Artificial Intelligence (AI for short) is known with the machine learning ability. In part 1, we have discussed the first two advantages of AI: Performance and Safety and learned that AI can help businesses save a huge amount of time and ensure efficiency.
In part 2, we will continue to discover three more things of AI's advantages in business.
Benefits of AI in Business
3. Low cost
In fact, cost savings are often the main reason why a company decides to adopt a new technology. If it can help reduce the expenses, there is a high probability that the technology will be on the wish list of the administrator.
AI has a huge potential to save money for businesses. By automating parts of the human work, AI helps businesses to reduce a large number of manual labour as this is often one of the costliest in any organisation. If the cost can be reduced by an automated AI system at a much lower cost, the workers will be replaced.
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For example, Ailira, a legal aid facilitator, is helping tax law firms to cut costs and improve efficiency. Jobs that require a full day of work to complete can be done by AiIira in seconds.
AI Chatbot is also a famous AI on the internet. You probably do not know but many customer service agents that you have chatted to are actually Chatbot. This program is so good that it is difficult to tell whether a real person is communicating with you or not. The program can deal with common queries easily without a human assistant, then transfer more complex issues to the customer service team.
There are two specific cost benefits of AI, both are important for any business that wants to compete:
- Fewer employees for the same amount of work
- Employees have more time for other important tasks
4. AI can bring benefit from all relevant data
The business world now is so complex and only top economists can have the most comprehensive view on it. The scope and depth of the connection between markets, foreign currencies, countries, etc. are very unpredictable. AI is providing the tools to benefit from all of these connections and information.
The foreign exchange market and stock market have been dominated by AI. These programs take millions of data points in real time and use them to find patterns and create profitable professions.
AI can retrieve historical and real-time data to predict trends and details that humans cannot do without drowning in the ocean of binary characters. This can help businesses to make effective decisions and prevent mistakes.
5. AI can predict the future behaviour of the customer
The ability to predict customer behaviour is a big advantage for any business. Just like if you know which stocks are about to increase, the chances of profitable investing are very high. In fact, firms may not always truly understand their positions compared to competitors, or market demand, but with accurate statistics from AI then the situation will be minimised. What is happening in the marketplace will be reflected in the most honest way through AI’s reports and data.
AI can predict hobbies, find out what customers are likely to buy, and even speculate when they will buy with incredible accuracy. A typical example is Amazon, they are using machine learning to predict customer behaviour and build the largest retail empire in the world.
In conclusion, AI is a modern technology that organisations should take into account for all the advantages it brings. Of course, we cannot deny there are still problems regarding applying AI in business. However, AIs are getting better and better over time and someday, these programs will become an effective competitive weapon for businesses.