Artificial Intelligence (AI) is truly shaping the future of the business world. In 2017, 61% of businesses started using the technology. AI-based apps have emerged, from machine learning to natural language processing, and predictive analytics.
With such an immense capability and power, will AI replace human intelligence in business operations?
Artificial Intelligence: A Solution for Big or Small Businesses
Artificial Intelligence involves the creation of machines or software programs capable of performing tasks that typically require human intelligence. From digital voice assistants like Siri and Alexa to the super-helpful navigation tools like Waze, AI has totally made a huge impact on the daily lives of consumers.
AI may appear like a costly investment for businesses but many of those who have implemented this technology has seen amazing results. Whether you’re running a small enterprise or a large organization, you can incorporate AI in a myriad of ways.
Target marketing is the way to attract more clients and increase a business’ revenue. But in order for this strategy to work, companies should learn how to obtain and analyze data to understand the market and customer behavior. AI has an enormous role in predictive analysis – a strategy that incorporates a variety of statistical techniques, from data mining to historical facts, and predictive modeling to forecast events.
Marketing can be an expensive undertaking, especially for small businesses. Without enough funds, it can be challenging to implement a full-blown approach to advertising. Since AI-based systems optimize marketing strategies, they greatly help bring down marketing costs. Through predictive analysis, businesses can strategically allocate funds on marketing campaigns that will give them the highest return.
The use of chatbots has incredibly improved customer experience. This AI-based application enables businesses to provide real-time responses to customer queries and minimizes agent transfers. A chatbot involves automated routing categorizes issues accurately and instantaneously. Moreover, it promotes quick resolution for customer problems and helps reduce costs due to lesser overhead.
Nonetheless, virtual assistant applications will not replace human intervention. Chatbots are helpful for answering simple questions like the shipping status, order cancellations, or bookings so that human agents can focus on more complex problems.
Improved Business Function
Many businesses today leverage AI to improve business functions and profitability. From streamlining production or manufacturing to scaling marketing and customer service – the possibilities are endless. AI applications can also be used for essential things like data security, vendor relations, inventory management, and so much more. Meanwhile, automation tools greatly reduce costs and labor, and improved efficiency in many companies. We’ve also seen how advanced robots work alongside humans in many settings.
Will AI Replace Human Intervention in Small and Large Businesses?
No, not at all. However, AI has changed and will continue to change the way companies do business. The human brain is still much more powerful and will take charge of designing algorithms, creating software systems, and building IT infrastructure. However, AI will serve an important role particularly in processing and analyzing troves of data in split seconds. AI-based systems can present meaningful data insights that humans can use to make crucial business decisions.
Additionally, AI-based applications will not replace human intervention in customer support, particularly in resolving complex issues (as discussed earlier). Rather, they will serve as a helpful extension of customer service.
Can AI be Used by Small Businesses?
Many entrepreneurs think that AI is an expensive technology that only large corporations can afford. Well, the truth is that even small businesses can take advantage of it. They don’t have to break the bank to implement AI-based systems in their organizations. Through cash advance online or, business financing even small businesses can integrate machine learning and AI into their operations. The key is to leverage existing platforms and ready-made solutions.
Technology has gone a long way in helping businesses reach their goals. The advent of artificial intelligence has delivered profound benefits to companies across all industries. From streamlining operations to improving customer service and marketing efficiency, AI serves as a powerful tool for increasing profitability.
However, it shouldn’t be treated as an alternative to human resources, rather, a helpful extension of the human brain. When used responsibly, AI can dramatically transform any business – big or small.
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