 35% of its revenue from recommendations.

This is how the recommendation process goes. First, the data collection will be done, after that the data will be analysed. Some of the ways the data is analysed are:

• • • Near time system
    • Near real-time analysis
    • Batch analysis

After the data gets analysed, it will be filtered to provide relevant recommendations. There are different ways to filter the data:

• • • Content-based filtering – Focused on the single customer and provides a recommendation.
    • Cluster filtering – Focused on the small group of customers who have similar activities.
    • Collaborative filtering – The purpose of collaborative filtering is that two users who have liked the same item earlier will like some more products in the future.

3. Automated recruitment

One crucial task in human resources or recruitment is to screen out the right candidates from the pool of applicants. Many companies struggle to do that.

AI can make the screening process easier. AI can screen the perfect candidates, tracking them down and scheduling the interviews. It saves a lot of money and time for this process than you’ve imagined.

AI can also provide information like cost per hire, how long the candidate continues in a position or in a company and more.

One good example of AI in recruitment is when PepsiCo used Robot vera to call and interview candidates for many open sales positions.

There is also a very good possibility of making interviews in the automated chatbots which will end up saving a lot of resources.

4. Enhanced customer support

After marketing, customer support plays a vital role in the reputation and growth of a company. And it is time-consuming.

Embedding the AI along with traditional customer support will reduce a lot of time for both the customers and the company. Chatbots provide good rapid questions and direct the customer to the relevant page or executive to clear their doubts and queries fastly.

It also avoids unnecessary calls to customer services by providing the proper links or details at chats themselves.

AI makes customer support simple, enhanced, faster and reliable. Very crucial advantage it is also available 24*7, 365 days a year.

5. Improved Cybersecurity

Cybercrimes are not getting low. We are humans, and human errors are unavoidable. A single error in the coding may lead to cybercrimes where they can obtain a lot of valuable data from your app or website.

But AIs are machines, and the error is manageably low. It lowers the risk of cybercrimes and improves cyber security . Most customers look for the safety of their personal information.

Nowadays, the strength of your cyber security builds trust with your customer. So adding AI to your security system will surely intensify cyber security and also trust.

Best examples of artificial intelligence in business

So we have gone through good details about AI. We now move to know more about some best AI examples in business, which are already developed and make lives easier.

Let’s look into some smart products with AI

Robots – Not just a human touch, but also look like humans many times. Can do physical work like us.

Robot Vacuums – Spot the dirt or objects with the help of AI and clean them.

Smart furniture and more.

Smart assistants

Siri, Alexa, and Google are the AI we use frequently in our daily lives. Manage your calendar, make phone calls, do a rain check, make orders, set reminders and whatnot.

Amazon’s Alexa can do more than 70000 actions by our voice command, and it is literally AI.

Face recognition

Let it be a smartphone, your house door there is face recognition, and it’s obviously AI. Building security with AI will be the future for better security.

The next level example of AI is Dominos – they are trailing to deliver pizza with robots within a specific distance.

IBM’s chef Waston tool helps chefs and restaurants to come up with new dishes and flavours.

Instagram and Twitter use AI for removing cyberbullying comments and texts from the pages by providing the bullying swords to the algorithm.

Conclusion

The benefits of using AI in business are numerous. We are at the starting stage of using AI for businesses, and there are more to come. At every stage and with new outcomes, changes are huge and start now to avoid big changes at a time.  We can easily avoid repetitive tasks, process data faster, improve decision making and avoid many human errors.

In the near future, collaborating with AI with the traditional method of any department of your company will make you stand out from your competitors and gain the trust of your customers.

Looking to add AI to your business for enhanced results. There are many software and product development companies that will help you through the process of better implementing AI according to your business needs.

Go with the trend or be the trend add artificial intelligence in business to win and sustain for a long time with your business. AI development company

Also Read:Top 10 advantages of Artificial Intelligence in Mobile App Development.

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