Image credit to Pixabay
Artificial intelligence has created confusion in many people's minds. Sometimes it feels like artificial intelligence would replace everything and everyone, while on another hand there is an excitement about what and how fast a person would be able to achieve things with the help of machine augmentation.
Other things aside, in this blog I'm going to discuss how artificial intelligence is used in business. From the automated chatbot, online reservation, appointment, and many accounting & finance works are been done in the business with the help of artificial intelligence. I'm going to discuss in detail all of its uses in business.
How AI is used in business?
Sometimes a question must popup in your mind that, how artificial intelligence is used in business? While we both know that artificial intelligence can use and interpret tons of data much faster than a human mind can do. With this much fast processing of information, this data can be used by the business and gain a competitive edge over their customers, hence identifying trends before your competitors do.
Artificial intelligence helps a lot in enhancing the decision-making process of business. There are many application of artificial intelligence in business, well I come up with six of them:
Management and analyzation of data:
First and foremost, with the high speed of processing data tons of data can be interpreted and analyzed. Business wants the information they can use to get ahead of their competition and serve their customers to the highest level. For this purpose business and corporations spend billions in the marketing department to find the right product or service.
Before artificial intelligence, the marketing department has to spend a lot of time to analyze the data that is present in abundance. Artificial intelligence is not a replacement for the marketing department, it is nothing but mere assistance to the marketing department to put ease in their task at hand.
Performance prediction:
Image credit to Pixabay
The sales & production department is responsible for the prediction of business performance. Sale department used the data from the production department and the previous sales data. This process is time-consuming as all production record and sales records had to analyze and prepare and performance prediction of sales & production of the business.
With the learning and self-correcting power of artificial intelligence, these data are already stored in the mind of artificial intelligence which can predict even more accurate performance prediction.
Customer service:
Image credit to Pixabay
Customer service is done with products or services with both of them. Products like the internet require constant maintenance. To ensure that customers are provided with better services a customer services department is established to ensure no lack of connectivity or anything. But still, even after this, there are some limitation in this department as all staff is not present their all night,
With the help of artificial intelligence, an automated chatbot can help customers with their different problems and also provide ease to the task of the customer service agents.
Production Increase:
Image credit to Pixabay
With artificial intelligence, automated machines for manufacturing are used in the process. Manual labor costs a lot and consumes much of the time. While using automated machines much of the hard labor can be removed and production can be done efficiently and more effectively than human labor.
These automated machines know how to learn and they easily learn the process of creating them and all you have to do then is to start them and they will do the rest.
Marketing and advertisement improvement:
Image credit to pexels
As the use of big data increase the marketing department has to not only developing strategies or products but also on the behavior of the customer on the strategies implemented by marketing strategies. With the help of artificial intelligence not only new strategies can be implemented easily but also consumer behavior can be noted easily.
Crisis aversion:
A crisis can happen in a business at any time. No matter how stable business is it can always face some crisis. All the future predictions are subjective and the future can always change. With the help of artificial intelligence, these crises can be detected before it happens.
With the help of a crisis, detection businesses can take precautions and avert the crisis before they happen. Or in most cases prepare for the crisis.
Conclusion:
Image credit to Canva
Artificial intelligence is pretty much in every sector of business now. From marketing, sales, production or human resource, it has taken over every sector of business. From automated chatbots to automated production machines artificial intelligence is there. There is a misconception about artificial intelligence which is, it is there to take over humans, but this is only a misconception it is merely there for the assistance for workers to work more efficiently and effectively.
Businesses should enforce the used of artificial intelligence not only it is beneficial for them but also for their customers as they get more and more innovative things even more quickly than they usually get. Many businesses have already implemented artificial intelligence businesses like BMW, Mercedes and many others in the fortune 500 lists have already implemented artificial intelligence in their business.
DISCLAIMER: The views and opinions expressed in this blog post are that of the author and do not in any way represent the agency or department.
ADDITIONAL NOTE: The sites mentioned in this post are for information purposes only and links are provided for easy access. The author does not receive any remuneration from the said companies or sites.
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Written for Bitlanders
by haider-ali-nasir-77
Date: September 26, 2019
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