Businesses have been using Artificial Intelligence for a little while now. In this short span, AI has contributed tremendously to the success of products like Amazon’s Alexa. Companies like Spectrum, using AI algorithms on data to create products like the Spectrum Triple Play packages. These products are designed to cater to consumer tastes. Similarly, Netflix uses algorithms to suggest shows and movies watch, based on preferences and history.
Incorporating AI algorithms into products has made lives easier for consumers. The benefits of AI usage for consumers is obvious. But how can AI systems make business operations more efficient? Can they perform decision making tasks?
I this blog we are going to look at the different roles AI plays in making businesses operate more efficiently.
What are Some of the Ways AI is Affecting Your Business?
There are many different ways in which AI is being used to improve business strategies. Here are seven ways AI has improved businesses:
- Financial Analysis
- Help Desk Services
- Conducting Market Research
- Predicting Trends
- Planning
- Logistics
- Human Resource Management
Let’s explore these in detail…
- Financial Analysis
AI systems are being studied and improved. In a few years, they will be capable of financial analytics. AI will be able to understand financial reports soon. It could even make decisions based on the reports.
Companies are working on improving AI systems for businesses. They are reporting tremendous advances. They say AI’s could have an in-depth understanding of individual financial crises.
Will AI systems take care of our personal finances? If they start, it would be bad news for accountants everywhere.
- Help Desk Services
Online help centers were quick to adapt AI systems. They improved business management. One of the first uses of AI was with online help desks. Customer Service Chat windows on many websites are AI systems. You would likely have seen or used this type of chat window.
AI technology is always under improvement. AI systems with voice-activation are the way of the future. Some companies are ahead of the curve. They have already implemented this technology on their helplines. AI’s are always learning and improving.
- Conducting Market Research
Developments in analytics are moving AI into all sorts of fields. AI has had the most notable impact on marketing. The process is simple. Supply the AI with specific data input. As a result, it could determine the most effective marketing strategy.
Some believe that AI systems could produce better predictions than a human being. This is due to AI’s ability to learn and the technology’s lack of human error.
- Predicting Trends
To put it in simple terms, trend analysis leads to trend prediction. The technology compiles, stores and analyses data, all at once. In doing so it is able to provide users with the most logical solution.
Of course, nothing is set in stone. Any prediction, man-made or otherwise, could be wrong. What happens could be completely different from the prediction.
- Planning
AI Technology can manage things like:
- Employee tasks
- Company payroll
- Employee benefits
- Scheduling
Looking at current trends in popularity and advancement of AI we can see growth. It is reasonable to say that AI would start self-organizing and plan tasks soon. That could save managers tremendous amounts of time. They would be free to focus on other aspects of their jobs.
- Logistics
AI has proven useful for companies which use freight trucks or flights. The system measures information like:
- Current and predicted weather conditions
- Average fuel consumption
- Traffic and more.
The AI uses the data, with its algorithms, to decide the most efficient travel methods.
- Human Resource Management
Human Resource departments use AI technology. It becomes easier to sort and find the best people from resume submissions. The system can analyze data from many sources. Then, it can short-list the best candidates for positions.
AI systems are being used for automated customer service applications. Websites like, Spectrum Customer Service, are already using AI interfaces. You can interact with these systems through most online help desks today. It has the potential to benefit business management hugely. If we look around, AI systems are already helping many businesses analyze their data. Several industries benefit by integrating AI in their operations.
