With more than 1 billion people using the internet, it is not surprising that every business dreams to be on top in this overcrowded market. And with so many businesses offering similar products or services, it’s harder for them to get audience attention and achieve their goals.
For the past few decades, engineers and developers have been exploring ways to automate some tasks so they can be performed easily. With Artificial Intelligence (AI), businesses can efficiently accomplish their goals by providing lower costs and time.
After considering the emerging queries and doubts on AI use-cases, their benefits, and business implementation, I am here to resolve these queries.
I hope you are curious to explore it all, so let me begin with the existing market scenario of AI.
Table of Contents
AI Current Market Scenario
Artificial Intelligence was coined decades ago, but it is still evolving. The term has been used in many movies and novels, making people fear AI abuse’s consequences.
But modern AI is not as harmful as we think. Instead, it can benefit us a lot by minimizing errors and efforts. Talking about the existing mark condition, here are some statistics you must check-
- The global artificial intelligence market was valued at USD 62.35B in 2020 and will perhaps expand at a CAGR of 40.2% from 2021 to 2028.
- As per IDC Worldwide Semiannual Artificial Intelligence Tracker, by 2024, the AI market may break the $500B mark with a five-year CAGR of 17.5%. It will reach an impressive height of $554.3 billion.
- The economic influence of Artificial Intelligence in the worldwide logistics management market was $1.5B in 2020. It is supposed to rise at an annual rate of over 45%, reaching $4.8B in 2023 and $10B in 2025.
- The Gartner study through “AI and ML Development Strategies” shows that by 2022, the surveyed companies predict to have a standard of 35 ML or AI projects in place.
9 AI Use-Cases in Businesses
AI is not entirely replacing humans. Instead, it’s empowering them with incredible capabilities. So, we can say it’s a win-win situation for both business and AI developers. Let’s have a look at some of these AI use-cases that you can implement in your own business:
-
Product Recommendations
Have you ever gone shopping and did not know which product to buy?
If your answer is yes, then don’t worry. Companies like Amazon and Flipkart have already developed solutions for this problem.
AI-based recommendation engines are helping customers find the right product from a long list of options at the best price.
-
Predicting Customer Behavior
AI can help businesses know what customers think and react when introducing a new product or service. People who make business decisions can use this data for future planning and achieve goals faster.
Based on customers’ buying behavior, AI predicts the demand for future products, which helps entrepreneurs plan their next move.
-
Fraud Detection
Yes, that’s true! AI can detect frauds even before the transactions.
How?
There are some solutions available that monitor customers’ online activities and find any suspicious activity on their accounts based on unusual login or transaction times. This data is passed to a human analyst for further investigation if the action seems to be suspicious.
-
Improved Sales and Support
AI can do a lot in the sales and customer support departments. Besides providing product recommendations based on past transactions, AI can also track customer behavior using social media platforms like Facebook and Twitter. This data can provide you with information about their interests to give the best product to the customer.
-
Helping Customers on Chat
For some businesses, real-time chat is the entry point where customers come and ask questions about products or services they are interested in. However, maintaining a live chat for 24 hours with human resources is not possible.
Thus, an AI-powered chatbot helps you by answering customers’ questions immediately with their best knowledge.
-
Scheduling Meetings
Do you know a person who is constantly busy in meetings and used to giving excuses for canceling or missing an important meeting?
Well, here is a solution! Some chatbot platforms can schedule meetings using AI. Apart from this, they can also create a detailed report for past meetings and tasks, which is very helpful for managers.
-
Customer Support on Social Media
Building customer support on social media platforms like Facebook and Twitter is another example of AI in businesses. Some companies are already doing this successfully by creating chatbots that can answer customer queries instantly at any time of the day.
-
Document Analysis and E-Discovery
As we all know, data is everywhere on the internet, and companies have to deal with many sensitive data, be it personal or business-related. In such cases, advanced AI algorithms analyze documents that help find relevant information from large datasets.
-
Customer Engagement
The best thing about AI is that it can follow a real-time conversation between you and your customer base. So, whenever a customer outreaches your brand via any channel, the chatbot helps them in providing instant support by fetching data from CRM or help center systems instantly based on their query.
7 Major Benefits of Artificial Intelligence for Businesses
Due to the easy availability of AI tools, many businesses are now integrating AI into their processes. To help you know better how AI can enhance your business processes, I have created a list of 7 key benefits for you-
1. AI Improves Your Business Efficiency
Imagine having an assistant who never sleeps, requires no salary, and is always ready to work for you without any complaints. Doesn’t it sound exciting? Well, this is what AI does to businesses. It improves the efficiency of companies by providing accurate output in less time.
2. It Automates Business Processes
We all know that manual data input can be very tedious and highly prone to mistakes, while automated systems ensure that data is entered accurately without any errors. That’s why AI helps minimize the time taken for completing business processes by using automation tools.
3. High Accuracy is Guaranteed with AI
One of the primary benefits of using intelligent systems is that it is always accurate no matter how complex your data queries are. Since AI algorithms are highly developed, they can analyze data points and instantly answer without human intervention.
4. Improved Sales and Marketing
AI-powered chatbots are very helpful for businesses to improve their sales and marketing strategies by following buyers’ journeys. You can combine customer behavior patterns with the history of your business to offer personalized assistance to customers throughout their journey.
5. Offers Real-time Updates on Your Business
When it comes to keeping the business updated, having real-time data is very important. By using AI-powered intelligent systems, you can get real-time updates about your business performance without any manual effort, which will help you to make better business decisions on time.
