Since the coronavirus outbreak, the need for businesses to adopt modern technologies has accelerated. Companies are finding innovative ways to work efficiently in the “new normal” scenario. Communication techniques with customers have improved and production techniques have evolved.
Artificial intelligence (AI) driven technologies and devices have enabled this transformation largely. There are several benefits of using AI for enterprises and many prominent companies have already integrated AI into their core business processes. To know more about the benefits of AI and the ways in which enterprises are embracing it, read on.
Benefits of Using AI for Enterprises
Technologies like machine learning and data analytics are getting incorporated into everyday business tasks to enhance productivity and reduce errors. With the help of intelligent machines, businesses can automate manual processes, enhance the customer experience, improve enterprise security and do a lot more.
One of the things that AI-driven devices and solutions do efficiently is automating repetitive manual tasks that used to take a lot of time and were prone to errors as well. With the use of robots, autonomous guided vehicles, sensors, smart wearables, and more, enterprises are either substituting humans or using them in collaboration to complete certain tasks quickly and accurately.
Enhancing Customer Experience
AI-driven chatbots are helping customer care representatives to serve more customers and increase their efficiency as well. Customers can get quick responses to their queries through intelligent chat sessions or can connect to a service rep directly without a lot of wait time. Data analytics, machine learning, and other AI technologies also help in creating a personalized experience for the customers, which leads to an increase in sales.
Improving Supply Chain Management
Having real-time inventory information is paramount to a lot of manufacturing and warehouse companies. With accurate inventory tracking and stock updates, companies can improve their workflow efficiency, prevent stockout or inventory overflow, reduce operation costs, optimize warehouse processes and generate more revenue. Devices like automated picking machines and barcode scanners save valuable time for an employee, which leads to greater productivity.
Generating Accurate Business Insights
Data is becoming increasingly important for a lot of businesses across the globe. Harnessing this data can prove beneficial for predicting future market trends and other outcomes. AI technologies can process billions of data points much quicker than a human and can anticipate most likely outcomes based on different parameters. Predictive analytics is already bringing a lot of benefits to retail, banking, healthcare, and other industries. It has the potential to provide companies with a competitive advantage over their computers by developing products and market strategies as per market requirements.
Strengthening Security Measures
Machine learning is a powerful technology that allows simple machines to learn from past habits and algorithms to detect and prevent security breaches more efficiently. There is a constant struggle going on between the security teams of companies and cyber attackers, since the latter wants to gain access to sensitive data or controls. Luckily, machine learning integrated systems can spot irregularities in user activities, traffic, transactions, or emails quickly and try to mitigate such cyberattacks. It can also alert the authorities if the attack is something it has never seen before.
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How Companies are Leveraging AI
Companies from every industry around the world have started incorporating AI heavily into their business dynamics. Here is a look at some of the world’s biggest tech, e-commerce, and social networking companies and how they are leveraging AI for never-before gains.
Microsoft is one of the world’s biggest companies providing AI as a service and has incorporated AI capabilities into all its products and services. Their virtual assistant Cortana, communication tool Skype, search engine Bing, and Office 365 all use AI in some form or another.
Amazon uses predictive analytics to ship items closer to a customer before they even think about buying the same. Their convenience store Amazon Go uses cameras and machine learning, along with other AI technologies, to automatically charge a customer for the items they are putting in their bag without the need for a physical checkout at the end. Alexa, their AI-based voice assistant, is a household name now.
As the largest social networking company, Facebook uses AI in several different ways. Their text understanding engine DeepText can automatically interpret the emotional sentiment and content of a post. Similarly, their facial recognition engine DeepFace has become better than humans at accurately detecting a face and can recognize a person in any photo posted on their platform.
To cut a long story short, the usage of AI for enterprises is no longer a novel idea. Many businesses are using it to increase their sales, optimize processes, hire more efficiently, enhance customer experience, eliminate errors, and more. With world-leading companies not only incorporating AI into their ecosystem but also actively investing in it to improve its performance, AI is soon going to become an essential part of every business.