Do you think AI is complex and only limited to larger businesses? Over the past few years, Artificial intelligence has gained tremendous momentum as more and more businesses are incorporating AI applications to improve their productivity and performance. AI is no longer confined to big companies and computer scientists. Today, artificial intelligence has become a household name (thanks to Alexa) and this technology is opening up a whole new world of possibilities for small businesses also.
Artificial Intelligence (AI) has been around for decades. However, lately, this revolutionary technology has started to make its presence felt. Artificial intelligence is a broad and general term that refers to computer programs that perform human-like activities such as learning, planning and problem-solving. Artificial intelligence is not a new concept as it came into existence in 1956. However, it took decades to develop AI and make it a technological reality. And in 2019, artificial intelligence has got acceptance in mainstream society with household presence.
AI is now going through a period of significant growth and is adopted across industries. From healthcare and retail to logistics, manufacturing, and transportation, AI is being incorporated by almost every industry. AI and Machine Learning are making a huge difference in the way businesses operate.
In the business world, AI technology reducing operational costs, increasing efficiency, boosting revenue, and enhancing the customer experience. Are you now wondering how AI can benefit your business? Let’s take a look.
Businesses are incorporating AI to consolidate data from multiple sources into cloud-based dashboard.AI-enabled applications are used to collect and analyze data to draw meaningful conclusions. Businesses can link different platforms and apps to extract data to get clear reports. The collected data is analyzed to detect trends or issues.
Inventory and Supply Chain Management
AI is used by retailers and other businesses to streamline their inventory and supply chain management. The traditional way of tracking and organizing inventory is prone to errors. But with the help of machine learning algorithms, a business can now more accurately manage their inventory. It allows automatic refilling requests and optimizes the supply chain. It can automate inventory order fulfillment, as well as predict the supply chain movements.
Personalized Experience in e-commerce
AI is revolutionizing the e-commerce industry in multiple ways. With the help of AI, it is now possible to interact without humans. The automated systems can handle phone calls, chats, e-mails, and social media comments without human intervention. AI-enabled websites can identify customers’ purchase behavior, past credit checks, and various other patterns to provide a personalized experience to each customer. The latest and most popular AI tool is a chatbot. Business websites are incorporating chatbot service to answer general questions and improve customer satisfaction. Unlike human representatives, bots are available to customers 24 hours a day to answer business-related inquiries and questions in real-time.
Hiring the right candidates is one of the most cumbersome tasks for companies. But with the latest AI-based applications, the interviewing and hiring process has become easy. This is particularly beneficial for small businesses that don’t have a dedicated HR department. By incorporating AI into your hiring process, you no longer need to manually sift through huge piles of resumes. AI applications can make your hiring more streamlined and can even provide details about a candidate’s work history.