AI and Business Today
Artificial Intelligence (A.I.) has the potential to be a game-changer for numerous aspects of business, from customer service to data analysis to fraud detection. Some companies are already seeing the benefits of implementing A.I. into their organizations—and it’s not just start-ups or tech giants; companies across all industries are starting to see how artificial intelligence can help solve problems and improve processes. Artificial intelligence in business is expected to transform the sector by streamlining processes, aggregating data, and bringing technology out of the two-dimensional screen and into the three-dimensional physical environment surrounding an individual. Future-forward MSPs such as IT Support Vermont can customize AI-powered solutions for businesses to suit their needs. This article examines how AI is being used in businesses and how it will continue to evolve in the future.
Benefits of Artificial Intelligence in Business
A.I. powered customer service
Managing customer relationships (and providing the human touch) is complex and involves many moving parts. Customer service is more than answering emails and phone calls—it requires coordination with multiple departments across your organization, from marketing to sales to finance. It’s an essential part of every business because happy customers lead to more sales and referrals, but also because unhappy customers can cost you dearly in terms of brand reputation or even legal action.
Customer relationship management combined with artificial intelligence capabilities can assist employees in being more productive and efficient. It can guide them to manage specific tasks like calendars, making phone calls, scheduling meetings, taking notes, and assisting them in every manual task. As a result, companies need people equipped with AI to parse vast amounts of contextual and customer information to gain insights, analyze, and resolve issues faster.
Improved fraud detection with AI
Fraud detection is critical because it helps you prevent financial loss and avoid financial fraud. Firms using artificial intelligence-powered fraud detection software can stop these attempts before they happen without compromising customer experience or trust in the brand. A study by Forrester Research has shown that companies using AI for detecting fraudulent activities save around $1 million annually due to reduced losses incurred through such activities. IT Outsourcing Vermont can help local businesses detect and prevent fraud effectively with AI solutions.
Decreased training costs
Training employees is expensive and time-consuming and can prove prohibitively costly for companies with a higher churn rate. It can take months or even years to train someone, which means a massive investment in human capital. Artificial intelligence can help reduce the cost and time it takes to train new employees by providing structured learning materials that are more efficient than human teachers. AI also reduces the scope of errors in training.
Gain insights from vast and complex datasets
In the future, the power to effectively analyze vast amounts of data will be a crucial differentiator and competitive advantage for businesses. AI can be used to analyze data from multiple sources and make decisions based on that analysis. This means that you can use the insights from your customer’s behaviour and preferences to improve their experience with your company, boost sales, increase productivity and quality, and make strategic decisions that could help your company thrive in a competitive market. However, we are still at the early stages of being able to unlock the full potential of such applications of AI.
Take advantage of intelligent pricing
Determining the cost of a service or product is one of the most significant challenges facing all organizations. Competitors can beat you on price, and customers may not be willing to pay high fees for your products. You must analyze customer reviews, production costs, activity, and competitor prices to determine the price. With artificial intelligence (AI), machine learning (ML) tools, and enough data, you can plan pricing that maximizes profits while remaining competitive in the marketplace.
Implementing AI in recruitment
One of the essential tasks for a recruiting crew is sorting through the pool of applicants to identify the best candidates. Most companies have a difficult time finding qualified candidates for open positions. Artificial intelligence can help make the recruiting process more efficient and accessible. It can screen potential candidates, track down their contact information, and schedule interviews based on preferences set by the company. In addition, AI can predict how long a candidate will remain in a position before leaving – allowing companies to plan accordingly when filling open positions.
AI is the Future
Artificial intelligence (AI) is already changing the healthcare industry. A recent analysis by the University Hospitals Birmingham and collaborators found that AI correctly detected a disease condition with 87 percent accuracy while human experts could only attain 86 percent. While it took doctors 10 minutes to diagnose a patient, AI technology needed only one second and could assess one million possibilities simultaneously. Human beings are prone to mistakes, but computers don’t – if designed well. Many companies have already launched initiatives to replace human workers with intelligent machines in sectors as diverse as financial industries, service delivery, manufacturing, and recruitment.
There is no denying that humans are capable of more expansive and creative thought. We can think in the abstract, imagine, judge, feel and anticipate situations. While AI may be unparalleled at processing data, it is not invulnerable. There are cases where AI has failed, such as Uber’s self-driving car killing a pedestrian in 2018 and IBM’s Watson supercomputer advising unsafe and incorrect cancer treatments. But those are highly advanced use cases. For most SMEs and enterprises, AI applications in business can unlock a treasure trove of benefits and cost savings to grow their business. To know more, please consult with the experts at Managed IT Services Vermont.
Steve Loyer is the president and CEO of Tech Group, LLC. An IT consulting Vermont company. With over 25 years of experience in network and network security solutions, Steve has earned technical and sales certificates from Microsoft, Cisco, Hewlett Packard, Citrix, Sonicwall, Symantec, McAfee, Barracuda, and American Power Conversion. Steve graduated from Vermont Technical College with a degree in Electrical and Electronics Engineering Technology.