Last editedMar 20222 min read
Artificial Intelligence (AI) is increasingly deployed by businesses, and to great effect, yielding greater productivity and higher earnings.
According to a 2020 Global Survey by McKinsey & Co., 22% of companies say AI increased their earnings in the year 2019. With this in mind, let’s delve into the various ways your business can benefit from AI.
Artificial intelligence benefits in business
Improved efficiency and productivity
The mostly widely acknowledged benefits of AI pertain to increased productivity and efficiency. AI technology can get through tasks at an elevated pace and rate relative to humans. And, with AI taking on these tasks, human employees are freed up to turn the attention to other tasks which require human intervention. Essentially, this means more menial tasks can be handled by AI, allowing employees more time to handle more complex matters. This invariably increases productivity levels and improves overall company efficiency.
Given the rapid pace of the digital age, cutting edge technology is required to keep up. AI can help businesses to expedite the development cycle and the time it takes to carry all manner of tasks and processes within a company. This increased speed will yield tangible results in terms of profits.
Improved customer service
Delivering great customer service is crucial to customer retention. AI can help businesses to interact with larger volumes of customers and provide them with the care and attention they require. Whereas in the past a fleet of salespersons would be required to provide constant and adequate customer service, now the right AI technology can easily deal with numerous customers at once. And, better customer service invariably leads to better customer retention rates.
Greater monitoring capacity
AI’s ability to process huge amounts of data almost instantaneously leads to improved monitoring, as issues can be flagged quickly and action can be promptly taken to address them. For example, AI can rapidly process information obtained by devices on factory equipment, and then identify any problems or defects on the machinery. This means repairs can be carried out quickly, preventing big disruptions. Another example would be in cybersecurity, where AI can very quickly flag any potential security breaches.
Reduced human error
While AI errors are not unheard of, they occur far less frequently than human error. This means that the cost and time lost due to human error will be reduced by introducing AI in your company, ultimately improving overall efficiency and work quality.
Streamlined recruitment process
Companies can use AI to improve their hiring process, and help them process and shortlist applicants in a timely and efficient way. Top-tier candidates can be rapidly identified according to desired criteria, and the initial stages of recruitment can be handled by AI chatbots.
AI can process and analyze customer data far quicker than a human can. This means companies can more rapidly learn about their customer base and adapt marketing strategies to either target specific customer segments or consider ways to expand and reach different customer demographics.
AI can be used to strengthen fraud protection measures and general security procedures. AI can scan your entire system and carry out thorough checks for any threats. Also, unlike humans, AI can identify threats very early on, meaning intervention steps can be quickly implemented and the damage swiftly controlled and limited. Overall, AI can accelerate detection of security threats and response rates.
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