Artificial Intelligence (AI) is all around us. Our phones use it, and so do our smart assistants and home devices. AI is in our cars and on our TVs, where streaming services use it to recommend us content.
It is no surprise, then, to learn that AI is involved in the world of business as well, where it is making some massive changes. Here are some of the ways that AI is transforming the business landscape.
Chatbots – a new way to provide customer support
One area where AI has a definite advantage over humans is its ability to quickly process large amounts of data and draw conclusions from it.
A conversational AI-powered platform is an intelligent piece of software that is able to use the so-called “big data” to provide quick, accurate, and personalized customer support.
Thanks to AI and Machine Learning, chatbots can search through your customer’s shopping history, search statistics, and other essential metrics. Then, a chatbot uses all that info to create a unique profile for each customer.
With all that info at their disposal, chatbots can provide tailor-made solutions to any customer’s problems or predict their questions before the users even ask them.
Best of all – thanks to their sophisticated programming, chatbots can constantly learn and improve themselves. And, they never get tired or ask for a day off.
With chatbots, your business will be able to provide customer support 24/7, and that support will only be getting better over time.
Other uses of Big Data
As we mentioned above, AI has an impressive ability to sort through vast quantities of raw data and pick on what’s important.
Besides using that data to provide personalized recommendations and suggestions, as in chatbots, you can use this info the other way around – that is, to notice trends and make predictions.
For instance, AI is used in insurance for faster claim settlement and fraud prevention.
Thanks to the fact that so many of our devices are now connected, creating the so-called Internet of Things (IoT), insurance companies have a deep insight into each customer’s behavior.
They can offer lower insurance premiums to those clients who are less prone to risks.
Pair that with the deep insight into each individual’s behavior, needs, and habits to provide a unique user experience for each customer, and you’ll see why AI and insurance are a perfect match.
AI and automation
Even if your business does not require a personal touch such as customer support and an individualized approach to users, you can still reap significant benefits from the power of AI, using it for automation.
You can apply AI to automating basic and repetitive tasks, such as monitoring and analyzing productivity, coordinating schedules, recording and transcribing meetings, and so on.
And, just like it can do with individuals, AI can use the raw data to make predictions that apply to an entire industry. It can notice trends, patterns, and rules that can help you make wiser business decisions.
Companies can also use AI to detect credit card fraud and prevent it. By tracking a user’s shopping habits and locations, AI can notice any kind of irregular or abnormal activity and flag / or even block / any suspicious activity, thus making transactions secure.
Better employee engagement and retention
As a business owner, you know that your customers aren’t the only ones you should cater to. Employee motivation and satisfaction matters, as well. Once again, AI can help you with that.
Companies use AI to understand employee engagement. To do so, they use biometrics and other measures to discover and improve the levels of workers’ satisfaction.
But, AI can do even more. By using sentiment analysis, AI can detect those employees that have a negative impact on the workplace atmosphere and work on improving their attitude.
Of course, this process can work the other way around – a company can deploy AI to reward certain behaviors and actions and motivate their employees.
Just like everywhere else, AI can offer a personalized approach in the workplace, too. It can determine the specific skill sets an employee should improve on to advance their career and be more effective.
AI will create new jobs
Out of all the things listed in this article, the odds are that this statement seems like the weirdest one. But, it is true – AI will create new jobs.
You see, AI is good at piling up big data and sorting through it. But, more often than not, AI needs guidance, someone to help it make sense of all the raw – or processed – info that it has gathered. And, no one but us humans can do that.
Some predictions say that people, called data labelers, will be in charge of sorting through the raw material before feeding it to the AI and helping it make sense of it all.
With the pervasive nature of AI and its many uses in the business world, the chances are that this will be a well-paid, highly demanded job in the not too distant future.