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The Benefits of Artificial Intelligence for Businesses

Artificial Intelligence (AI) is heading towards a future of improved capabilities to perform complex functions with ease. There is no doubt that we have more power in our pockets today than ever before. This is all because of the unprecedented transformations that we are seeing in technology 

Machine learning and deep learning has demonstrated tremendous breakthroughs over the years – to the point where it has become scary. Processing and analysing information in meticulous detail has never been easier. And all the credit goes to the developments in AI. AI is the core reason that has enabled computer programs to think, learn, and grow, enabling our society to advance into a future of endless capabilities. 

AI holds enormous benefits that can transfigure just about any professional sector.  

Let’s take a look at some of them: 

  1. Personal Engagement  

Businesses can generate customer loyalty and ultimately boost their sales by providing their clients with a personalised marketing approach. One of the major benefits of AI is that the technology possesses capabilities of scanning and rectifying in-depth consumer behavior, browsing habits and purchase intention. What we as consumers see all over the internet, all over social media, is the result of this – highly accurate and targeted advertisements to selective individuals based on previous search histories and internet behaviours, also known as remarketing. 
 

  1. Real-Time Assistance  

AI has made our lives easier. Many businesses who rely on high-level communication throughout their daily operations utilise the power of AI. For example: in the transport industry where we have millions of commuters each day, AI is used to interact with the passengers in real time. AI helps in keeping people up to date about the notice of delays, arrival, and departure in real time. With the help of AI, we can easily track the locations of the transport vehicles like buses and provide real time updates about the route and estimate time of arrival. 
 

  1. Enhanced Automation  

AI is alleviating the backbreaking tasks that we usually carry out, performing all the exhausting activities for us. This is one of the many reasons why AI is being adopted in many organisations in the warehouse industry, with some warehouses being exclusively staffed by robots. Furthermore, respondents in the MHI Annual Industry Report 2020 believe that AI possesses the ability to disrupt the industry and create a competitive advantage for businesses. 
 
 
 

  1. No Scope of Error 

AI has the ability to remove the scope for error created by people, meaning we no longer need to waste time on correcting mistakes. Human errors are common and can be time consuming, and such errors stand to be the hurdle in the daily working life. AI leaves no space for human error, as otherwise it is obvious to confront in manual human labour. 
 

  1. 24/Accessibility 

Are there any doubts about the accessibility of AI? It is always there for us. The average full-time employee works 35 hours a week, excluding breaks. As such, we are constantly looking to refresh ourselves by taking breaks. Thank God it’s Friday! We are always looking to find a work-life balance because this has become the new norm. In fact, it has become more about the amount of work we get done, not the amount of hours we work. Quality over quantity. But AI is just so pure and has no comparison. A machine does not require rest, or breaks, or a weekend holiday. Its accessibility is constant. 
 

  1. Predictability of Your Business 

AI can predict the outcomes of the future of your organisation based on accurate data analysis. This is possible because AI is capable of things such as perceiving patterns in consumer data and predicting whether the products are likely to sell or not. This benefits not only retail sectors but other sectors like banking or healthcare sector too as it predicts currency, fluctuation in stock price, outbreaks of infections, among many other things. A resource capable of predicting the future becomes a very powerful tool, especially in business.  

Something to also consider when utilising AI is that its misuse is not uncommon. Adopting it into our lives and into our businesses for the betterment of tomorrow is all we should wish for. The technology makes our lives easier with many provisional benefits for businesses out there, as long as we’re responsible.

Article By : Harmeet Kaur

AI Ventures has an ambition to help build the next generation of AI-driven startups . Our Mentor program is currently running and we welcome innovative startups focusing on AI, Machine Learning and Robotics to apply.

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