The business landscape is changing and technology is taking over. Artificial intelligence (AI) is a new tool that is making businesses stronger and more profitable. The AI technology is capable of much more than just human-like interaction. The advanced AI algorithms are designed to offer relatively higher speed and reliability than humans and at a lower cost, thereby, making them a better choice for businesses. This technology is not just a theory anymore and has found practical applications in the world of late and businesses are no exception to it.
Research suggests that AI being embraced by the corporates and companies are increasingly making use of it.
E-commerce benefits from this technology a lot. Artificial intelligence can help e-commerce businesses by doing automatic tagging, organization, and visually searching content using the video or image labels. It helps the customers to search for products using filters like color, size, shape, brand, and more. When you search for certain product on an e-commerce website, the software automatically shows you other products similar to the one you have searched for. These capabilities are only improving with time and are expected to become more sophisticated.
- Workplace Communication
At present, all the business communication is about content, tools, channels, and so on. This keeps the businesses from reaching their targets and also affects the work-life balance of the people working in them. Artificial intelligence, however, aims at improving the internal and external communication by personalizing individuals and therefore, leading to increased productivity. People in the business will be able to take care of the actual work while the virtual assistants will do all the mundane tasks. This will make the businesses more efficient.
AI comes in handy to allow the companies to detect any anomalies or vulnerabilities in business applications like ERP and other software. Although artificial intelligence in cybersecurity still has a huge scope of development, it works effectively when it comes to data protection.
The AI-powered chatbots are capable of interacting like their human counterparts. They make use of the standard messaging tools and voice-activated interfaces. This, in a way, streamlines the time used by analysts and speeds up the business by allowing the people in the business to focus on the business goals and work towards their accomplishment.
- Human Resource Management
Machine learning and artificial intelligence are completely changing the human resource and recruitment landscape. HR is one of the primary areas of the business to benefit from AI the most. The reasons being the large amounts of quality data in HR and it being one of the most crucial departments in every business. Automating the HR processes will allow the HR people to work directly with the people and improve the output. AI will take over the mundane tasks related to HR and also provide insights into how to make the work better.
- Supply Chain and Logistics
AI along with customer data and analytics removes all friction that an e-customer might experience. It allows the business to process the consumer data and use it to make improvements in the operations. Autonomous trucks and robotic picking allows the supply chain to provide service 24x7. In the near future, the term ‘business days’ will be nearly obsolete in this industry.
AI can help the businesses streamline the manufacturing process by reducing the non-productive downtime, anticipate failures, and enhance the production process. The capability to process huge volumes of data within seconds makes it important to businesses. It can, based on analysis, provide real-time recommendations about what material to use and at what time to inject it to make sure that the process never stops.
And this is just the beginning. In the near future, artificial intelligence will be able to do anything with minimal supervision. It is going to expand its horizons and change the way we look at businesses. If you are a business leader, you need to study and explore it further to find a way for it to strengthen your business. Leveraging the power of this wonderful technology can take your business to new heights.