Implementing new ways to gain a competitive edge in any industry can prove challenging. However, the benefits of Artificial Intelligence (AI) and machine learning are fueling business growth for companies large and small.
Having this enhanced technology within your business can serve up significant development opportunities that can certainly take a company to the next level. From machine learning chatbots to AI powered news API, the potential for business growth is exponential.
A Harvard Business Review survey found multiple benefits for AI among executives:
To give your business the edge it needs, you should be considering technology like artificial intelligence. Still on the fence? The following AI benefits fueling business growth may prove profitable. Let’s dive in!
1. Big Data Mining
One major benefit of utilizing artificial intelligence in your business is the ability to pull, compile, and analyze big data. With AI, you can make big data mining simplified, allowing your company to discover essential, real-time findings.
This can give your company a serious advantage in your industry. Businesses that have big data mining that is effective can get valuable insights before competitors in the same market.
2. Automation Made Easier
Automation has become more than a buzzword for businesses. Automation is now a necessity for business growth and success. AI can make operational automation easier across the board.
For instance, artificial intelligence and machine learning can help pull data from the internet and analyze the data for future business decisions. AI automation can also control robotics, streamline customer services, and more.
3. Predictive Outcomes Are Enhanced
Another artificial intelligence benefit fueling business growth is the ability to utilize AI to predict outcomes. With big data mining and automation in place via AI, you can easily find predictive outcomes in the analyzed data and models.
For instance, customer data patterns can deliver insights into the kind of products that you can offer discounts on to move large volumes. Demand, trends and more can all be highlighted utilizing AI and machine learning.
The business crystal ball is artificial intelligence. Not using AI to predict business outcomes can hinder your company’s growth and open the door for your competitors to grab up more market share in your industry.
4. Streamlined Customer Support
Customer support and assistance is more important than ever before. The age of online ratings and reviews via Google and other internet sources has made it critical to get customer support right. Otherwise your business could be in big trouble.
Artificial intelligence and the technology behind AI can streamline customer support processes and make assisting customers easier and faster. For example, AI can improve a company’s ability to help tens of thousands of customers at once.
And the customer support ability of AI technology will only get better over time due to machine learning. You can also utilize AI to deliver real-time updates and other important messages to customers. This can be valuable to enterprise companies with large consumer markets.
5. Powerfully Positive Customer Interactions
Did you know that 85 percent of a business’ customer interactions will be handled by some form of AI machine technology? That is a big leap since the inception of artificial intelligence in the business world.
“AI, chatbots and automated, self-service technologies free up call center employees from routine tier-1 support requests so they can focus on more complex tasks.” explained Christie Schneider in a IBM article.
Artificial intelligence creates a powerful customer interaction by collecting data from previous customer communications, making it possible for AI support technology to respond in detail to future customer requests, questions, and more.
This can be seen via AI and machine learning chatbots. The technology ensures fast and positive customer communication at the highest level of support.
6. Artificial Intelligence Can Improve Recruitment
Business growth can’t happen if you don’t have the talent to facilitate growth and success. This is why AI is utilized in the recruitment process, streamlining top talent from interview to onboarding.
Essentially, artificial intelligence automates recruitment processes via fast candidate application review, automated candidate rejection, automated candidate steps, and more. This can save HR professionals in a company a ton of time and resources.
Are You Fueling Business Growth With Artificial Intelligence (AI)?
There are definitely a ton of AI and machine learning benefits for companies large and small. The above benefits of AI are only a few of the most important. But they do remain the tip of the tech iceberg.
Artificial intelligence can add serious value to any company. From automation to streamlined customer support, AI can be a game-changer. And you can implement AI into almost any business process.
How will you use AI technology to fuel business growth for your company? The options are varied, but the results are powerful.