Who would have thought 10 years back that humans would actually be able to set reminders, book travel tickets, and get updated about the weather just by using their voices? This is how exactly without even our realization, AI became an integral part of our lives.
Not only AI has transformed the personal lives of humans but it also brought a wave of evolution to the business world. This is the reason businesses are actively investing in artificial intelligence. In fact, as per statistics, nine out of ten growing businesses have ongoing investments in AI technologies.
Moreover, by the end of 2027, the market value of AI will be approximately $267 billion. Hence, it is really clear that AI’s future is really bright and it will only grow in the coming times. Hence, it is essential for you to know how exactly AI has the capability to change your business forever.
Thoroughly understanding the benefits of AI can assist you in making an informed decision on deciding whether to adopt AI or not. To assist you with the same, let’s dive right into the blog and effectively understand what benefits AI can bring along that will transform your business forever.
- Extracts Strong Insights
Today every business is sustained on the informed decisions they make based on the insights driven from the collected data of the internal and external environment of the company. However, as Jay Baer correctly quoted, “We are surrounded by data, but starved for insights.”
This implies that data only is not enough, you need data-driven insights that can assist you in gaining a competitive advantage. That being the case, AI-based tools, and software can assist you in extracting insights based on your internal and external data of the company.
These insights can be assisted in enhancing the efficiency of your supply chain, customer service, digital marketing, and whatnot. Hence, this way you can also enhance the growth and profitability of your business by effectively implementing AI-based tools and software.
- Offers virtual assistance
We are all already very big fans of Alexa and Siri. These virtual assistants became an irreplaceable part of our lives. In fact, as per statistics, digital assistant usage worldwide is expected to double to 8.4 billion by 2024. These virtual assistants are not only limited to personal homes, it has assisted many businesses in enhancing overall efficiency.
To elaborate, some of the effective benefits of AI based virtual assistance are mentioned below
- Enhanced productivity – Virtual assistants never get tired and this is one of the crucial factors that contributes to enhanced productivity of the businesses. This enhanced productivity can enhance the efficiency of your business which can result in increased revenue for your company.
- Increased lead generation – Leads are the halfway confirmation of possible sales. AI based virtual assistants have the capability to generate leads for your business which can possibly result in enhancing your clientele base.
- Identify the right team – It is no hidden fact that finding the right candidate from the talent pool is not a piece of cake. To help you with this, AI softwares can actually scan and shunt out the compatible candidates matching the vacant profile which will assist you in making your recruitment process easier.
This is the reason studies showed that 99% of Fortune 500 companies had AI tools somewhere within their hiring plans. These AI tools will assist in identifying the right team which can assist in taking your business to the next level.
By hitting the bottom line, benefits of AI based virtual assistants clears that their implementation will only bring profits for your company. So what are you waiting for?
3.Automation of repetitive tasks
One of the biggest and most common advantages of artificial intelligence that almost every business avails is that it automates repetitive and mundane tasks that are often performed by employees manually.
However, did you know as per statistics, 90% of employees feel burdened by repetitive tasks? These tasks not only impact their overall productivity and efficiency, but can also result in their disengagement. On the other hand, if you implement AI based software in your company, it will assist in boosting productivity and efficiency of your employees by automating their repetitive tasks. It will assist in saving them time and will also boost the employee engagement rate of your company.
Along with boosting the productivity and efficiency of employees, automation of AI can also assist in saving costs of business operations. To elaborate, when tasks will be automated, you do not have to pay your employees for performing them manually. This will assist you in saving extra costs. To validate, research showed that many industries who implemented AI to automate core business processes have seen a cost reduction of 20%.
4.Smoothens business operations
As discussed above, AI enhances the productivity of your business and your employees. This enhanced efficiency contributes to smoothen the overall business operations.Along with this, we all know that humans are prone to make mistakes. However, this is not the case in machines.
Hence, AI will reduce the possibilities of making errors which will contribute to smooth operations of your business. This smooth operation will benefit your business in the long run in terms of profitability.
Along with this, AI’s machine learning capabilities can also assist in predicting the future trends. Based on these insights, you can effectively understand the needs and demands of your target audience. Hence, your business can improve the development of products and can make improvisations based on these trends.
5.Increases customer satisfaction
We all are very well aware of the fact that customers of any business are its biggest competitive advantage. Hence, it is really essential to keep your customers satisfied in order to sustain in the modern competitive environment. To attain this to full potential, AI can be your one step solution.
To elaborate, AI based chatbots has the ability to solve the queries of customers on their own and can be available for them 24*7. This will assist in solving the queries of the customers instantly which can contribute in enhancing the customer satisfaction with your brand.
Along with this, AI can also personalize the recommendation and suggestions for your target audience vision your website or applications. This can assist in pitching the right products to the targeted customers which can enhance the possibility of influencing their purchase decisions. And we all know that satisfied customers means successful attainment of SMART goals.
Moreover, in the modern world, people like to see personalized recommendations. In fact as per studies, 66% of the consumers claimed that they will not purchase from the brands that do not offer personalized recommendations. Hence, it is another valid point why you need to invest in AI today.
To encapsulate, whether we like it or not, artificial intelligence has successfully made its place in almost every industry. Hence, it is crucial to understand how AI can transform your business. That being the case, the above-given points will assist you in convincing that if you are not already using AI, your business needs the implementation of this technology today.
Jessica Robinson loves to write interesting and knowledgeable blogs regarding business management, education and life to satiate the curiosity of her lovely readers. Currently, she is serving as a content manager at the ‘Speaking Polymath’. Every piece of content that she writes demonstrates her immense love and passion for her profession.