Artificial Intelligence (AI) has been in the spotlight lately for several reasons.
As with most technologies and inevitable change, many people are fearful or apprehensive. In situations like this, the easiest way to counter that is to learn more about it.
The media portrayal of AI is sensationalist and the first thing business leaders must understand is that it is designed to work alongside people, not replace them across the board.
While there are undoubtedly some kinks that still need to be worked out in some aspects of AI, the summarized version is that when it is used correctly, it can offer numerous benefits for business – below are the top five:
1. Increased Efficiency
Too much time is wasted in the workplace on repetitive, mundane tasks, and the more tedious the task, the more mistakes happen.
The upside here is that AI excels at repetitive, manual tasks – all day, every day. AI does not get tired, or uninspired, it just does. That means increased efficiency, boosted productivity, and reduced errors.
With the mundane taken care of, your employees are free to focus on more complex work.
2. Improved Decision-Making
Business leaders are all too familiar with metrics and the need to analyze them.
We have all heard it before when terms like “KPIs” get bandied about around the boardroom, but what metrics are worth tracking? That is the question that many brands get stuck on.
We know that data is valuable for improving decision-making, but AI can determine the precise data to focus on. Leverage AI data analysis and pattern recognition for demand forecasting and providing deeper insights into your customer base and target market.
3. Enhanced Customer Experience
There is little more frustrating to an already unimpressed customer than a total lack of response or customer support – particularly after a sale.
AI can not only personalize responses and offer insights into customers, but it can also redefine how brands connect with customers.
The right AI infrastructure can streamline customer service, removing friction points and making the overall experience that much more enjoyable.
As this technology matures, businesses will gain access to even more innovative applications in this area and traditional customer service will be a thing of the past.
4. Reduced Errors
AI can automate repetitive tasks, manage customer service, process claims, and analyze massive datasets – all before lunch.
While AI still requires supervision, it is designed to execute tasks flawlessly. Remember that mistakes are not part of the process; they are a side effect of being human.
AI algorithms accurately identify patterns and anomalies, all while reducing the likelihood of human error.
5. Cyber Defence
Organizations have been grappling with an evolving threat landscape in the cybersecurity world for the last few years.
As technology improves, navigating the unchartered waters gets more challenging. Artificial Intelligence steps in with solutions to control the digital chaos and build resilience
AI enables businesses to detect, predict, prevent, and respond to security threats by identifying them in their early stages before they are executed.
To End
Demystifying AI is the first step in understanding it and the numerous benefits it can have on your business.
Follow these five tips to delve into the exponential potential of artificial intelligence for your company and reap the rewards.
