Artificial intelligence is set to generate an additional 2.6 trillion dollars for businesses in 2020. How exactly is it going to do that?
By making things easier.
There are a multitude of tasks and realities that pop up in business workflows that eat hours of time and thousands of dollars. By allowing machine learning to help optimize/eliminate those tasks, companies are widening their margins and securing their futures.
Curious to know more about the advantages of artificial intelligence? Then keep reading!
Below, we break down nine AI benefits that your company can’t afford to miss out on.
1. Menial Tasks Are Things of the Past
Every person’s workflow is littered with menial tasks that don’t seem like a big deal individually but steal hours of time collectively. One of the biggest advantages of artificial intelligence is that machines can now learn how to do repetitive things so you never have to worry about them again.
As an example, if you pull data from one application and copy it into another, applications like Zapier can automatically sync those data sets, per your direction, across a suite of the most commonly used applications in the world.
2. Help That Never Sleeps
Every moment that you’re away from your desk, you’re losing money. That’s because we’re now operating in a global economy where at any given moment, there’s someone that wants what you’re selling. By subsidizing your workforce with AI, you can have technology ready to answer customer questions and push a sale no matter the time.
Look no further than “Chatbots” to see this sort of AI tech in action.
3. Leaner Teams
Payroll expenses are probably among your company’s top expenditures. In the past, there wasn’t much that you could do about that since a business is only as good as the amount of help that it has.
Thanks to the many advantages of artificial intelligence though, we’re moving to a place where companies can trim their low-skill labor force and further compensate their high-skilled employees. With that arrangement, you’ll ultimately save money and have more to invest in technological infrastructure.
4. More Insight Into Your Customer’s Needs
Artificial intelligence is used aggressively when it comes to analyzing buying patterns. While insight like when customers buy a certain product, what sizes they buy and how often they shop might not seem like actionable data, believe us when we say that it is.
Getting a better understanding of what your customers are looking for can help you can ditch your losing merchandise and make sure that your winning products are always ready to meet demand.
5. Faster Collaboration
Communication is everything when it comes to keeping your team productive. Artificial intelligence has streamlined the old workflow of sending emails back and forth and has allowed us to now collaborate seamlessly in completely digital environments.
Machines can notify people when changes have been made to shared documents that are specifically relevant to them. Those same machines can even help people come up with what to say if they have questions regarding those changes.
6. Better Work-Life Balance
People are more unhappy than ever. Much of that unhappiness comes from spending too much time doing things that are unfulfilling.
While your team’s fulfillment may not seem immediately relevant to your business’s operations, believe us when we say that it is. Refreshed employees are much more productive than depressed ones that spend inordinate amounts of time zoning out while they collect their hourly wage.
AI can analyze an employee’s work performance and help you understand when to suggest taking time off or other professional adjustments that can help promote deeper levels of well-being.
7. Error Fixing Made Easy
Troubleshooting is a huge part of the workday in several professions. Software developers, for example, write thousands of lines of code to make a program work. If just one character out of millions written gets typed incorrectly, projects may cease to function.
Rather than coders having to spend hours “debugging” their work, today, artificial intelligence can do that for them (to an extent).
Imagine your team getting 10% to 15% of their workweek back because AI is mitigating errors on their behalf!
8. Better Hiring Practices
With the breadth of information that’s available online, if you had unlimited time, it would be easy to determine whether or not a potential hire was worth interviewing. Unfortunately, you don’t have unlimited time.
AI, on the other hand, does.
Artificial intelligence is being tasked with scanning the internet to come to conclusions on job candidates’ competencies and characters. Based on its findings, it can make recommendations to you on whether or not somebody is worth pursuing.
9. Better Customer Service
As business owners learn more about the advantages of artificial intelligence and coders work to continue tailoring AI’s capabilities to an organization’s needs, customer service will be at the center of decisions that get made.
After all, what good is technology in business if it’s not making customer’s experiences better?
Expect to see lower prices, heightened inventory availability and faster response times to customer needs as AI continues to take root in today’s modern companies.
The Advantages of Artificial Intelligence Are Limitless
We’ve shared with you a handful of advantages of artificial intelligence which barely scratch the surface of what machine learning can bring to society. What’s important as a business owner is that you not spend time being afraid of AI and instead, embrace it.
That attitude will put you ahead of the pack and prime you for success.
If you’re hungry for more insight on all things technology and business, read more of the latest content that our team has published right here on our blog.