Artificial intelligence (AI) and machine learning (ML) are still in the early stages and have not been adopted by a high percentage of organizations. However, with the massive use of data science, most businesses are focused on improving their processes by using the technology. In fact, according to NASA, 61% of organizations cite artificial intelligence and machine learning as their company’s top priority data-driven initiatives for the last quarter of the year.
Artificial intelligence is the simulation of human intelligence processes using computer systems. Machine learning is a form of artificial intelligence that enables software to accurately predict an outcome with historical data and little or no programming using voice apps. Here is how your business can benefit from deploying AI and ML.
Reduce Operational Costs
One of the significant benefits of AI and ML according to the US Department of State is that they allow you to see various complex patterns that impact revenue and customer experience. From these patterns, you can then develop solutions to any problems detected, which improve your interactions with your customers. This approach saves you time and money that is spent on repetitive tasks. Examples of AI and ML uses that lower costs include automation of contact centers, inventory, or pricing.
Meet Customer Expectations
Suppose your brand aims to provide an exceptional and personalized customer experience. You need to make use of ML and AI. They help you understand your customers better and give you predictive analysis, enabling you to improve customer service. Examples of affordable AI tools you can use to improve customer service include customer data platform (CDP) software and AI-enhanced customer relationship management (CRM).
Increase Organizational Performance
AI leads to producing intelligent, relevant, and reliable information you can use for decision-making in your business. These decisions lead to a more organized company and better performance. An example of an AI tool that ensures increased organizational performance is NLP-based chatbots used in customer service. You can use them to answer your customer’s questions and, in case of a complex question, the system can automatically pass it on to a human representative.
Strategizing for Business Growth
AI and ML can help your organization collect data that you can use to prepare for future emergencies, ensuring your company’s growth. This preparation is possible through data obtained by AI and ML tools, since risk management highly depends on this data. Besides, you can use AI and Ml to develop scenarios that can help you generate quick business disaster recovery strategies.
One of the most significant benefits of using AI and ML is that it helps reduce human errors. The automated tools create the data entry and processing job, making it more accurate and reducing probable data processing mistakes. This accuracy is vital, especially for companies in industries that require 100 percent accuracy, such as the medical industry.The impact of AI and ML in the global industry is excellent, and the technology is predicted to continue growing and driving sustainability for businesses. Therefore, it is advisable to develop your AI literacy skills through an AI online program, which can help fast track your career as an employee or grow your business if you are a business owner.