7 Aspects of Business That are Ready for Artificial Intelligence

7 Aspects of Business That are Ready for Artificial Intelligence

It’s unavoidable we’re heading in a direction where we’re going to end up relying on technology. In many cases, we’re already there, especially when it comes to the world of business.

Different technologies are used in a variety of business processes and there are numerous applications for the technology, whether it is safeguarding data or developing a machine with the same degree of intellect as humans.

In the recent decade, AI has seen one such significant technological advancement.

The AI software market is predicted to increase by 154%  year over year by the end of 2020, reaching a value of $22.6 billion US dollars. Artificial intelligence (AI) is a new change engine that has the ability to revolutionize the way people work.

It’s reinforcing the role of employees and, as a result, assisting in the growth of the company, and has many impacts in many different areas from logistics and resource management to making sales and driving profits up. AI is anticipated to boost worker productivity by 40%, allowing people to make better use of their time.

In today’s article, we’re going to look at just some of the many ways AI will be used in businesses, and which areas of the business world could benefit the most from the evolution of AI.

Marketing

This is one of the areas of business where AI could be most useful.

Making the proper suggestion and deciding on a price approach to help them make a definitive buying decision will be aided by drawing inferences from previous purchases and consumer preferences.

Another area where AI might be beneficial is in gross sales forecasting, predicting what the buyer wants and improving communication with the consumer, all without neglecting the user experience. When properly programmed, machines can assist salespeople in estimating who they should contact and follow up with, resulting in increased conversion.

E-Commerce

AI is already being implemented across the e-commerce industry in a variety of ways. From smart searches, product recommendations to dynamic price optimization are just a few of the famous Artificial Intelligence applications in e-commerce. From intelligent chatbots and automated, highly optimised marketing strategies to stock and resource management behind the scenes, the possibilities here are endless.

Business Management

Whether it’s email sorting or speedy response, AI can help in many aspects of business management. Spam filters, voice-to-text capabilities, smart emails, smart assistants like Siri and Google Now, smart gadgets, automatic insight, security surveillance, and so on can all benefit from AI.

Manufacturing

We can improve the manufacturing process’ productivity by using AI. Heineken, for example, uses data analytics at every level of the manufacturing process. With predictive intelligence, one may anticipate demand and ramp up production as needed.

Finance

The finance industry is one of the most important elements of every business and one that can be impactfully affected by the introduction of AI.

Finance experts can be freed up from repetitive financial tasks, according to Accenture studies, because AI allows software and applications to take over the duty. Furthermore, it decreases the risk of human error, hence increasing business productivity and fostering growth.

R&D

Again, R&D is critical for any firm, and using AI will assist to improve it, especially over the coming decades.

It will speed up the process by automating various procedures and reducing the likelihood of errors, making R&D more efficient and error-free. Application of AI in IT operations is unavoidable.

AIOps, or the use of machine learning and data science to IT operations problems, is used to automate and analyze many IT processes.  Blending AI and IT will improve the process as IT systems become increasingly crucial to assist businesses.

Building maintenance

Another powerful, yet perhaps surprisingly prevalent AI application. The concept of building automation is not a new one. This concept is being used in many commercial and residential developments. It aids with the regulation of temperature, lights, IoT, and security systems, among other things. With this degree of resource management, buildings last longer, maintenance is more effective, and everything keeps running smoothly.

Conclusion

These are just a few of artificial intelligence’s many applications. With such a broad range of applications, there will be a larger demand for professional artificial intelligence experts and developers to assist in their implementation.

George J. Newton is a business development manager at Write my research proposal. He aims to help businesses make the most of modern technology and take advantage of the most up-to-date opportunities new tech provides.

Masab Farooque
Masab Farooque is a Tech Geek, Writer, and Founder at The Panther Tech. He is also a lead game developer at 10StaticStudios. When he is not writing, he is mostly playing video games