5 Ways Artificial Intelligence Can Improve Your Business

Artificial intelligence is becoming more and more popular among businesses, in order to maximise their efficiency, and make businesses more streamlined and cost effective. Taking up artificial intelligence technology and machine learning can not only reduce operational costs, but it can also grow revenue and improve the customer experience.

Here are 5 different ways that AI is transforming everyday business processes for the better.

What is artificial intelligence?

Artificial intelligence is the ability of computers and machines to mimimic the problem solving and decision making capabilities of the human mind. AI can perform tasks that people usually perform, however it does not replace people in most cases, it simply enhances human capabilities and transforms the way we work.

  1. It boosts revenue

Artificial intelligence is widely used in product recommendation systems, which work to suggest customers products or information based on special data analysis methods. When it comes to using online shopping, you may have noticed that you see many product recommendations similar to the things you have already searched for.

Whether it is through an eCommerce website, on advertisements, or on e-mails, a product recommendation works to initiate purchase decisions by helping customers find products that meet their needs.

2. It helps to optimise sales

As well as using product recommendations to boost a business’s revenue, artificial intelligence it also great for enhancing sales in general. It can help retailers to organise their inventory and count stock levels, plan their store layout and predict what their customers want to buy, as well as to help organise their website. AI assists businesses to target ads to people and it can help sellers to figure out which items they need to put on sale.

3. It enhances customer service

Artificial intelligence can enhances customer service online by using chatbot softwares that imitates human conversation (or a chat) with users over websites, mobile apps, phones etc. In this day and age, people want fast, easy and personalised customer service anytime anywhere at their fingertips, and chatbots can facilitate this.

Chatbots are helping to change the business and marketing world, and they offer a genuine personal experience between brands and users.

4. They can improve manufacturing processes

The use of robots in manufacturing has become more common in recent years, however the latest generation of robotic systems is capable of working alongside humans and interacting seamlessly and safely with the human workforce. This type of artificial intelligence technologies such as machine vision, are aware of humans and can react accordingly, such as adjusting their speed or reversing to avoid humans.

5. They provide successful competitor analysis

Thanks to artificial intelligence, it’s easier than ever before to conduct competitive intelligence, research and analysis. Competitive intelligence is the process of collecting and analysing information about your current and potential competitors, industry and business environment, using data collected, their website, and their customer base.

You can practically track everything that your competitors do, from products, people and promotions. This can help your business to find out what is working for other businesses similar to yours in your industry, so that you can make the most informed decisions.

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