It seems that every time you blink the level of competition in every industry, market, and even niche is increasing. That’s a huge issue for modern businesses because it’s almost impossible to be truly unique.
So, how do you stand out if you aren’t making a one-of-a-kind offer?
Businesses today must make the best offer, which means they must build a tenuous balance between costs and profit. That’s where AI technology can become your best investment. The purpose of artificial intelligence technology is to improve the life of humans. It achieves that by making multiple business processes cheaper and more manageable. Therefore, even a small company armed with AI-powered tools can achieve great results.
Keep on reading to learn some ways how AI can benefit businesses on different levels.
1. Increase the efficiency of HR departments
One of the best, yet most underestimated, uses of artificial intelligence for business is optimizing the work of HR departments. There are many applications of AI for Human Resources management. The most prominent among them are:
- Smart forms for candidate CVs.
Applicants often have to fill out similar forms multiple times during the hiring process. This is tedious and can have a negative effect on the candidate. Moreover, the HR professionals responsible for this must manage multiple forms, which is stressful and creates room for error. Therefore, developing a single smart form that the candidate only needs to fill out once facilitates the entire process immediately.
- Candidate search and research.
Recruiting can benefit significantly from the analytical and data processing powers of AI. Today you can use solutions like Eightfold, SeekOut, and AmazingHiring to search for talent. The AI does candidate research extremely fast and helps sort out talent according to various specifications of the recruiter. There are also tools like Humanly and XOR that use AI-powered chatbots to handle repetitive recruiting tasks. You can also look up advanced AI-powered solutions that can do in-depth research into candidates. For example, some solutions can analyze social media accounts to provide a detailed candidate profile.
- Learning and development programs.
HR specialists save time by automating various onboarding, training, and learning programs for employees using chatbots. This process also helps collect data on employee performance and training levels that can be used for development roadmaps.
All in all, the primary purpose of AI for HR is to automate repetitive and time-consuming tasks. This way, HR professionals get to spend more time on direct communication with employees.
2. Improve customer service through NLP software
Technology has a huge impact on business communication. And AI-powered chatbots are probably, the most common application of AI in business. NLP (natural language processing) and ML (machine learning) technologies enable these solutions to effectively ‘chat’ with customers in real time. Therefore, you can provide highly cost-efficient customer support 24/7.
Moreover, AI chatbots can offer personalized prompts based on customer behavior analysis. This further increases the level of satisfaction and increases the chances of conversion.
Also, chatbots can be used to collect and effectively process data. So, you can develop custom AI-based software that will provide you with various analytics. This data can be used to improve your business on every level, from customer journey and marketing to the manufacturing process and new product offerings.
3. Increase revenue through business process optimization
One of the main advantages of AI, in general, is its high level of flexibility. In essence, you can build AI-powered apps to tackle highly versatile tasks. So, you can streamline, automate, and improve multiple workflows, thus optimizing all business processes.
For example, here’s how you can apply artificial intelligence technology:
- Workflow automation.
AI-based software and robots can automate multiple workflows within any business. They will handle routine tasks increasing speed and accuracy. Also, they will free up your human resources to work on more complex issues.
- Error reduction.
Automated workflows reduce the risk of human error and the costs associated with it.
Machines can do repetitive tasks faster than humans. Therefore, you can increase the operational speed of your processes. This is an essential requirement for business growth in 2022.
- Productivity increase.
With machines and AI working on basic routine tasks, your employees can focus on issues that require human intervention. So, your business becomes more productive overall.
- Production lines optimization.
AI solutions and automation enable you to maximize the efficiency of production chains. As a result, you both cut costs and increase productivity.
To achieve maximum benefit from AI in business through optimization, you’ll need to implement it on every level. This can be a gradual process where you evaluate the efficiency of every integrated solution to correct your strategy over time.
4. Boost manufacturing through automation and robotization
AI technology is not only about software. Robots are also a part of the exciting world of artificial intelligence. At the moment, businesses mostly use industrial robots. These advanced machines can quickly and efficiently perform tasks like welding, assembly, painting, polishing, and material removal.
There are also robots that handle quality assurance. This does not only speed up the process of manufacturing quality testing. It also helps the business avoid serious issues and losses caused by recalling products and liability lawsuits.
Right now, industrial robots are most often used in the automotive industry. However, they are growing more popular as this technology becomes more affordable and accessible.
5. Better business decisions with predictive analytics
AI technology is an unbeatable leader in data processing. Due to its ability to analyze vast amounts of data extremely fast and find patterns, AI can make accurate forecasts.
The results of AI-powered predictive analytics can help businesses in many ways. For example, a farming business can make accurate estimations and purchase fertilizers and seeds for the next season while prices are lower. Small businesses can use basic predictive analytics solutions to choose areas for expansion. Even making basic day-to-day business decisions is easier when you have the data that highlights weaknesses and opportunities.
Bottom Line: The Future of AI in Business
We can definitely say that the future of AI technology is bright. Already it’s applied in multiple industries, from healthcare to HR and business planning. The number of applications will keep increasing for one simple reason, efficiency. AI solutions are extremely efficient. They help businesses maximize the use of their resources while reducing costs and losses associated with human error. However, AI can’t and shouldn’t replace human workers. Instead, artificial intelligence takes on tasks that humans easily tire from. Therefore, your employees can focus on achieving business goals while machines handle the routine.