6. Cost Reduction is a Major Advantage!
Using intelligent systems not only helps in improving the process but also helps to reduce costs. By using AI, businesses can easily predict customer behaviour patterns to target customers accurately, resulting in improved sales.
7. It Improves Customer Satisfaction
AI-powered chatbots are becoming popular with time as they can provide real-time support to customers via multiple channels like email, text messages, or phone. So, you can provide instant assistance to your customers without any wait time, which in turn helps to improve their satisfaction with your brand.
Also Read:
Artificial Intelligence in Cyber Security
Which Areas can Take Benefits of AI?
The business world is entirely different when implementing an AI system. Thus, it is essential to integrate it carefully. Here are the 9 key areas where you can integrate AI in your business process-
-
Digital Marketing
Nowadays, people make online purchases from their smartphones more than desktops and laptops. This has made marketers think of a new strategy for online marketing.
In digital marketing, AI can play a significant role in understanding user behavior patterns and targeting them with the right product, which will eventually help you to improve your business.
-
E-commerce Search Engines
This is one area where AI integration helps businesses to grow faster than their competitors. Companies can easily engage their customers by using AI-powered chatbots or voice assistants.
Plus, they can convert them into potential buyers. It improves your business sales and gives you a competitive edge over others.
-
Manufacturing Process Optimization
With the help of big data, AI algorithms can analyze data points and find out where there are chances for improvement in business processes which helps to improve overall production output by reducing wastage.
The best example is the manufacturing process, where automation tools help to reduce human efforts drastically, resulting in improved quality and increased production.
-
The Customer Experience
AI-powered chatbots are helping businesses improve the customer experience by providing personalized assistance at every step of a buyers’ journey, which will eventually help them retain existing customers and attract new ones.
This gives you a competitive edge over others as your business is always available for lost or potential customers.
-
Sales and Marketing
AI can play an essential role in helping businesses increase their sales. It helps them understand customer behavior patterns and target the right audience, which increases the chances of converting a potential buyer into a real one, resulting in better business results.
It also allows marketers to deliver personalized offers at every step of the buyers’ journey, which helps to enhance the relationship between a buyer and a business.
-
Supply Chain Management
AI integration in your supply chain management process can help you improve productivity and efficiency by analyzing data points and making better decisions for future growth. This will ultimately lead to improved business results and increased profits.
Essential Tips to Implement AI in Businesses
AI might sound like a sci-fi word, but it is becoming an essential part of businesses with each passing day. With so many benefits, AI is the future of business growth. So, if you are looking forward to integrating AI into your business processes, here are some of the most effective tips which you can follow:
-
Invest in AI Technologies
Suppose your business is not updated with the latest technologies. In that case, investing in new technology like AI will help cut operational costs and increase productivity, efficiency, and output by converting human efforts into machine-driven ones.
-
Implement User-Friendly AI
Being user-friendly is one of the most important aspects of any business, especially when integrating artificial intelligence into your business processes.
When you invest in an AI solution, make sure that it must be easy to use and learn by all its users, ultimately leading to better collaboration among team members and increased productivity.
-
Focus on Data Strategy
With the help of data, you can collect information about your business processes and improve them by integrating different machine learning tools like AI algorithms, ultimately leading to improved business results.
-
Think Outside the Box
Always think out-of-the-box and try to integrate AI into your business processes in a manner that will give you an edge over the competition.
When it comes to implementing new technologies, don’t hesitate to explore new ideas as this can help you gain better insights which can eventually lead to improved business results.
-
Put Yourself in Customers’ Shoes
When you integrate AI into your business processes, always keep the end-users in mind before deciding.
You can ask them about their requirements and incorporate them accordingly for better results which will ultimately help you implement new technologies. You can even hire an AI developer for better solutions.
Key Takeaway
Artificial Intelligence is already everywhere in our life. From your smartphone to washing machines and from GPS navigation to fighter jets. There are several benefits of AI integration in businesses that will help you grow faster and attain better results in the years to come.
So, if you want to achieve business success, AI is the future of growth! Considering its importance, I have explained the benefits, AI use-cases, and implementation process.
However, while the benefits of implementing AI are many, you may face some drawbacks too with wrong or improper implementation.
Hence, always hire AI developers with the expertise to implement this technology. That is all from my end. I hope you have liked the blog!
Also Read:
Artificial Intelligence in Banking
Frequently Asked Questions(FAQs)
1. What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) integrates technologies used to simulate human intelligence in machines. Artificial Intelligence is the most innovative technology being used nowadays. It helps businesses improve their efficiency and productivity by making them smarter.
2. What are the drawbacks of Artificial Intelligence integration into business processes?
Below are a few disadvantages of integrating AI in your business processes –
- Potential Security Breaches
If you integrate new technologies like AI without adequately thinking about security, then there are chances that it can lead to security breaches. This can ultimately cause financial loss for your business.
- Data Leakage
If you are using AI integration in your business, then there are chances that data leakage can happen due to lack of human supervision which will eventually bring negative results.
- Corruption of Data
If you are using AI integration in your business without following the proper process, data corruption is possible.
3. What are the most popular artificial intelligence tools for businesses?
Artificial Intelligence has become very popular among businesses. This is because of its numerous benefits, including improved efficiency, increased productivity, and better business results.
There are different types of artificial intelligence tools. These include machine learning, predictive analysis, image recognition, and natural language processing, widely used by businesses worldwide.
