6 Ways in Which Artificial Intelligence Will Impact Business in Coming Decade

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6 Ways in Which Artificial Intelligence Will Impact Business in Coming Decade

Artificial intelligence is a word that we hear now and then. One of the few things that come to our minds when we say artificial intelligence or AI is ‘Siri’ or ‘Alexa’. While Siri, Alexa or Clever Nelly are making our day to day activities easier, there’s much more to artificial intelligence than that. The goal of artificial intelligence is to make computer programmes or computers smart enough to imitate or copy the human mind’s behaviour. Let’s see how artificial intelligence can help you achieve your business goals.


Machine Learning
Machine learning is the science of designing and applying various algorithms that can learn things from past cases. For example, complex algorithms can analyse a past case of credit card fraud and can manage such situations beforehand. But if there are no previous cases, these algorithms won’t work.


By pairing artificial intelligence in business, the programme won’t be limited to the computer instruction that the programmer wrote. It will be more flexible and will require less programming than traditional programmes. Artificial intelligence will change the way the software behaves and make it work proactively based on previous results or data.


Find Better Candidates, quickly
While at the workplace, we heavily depend upon machinery, humans are still the backbone of every business. Artificial intelligence will help in identifying things like for how long workers stay in a particular position, what’s the cost per hire, which positions are quickly filled and which take longer and so on. Company’s process mining technology will help businesses to understand how their employees are behaving. 


With the help of artificial intelligence in business, the human resources department can increase the ability to identify the bottleneck in the recruitment process and can reduce the costs by 30%. This will ultimately help in hiring the perfect candidate quickly.


Say No to Errors and Theft 
We are all human, and we are bound to make errors. No matter how minor (or significant) they are, it does affect business. Plenty of people are afraid of the scenario where the AI-powered robots or artificial intelligence services will take over their workplace, but it will prove to increase the efficiency of the business.  If the system is properly developed, artificial intelligence can eliminate the tiniest of human error and create an almost risk-free environment for the company.


For a company that is heavily dependent on internet, laptops, smartphones and other such devices, one of the biggest fear is a cyber-attack or theft. Once the artificial intelligence learns about the patterns, algorithms, system and decodes deviations, it can reveal in process-attacks and malfunctions, saving the business from a massive loss.


Customer Service
Customer service is one of the most crucial aspects of any business. It is one of the most time-consuming processes as well. A single complaint of customer issue can take hours and hours to solve. But with more customers explaining their problems yo chatbots, the time taken to resolve a complaint can be cut short. 


Although chat bots still lack that personal touch, with time, as the technology evolves, so will they. Apart from that, tools like Digital Genius are now being used to create a flawless, human-like conversation with the customer. With the help of artificial intelligence services, companies can collect more and more data, process it and get to know their consumers and their behaviour patterns better. This will help in updating their policies.


Measuring Big Data
Artificial intelligence companies won’t be able to work without big data. With no data to work on, all the AI algorithms won’t be able to function. Big Data and AI are the two terms that are going to be the future of any business in the upcoming era. It is essential for a business to preserve the data generated in the vast amount, so they don’t miss out on anything. Machines capable of performing evidence-based reasoning and deep-content analysis can accelerate and improve decisions for a company dealing in people’s management.


When it comes to managing big data, artificial intelligence and its algorithm-based branches like machine learning and deep learning are used to analyse and manage it. It is used in finding trends, patterns and predictions. Imagine how useful will it be for a stock market or finance business!


Lead Generation
According to Google, lead generation is the process of identifying and cultivating potential customers for a business’s products or services. For any company, any expenses linked to consumer acquisition via lead generation are important. Top AI companies are now using some AI systems that can process data better than the human. These AI-based systems better analyze consumer data from their social media and understand their interest. Or it analyses human language and compiles a clear picture of buyer persona using this information.


Systems like Node find out and suggest new potential customers from social media date or by integrating with the marketing automation software. While there are plenty of AI-based lead generation tools out there, one hiding in plain sight is LinkedIn’s Sales Navigator tool. It hunts down the right leads on LinkedIn and helps you engage with them better. Along with lead generation, there are artificial intelligence based systems that help you convert a lead to sales.


These are just six areas of a business that can be mastered better with the help of artificial intelligence services. Top AI companies also help in many other areas of business such as administration, enabling wholly autonomous process, time management to name a few. In any case, artificial intelligence in business is going to be the future if the business. So, it is best to adapt and join hands with AI for bigger and better success.

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