If you look closely into the abilities of modern machines, you’ll identify human-like intelligence in their operations. Indeed, artificial intelligence comprises three significant aspects: learning, self-correction, and reasoning implemented inside a device.
According to Gartner, 37 percent of business organizations have already implemented AI. Also, the percentage of AI-employed enterprises has grown by 270 percent in the last four years. So these AI machines aren’t only capable of replacing human intelligence; instead, they have become our best assistants.
Certainly, you must be familiar with Google Assistant, a successful product of AI. Be it providing suggestions, recognizing speech, or decision making, computers aren’t dependent on human supervision anymore.
However, humans are downright equipped with the technologies and find it difficult to perform without their assistance. This is the reason behind the active implementation of AI in business executions. Undoubtedly, leveraging AI apps can transform your business, but the significance of business knowledge and degrees can’t be neglected.
Online Learning Opportunity
To stand ahead of the curve, it is essential to acquire sufficient knowledge in your areas of interest. Also, it is equally important to obtain at least a Master’s Degree in Business Administration and Management.
However, practical life won’t let you get to the books as quickly as you’d think. The ongoing pandemic forced academic institutions to shut down to avoid physical interaction between people. But, the positive aspect of those shutdowns was the introduction of online degrees. This is an excellent opportunity for candidates interested in AI and its implementations to enroll in an AACSB online MBA no GMAT required degree program.
Moving on, listed below are five ways modern businesses have transformed by incorporating Artificial Intelligence.
- Saving Money and Time:
AI Systems have introduced businesses with unexpected possibilities. Regardless of the business preferences and tasks, every organization desires optimized business operations. However, efficiency and accuracy in business endeavor was just an unresolved idea before 1956 until the term “Artificial Intelligence” was first adopted.
Indeed, AI technology ensures accuracy in repetitive tasks. It does this by tracking their progress, time, and any variability that may delay tasks. Unsurprisingly, it is intelligent enough to assess the previous business records, identify the expected failures and warn the employees ahead of time.
Hence, AI saves time and money that can be invested further in profitable activities.
- Automating Consumer Interactions:
Converting customer interactions are critical for every business. Well, the old days of hiring customer representatives have gone. Instead, as stated by Servion Global Solutions, AI will be powering 95 percent of customer interactions by 2025.
Even at present, AI systems interact with customers while initiating conversations 24/7 on your business website and app. Furthermore, these systems can help you interact with customers outside of your business environment as well. For instance, tools like a whatsapp chatbot builder can make it easier for businesses to create personalized, automated interactions on platforms where customers are most active. These chatbots tend to handle multiple queries at once, guiding users through common processes such as order tracking or appointment scheduling. Similarly, AI chat systems on websites or apps can assist with troubleshooting or recommending products, taking up the responsibility of dealing with clients and providing them with the required details by scanning previous interactions for better performance.
- Enhancing Customer Experience:
When it comes to the quality of customer experience, it needs to be exceptional. However, at times, human resources might lack their efforts, but businesses can’t afford that. Here, AI systems provide a personalized experience to the customers. Do you remember asking the seller for a product and having a collection of similar products displayed in front of you?
This is how the Machine Learning aspect of AI works. It analyzes the previous searches of the customers and recommends the related products now and then. Unsurprisingly, once you’ve shown your interest in a particular product, you’ll be getting suggestions until you stop responding to them.
- Predicting the After-effects:
Although computers are a human product, they have always proven to provide better predictions and calculations than humans. Furthermore, with the evolution of AI, data-driven predictions regarding customer behavior have helped businesses greatly. Can you imagine already being aware of the products that will be sold in the next summer sale? AI systems can predict it for you.
Regardless of the kind of business, the outcome predictions are highly advantageous as they will allow the employees and entrepreneurs to prepare for the excitement that awaits them.
- Driving Marketing Campaigns:
Successful entrepreneurship requires robust marketing. Hence, the more exposure, the more there are sales. Today, AI technology is helping effectively in driving email and social media campaigns. Its sole purpose is to create ads, target a specific audience and sell the product.
By 2023, these AI-developed social media ads are expected to grow to 28.3 percent, enhancing online exposure even further. Also, it will increase your revenue and set you free from your ineffective ad budget.
Moreover, it is interesting to note that these AI-based ads are created without human involvement.
Conclusion
When determining the perks of AI in business transformation, it is pretty clear that technology is taking over human employment. The task that once required 100 humans can now be technology-led, eventually saving both money and time.
Indeed, it will be accomplished by an AI-powered computer that practices statistical methods, data analytics, and computational intelligence. No doubt, artificial intelligence is the future that promises the end of exhausting trivial tasks carried out by workers.
Also, it offers a 24/7 active monitoring service. With AI-developed systems on hand, entrepreneurs can now focus more on innovative business ideas and focus on scaling their business.