Why Your Business Needs An Effective Artificial Intelligence Strategy In 2020?

06 Mar

TECHNOLOGY

Clearly, AI is the future we are staring at. And, if you think this transformative technology is only reserved for blue-chip companies or global giants, it’s not. We tell you why!

Getting Familiar with Artificial Intelligence Learning

Artificial Intelligence involves the simulation of human intelligence in machines where they are programmed to imitate the actions of humans. In other words, machines are made to learn and solve problems just like a human would, but through unsupervised, supervised, or enforced learning. Many companies are skeptical at the prospect of AI because of the misconceptions surrounding it. But when executed right, AI can enhance capabilities in key business areas and fuel growth of a company.  

How Businesses Use Artificial Intelligence Today

Here’s how businesses are already seamlessly integrating AI into their business processes to benefit from it:

  • Get Market Insights

AI can play a pivotal role in analyzing the market insights. By applying predictive analysis to the data collected from social media, web matrix and the system matrix, it can be used to build an enhanced product. AI can also help gain crucial customer insights. Most customers use social media today. Different types of social media traffic can be analysed using data mining techniques and social marketing techniques can be built around it. 

  • Personalized Customer Experience

An excellent thing about using AI is that it's not limited to statistical results alone. It can adapt to market changes and learn along the way. This means AI can be used to identify patterns in the customer's past information such as buying history, credit scores, buying preferences and so on. This can be used advantageously to create personalized suggestions at every point and engage with customers in a real way.

  • Virtual Assistance

Think chat bots. When customer care executives aren't around, we have chat bots for our assistance to answer simple questions. Of course, at some point, it may need human intervention, but this development in itself is a very impactful way to communicate with your potential customers instead of making them wait.

  • Process Automation

Suppose you are a manufacturing company. How tedious (yet monotonous) do you think the stock-taking procedure is? What if there was an automated system that let you know when your stock hits the refill level, the turnaround time and even predicts the future buying behavior of the customers? You'd be able to match demand with production and manage your supplies much faster.

  • Efficient Data Usage

Till some years ago, the amount of data a business generated was less and hence structured. But unlike previous years, a lot more data is being generated each day and it is not available in structured formats anymore. It is humanly impossible to process data of this enormity and draw meaning from it. Companies are using AI to unlock data and use it to run their businesses more smoothly.

  • Streamline Human Resource Tasks

AI tools are being developed to streamline the on-boarding and hiring process of the employees in an organisation. Think about it. There are thousands of applications that an HR executive has to wade through to check if the candidate matches the required criteria. With AI, the hiring process can be automated with reduced time spent on each application. Plus, once a candidate is selected, the AI software can update them on company policies and serve as a knowledge base too. This can help save crucial time otherwise spent by HR executives in training new employees. 

Companies That Are Using AI’s Modern Approach to Transform Their Businesses

Amazon is an early adopter of AI technology. Think Alexa? It has literally made its place in many households today with its powerful AI-empowered systems. 

Another company that is leveraging the power of AI is Unilever, a consumer goods corporation. From demand forecasts to marketing analytics, the company has been using AI to get most out of vast amounts of data. According to Diginomica, Unilever observed that its data sources were coming from variable APIs and interfaces which made the data unreliable and hindered access. With Microsoft’s Power BI tool, Unilever developed its own platforms to store data and use it for anything from business logistics to product development. 

American Express is using AI to detect fraudulent transactions in near real-time. Credit reference agency, Experian is leveraging AI to make sense of its masses of data and make smarter/quicker decisions on credit scores and more. 

Volvo is also using AI to provide more accurate information on when its vehicles require servicing by predicting part failures.

What Does AI Future Look Like?

The future for AI looks bright. Until a few years ago, who could have thought of self-drive cars being a reality? And yet, vehicles are a lot smarter than they were 10 years ago. From alerting a driver who is beginning to doze off behind the wheel to parallel parking on its own, vehicles are driving autonomously today.

Even though most companies are still in the nascent stages of AI as it is still developing, it shows a great promise – one that can not only reduce costs but also save valuable time. The right use of this game-changing technology will ultimately depend on your businesses' end goals. This is why your AI strategy must be in absolute sync with your business strategy.

We at Illuminz recognise the mammoth possibilities AI presents businesses with. Our team has helped many companies streamline their business processes using AI. You can be the next one. If you wish to move ahead with the world, the time to embrace AI is now.