Artificial Intelligence

How AI Could Impact Your Business

How AI could impact your business
(Contributed Post)

There is no denying that AI is going to revolutionize how we live and work over the coming decade — in fact, it’s already doing so.

It’s hard to even contemplate, or estimate, how wide-reaching the effects will be. But here are four key ways that AI and machine learning could be used to improve your business processes over the coming years:

You can keep your customers happier

Artificial intelligence could totally transform your customer support processes. Automated live chat-bots are the obvious example, and they’re now becoming so sophisticated that people often can’t tell the difference between talking to a machine or a real person. Additionally, software is currently being developed to help gauge a customer’s emotions via their tone of voice on the phone, meaning you will be able to handle complaints more sensitively. Chat-bot software can also record patterns of query, helping you to better anticipate questions from customers.

Yet there is an even more sophisticated level to this, for AI technology can also be used to predict customers’ future behavior – by knowing, for instance, when they are likely to be making a purchase decision. For companies selling products online, this could be immensely useful, allowing them to nudge customers to buy from them and even knowing what that customer will want before they do.

You can make smarter decisions

In the future, your toughest and most complex business decisions might be made by AI algorithms capable of making connections and calculations that even the smartest human minds aren’t capable of. Artificial intelligence is able to process big data, notice complex patterns and harvest insights, then subsequently steer the way in corporate strategy. This isn’t to say that there will be no place left for human instinct and intuition, just that you will be able to pair that instinct and intuition with machine smarts as well.

You can streamline your supply chain

There are multiple ways in which AI could improve your supply chain processes. These include problem detection software, drone technology that keeps track of your inventory, and driver-less warehouse vehicles. The result will be a more streamlined supply chain that is much less vulnerable to errors, improving business efficiency, customer satisfaction and overall productivity. Amazon, for example, is at the forefront of this – they now use 45,000 robots in their fulfillment centres across the globe.

You can strengthen your cyber security

Artificial intelligence is becoming more and more sophisticated at spotting ‘red flag’ behaviors indicative of fraud. For instance, in the case of credit cards, software can learn to recognize the patterns of a customer’s spending behavior over time, so that if they make an unexpected purchase, a fraud alert will be triggered. Yet it’s not just credit card companies who have to think about cyber-security — every business is vulnerable to issues like data breaches and banking fraud. And given that cyber-crime is growing increasingly sophisticated, it’s more important than ever for companies to have AI software in place to keep up with the criminals.

Over the coming years, AI’s influence on businesses and organizations is going to be substantial. The key is to keep pace with it all and ensure that your business makes the most of the sophisticated deep learning software available to it. Because the fact is: if you don’t, your rivals certainly will – and you may find yourself being left behind in the robot revolution.

About the author

Michael

Michael Stace is a travel writer on a mission to see every single country in the world - on his own. A Forestry and Environmental students and works as a freelance writer for a few travel and pro-environment websites. A traveler by nature, Michael avidly trots across the globe; along the way sharing stories, pictures and tips for anyone wanting to travel the world solo.

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