Nov 27 (Media Release): Modern business establishments have to function in a highly competitive, globalized environment. Therefore, they are quick to grab the tremendous opportunities offered by technological advancements. The latest arrival on the scene is artificial intelligence (AI). It refers to a machine or computer system, which can think, perform, and react as the human brain does. True, it can never take over the place of the human brain completely. Regardless, AI does offer seven key benefits to businesses, which should suffice to improve performance and productivity.

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Ease of Recruiting

The hiring process can prove highly tedious and time-consuming. It involves sifting through many applications, setting up interviews and selection of appropriate candidates. Consciously or unconsciously, biases and prejudices may come into play too. Therefore, HR departments are glad to hand over the task to AI, instead of enlisting the services of recruitment agencies. AI helps the process of selecting and rejecting become automatic. Additionally, apps, such as facial recognition, aid in interviewing and evaluating candidates. These apps use emotional cues to judge performance. Thus, employers have an easy time matching employees in various positions. 

Efficient Management of Data

Every online business tends to generate, as well as collect large amounts of data. The volume only increases, year after year. However, it need not store every little bit of information for future use. Therefore, the process of identifying relevant data, cataloging it, and managing it, proves very important. Fortunately, specific AI tools are wonderfully capable of ingesting, storing, updating, and managing everything perfectly well.

They also identify fraudulent activities, inconsistencies, and potential risks. After that, they automatically block the entry of cyber criminals into the database. Thus, cloud computing with AI provides automatic security for companies. 

Improvement in Ability to Analyze and Decide 

A combination of cloud computing and AI helps in an in-depth analysis of available data. Highly qualified analysts can take over the job too. However, their unique training and specialized skills demand high wages. After all, their task is not easy. They have to sift through similar-appearing data repeatedly, in order to seek relevant insights. In contrast, if AI tools take over their roles, they prove cost-effective.  To illustrate, a machine is quick to peruse humongous volumes of textual matter rapidly. Additionally, it can separate text data with similar patterns, as well as offer suitable recommendations. This is because the machine can predict the outcomes of supply and demand. In turn, it becomes easy for the establishment to make decisions and work out strategies for future growth.

Catering to Customers’ Needs

It is possible to use AI to demonstrate that ‘the customer is king’! An online business can survive only if a customer has access to a personalized or customized marketing experience. This becomes possible if the establishment takes note of customers’ likes and dislikes. Even purchasing behavior is important. It is important to note that it never stays static.

Every transaction tells a story! By studying loads of transaction data, AI programs find it easy to comprehend changing needs and wants. In turn, the establishment strives to come up with novel products and services for enhancing customer satisfaction. Thus, there is a boost in both sales and customer loyalty. The latest efforts of AI programmers are inclined towards understanding emotions, sentiments, and facial expressions. Some programs are even working on voice recognition. 

Automating Communications

Chatbots are the chat boxes that pop up on the entry of a customer into a website. They wonder if the customer would like any questions/queries answered. Unlike human service representatives, they can interact with multiple visitors simultaneously. Their automated responses work 24 x 7. The system works better if combined with machine learning. 

This type of communication saves time for the customer. It is unlike the human customer service, wherein a transfer process gets underway. The customer has to wait in line for the ‘right’ human expert to arrive and resolve issues. To illustrate, an airline company has to handle large volumes of passengers every single day. AI programs can take over the jobs of human representatives to send across information about travel timings, delays, etc. Similarly, railways, bus companies, etc., can help passengers keep track of routes, locations, etc.

Now, this does not mean that online chatting, emailing, telephonic conversations, and interacting via social media are becoming passé! They still prove to be effective channels of communication for gathering feedback. The only thing is that special AI-infused Customer Relationship Management programs come into play here — the feedback aids in generating leads and implementing better marketing procedures.

Removing the Language Barriers

Businesses are going global nowadays. They need to reach out to people speaking diverse languages, for not everybody comprehends English. Language barriers can exist even within the same country. Therefore, an AI-powered translation tool comes in greatly handy!

Start-ups, specifically, find it very useful. Otherwise, crossing language barriers turns out to be an extremely cumbersome process. It is also expensive. Translation tools are a delight to regular online shoppers! Over time, they become ‘fans’ of specific websites, thereby improving their respective sales records. 

Keeping Track of the Competition

It might seem like a reference to spying on competitors’ and their actions! However, this is not so. The idea is to garner information about the competition from their easily visible web pages and websites. Even audios, videos, and written content spread out across social media prove helpful. The tools that take over this job are AI competitive intelligence tools. They observe ongoing practices and trends in order to make detailed knowledge available. Therefore, the establishment is able to respond faster, and in innovative ways, to changing market trends, changes in pricing, etc. 

To conclude, it looks like AI is here to stay! True, business ventures are still experimenting with it. However, they have begun to realize how well it can save on money, effort, and time in conducting day-to-day business routines. Artificial Intelligence systems help to automate operations, personalized marketing, improve management of inventory, etc. Above all, they are highly compatible with cloud-based systems.

Also, with more and more businesses investing in AI, there has been an instrumental rise in the number of opportunities for AI professionals and people wishing to make their career in the AI industry. If you are one of them who wants to make big in the AI industry this is the right time. You can learn the nuances of AI through various online AI certification training providers in almost all major cities across the globe, like Artificial Intelligence course in Bangalore provided by Simplilearn, and can enjoy a lucrative career.