Top 4 Roles of Artificial Intelligence in Business

As a business, you’ll want to implement AI for its problem-solving abilities. And its ability to meet organizational goals – without much human intervention.Top 4 Roles of Artificial Intelligence in Business

Today, more businesses use chatbots to make customer experience seamless and faster. They use email spam filters to weed out unwanted emails.  None of this would have been possible without AI.

With deep learning algorithms, AI can absorb large volumes of unstructured data including text, photos, and video. Now, how can artificial intelligence help businesses? Let us find out more about the role of AI in business.

What is Artificial Intelligence in Business?

Today, businesses can no longer rely on traditional business practices to promote growth. Furthermore, changing preferences and complexity of customers add to the problem. 

Artificial intelligence offers actionable insights for businesses and helps identify customer trends better. But it’s not just improving the customer experience that we are looking at. Using AI can help improve productivity, raise revenue, and drive business growth and change. 

Uber is a good example of a firm that has employed Artificial intelligence to alter its business. Uber uses artificial intelligence to connect clients with nearby rides. Customers can easily communicate with Uber drivers, making the overall experience more efficient.

Other examples are Amazon’s voice assistant Alexa, Apple’s Siri, and Google’s personal assistant. 

There are a variety of different commercial applications for AI. Let’s take a closer look at them.

Role of Artificial Intelligence in Business

Now, only the biggest firms could previously afford to invest in AI technology, but this is quickly changing. 

Given AI’s rapid development, it is more probable that startups will be able to use the technology before MNCs. Artificial Intelligence for business can help boost productivity and streamline processes. 

1. Boost Revenue

When it comes to increasing your sales, AI offers a lot of straightforward alternatives. AI can help invest in the right technology, assess items, and change marketing tactics. How does AI do this? 

When it comes to cutting down costs, AI offers numerous advantages. Here are some of the ways by which an AI development company helps in boosting revenue:

  • Analyze data and trends to provide high-quality leads for the sales team
  • Helps find out the target audience quickly
  • Can provide personalized content based on customer data
  • AI data can be utilized to deliver tailored solutions to individual customers
  • Analyzes trends in order to determine the best pricing for a product
  • Lowers marketing expenditures
  • Identifies cost-cutting opportunities

2. Market Research

Apart from finance, analytics is bringing AI into a variety of other corporate domains – like marketing.

AI, for instance, can assist in determining the most effective marketing plan. This is done by utilizing data from prior consumer patterns and marketing campaign results.

Because of AI’s ability to learn and the absence of human tiredness, it may be able to make better data-based assumptions than a person. Here’s how AI helps out in market research:

  • Analysis of open-ended text answers with efficiency
  • Find the appropriate people more quickly.
  • Market research algorithms that are quick and efficient may provide reports for professionals, saving them a lot of time.
  • Removes the possibility of unconscious human bias
  • Improves customer experience
  • Reduces the cost of market research

3. Customer Service

Providing each client with a unique customer experience is critical to retaining their company in the long run. Customer service was reactive to issues or complaints before AI came into play. 

Now, you can train cognitive technologies like AI to communicate with clients.

AI can interact with clients on a one-on-one basis to learn about their individual preferences. After this, they may program themselves according to the needs of the clients. Thus, businesses can reply to complicated user demands using chatbots and machine intelligence. 

The most common roles of AI in customer service are:

  • Answering the most commonly asked questions by users
  • Utilizing natural language understanding
  • Expanding customization options
  • Chatbots make communication easier
  • On-time customer communication
  • Provides virtual assistance
  • Understanding consumer behavior trends
  • Identifying root causes of problems

4. Human Resources

Human resource professionals now work in a very different setting than they did before the pandemic. For one, virtual recruiting has now become a common practice. 

Today, there is a greater emphasis on diversity and inclusion. This is especially because companies have shifted to hybrid and work-from-home modes. 

To stay competitive, new platforms and technologies are essential, and AI is at the forefront of this development. 

Here are the different ways AI helps improve Human Resource Management:

  • Artificial intelligence can aid in the hiring process by analyzing candidate profiles
  • HR managers can use AI to examine a potential candidate’s previous work experiences and interests and match them to the best jobs
  • Cuts down costs of  hiring processes
  • Offer training for employees of the organization
  • Help your organization become more sustainable and profitable
  • Study formal and informal business ties
  • Aids in the development of business strategies that improve organic information exchange

Are you Using AI For Your Business?

Artificial Intelligence can play numerous roles in a business. While the intelligence behind AI is artificial, its applications and use are as genuine as they come. AI, like the internet of things, has the potential to drastically alter the economy. AI’s demand is only likely to rise in the future years as more business owners realize its value.

If you are a business owner who has not yet used AI, now is the time to do so. You will be surprised by the immense growth it can bring to your company. 

After all, this is only a fraction of what Artificial Intelligence can accomplish. Artificial Intelligence has a lot of untapped potential that can help organizations achieve a lot more by utilizing it. So, make sure that you are adopting AI in your business to increase efficiency and boost opportunities. 

Jitender Singh

Jitender Singh, the owner of this site, is a technical expert, SEO expert, YouTubber and a experienced blogger by profession. He basically belongs to a middle class family in Faridabad.

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