Benefits of AI | Stellant

According to a 2021 survey by McKinsey, artificial intelligence (AI) is becoming increasingly prevalent in today's business world. And as companies strive to remain competitive, many are turning to AI to help them gain a competitive edge.

But what exactly is AI? And what are the benefits of using AI in business?

D.L abs defines AI as the ability of a computer to simulate human intelligence. This can be in the form of understanding and responding to natural language, recognizing patterns, or making decisions.

There are many benefits that your business can reap from using AI, including improving the productivity of your business, improving business processes such as decision-making, increasing profitability, and saving business resources.

In this article, we will discuss the benefits that AI can add to your business should you choose to implement it.

Saves Time and Money

If you are wondering how artificial intelligence (AI)can save time and money for your business, you are not alone. A 2021survey by McKinsey revealed that business costs and time to complete tasks dramatically went down after businesses adopted AI.

AI works by automating tasks that would otherwise be completed by human workers, who may be pretty slow compared to a computer. When such tasks are automated, your employees end up with free time on their hands to focus on other important tasks.

In addition, AI can help improve the accuracy of tasks that humans complete. This can help reduce mistakes that can cost your business time and a lot of money while trying to rectify them now and in the future.

Improves Customer Service

According to HubSpot, customer service is a crucial aspect of any business, and AI can help improve it in several ways.

The benefits of AI in customer service include providing24/7 service, reducing wait times, and improving customer satisfaction. Additionally, AI can help identify trends and issues that arise from customer service so that they can be addressed more quickly.

For instance, AI can answer frequently asked or simple questions by customers with live chat and chatbot experiences.

Simplifies the Hiring Process

Hiring the right employees is essential to the success of any business, but the process can be time-consuming and expensive. According to HireVue, it takes twelve to sixty-three days to fill an open position in an organization.

 However, if your business adopts AI, it can help you streamline the hiring process by identifying the most qualified candidates more quickly and efficiently.

Your business can adopt AI in its hiring process by using applicant tracking systems (ATS) or "CV bots" to screen applications and assist with creating shortlists of the most qualified candidates.

The benefits of AI in the hiring process include reduced time to hire, increased accuracy in identifying suitable candidates, reduced recruiting costs, and improved candidate experience.

Speeds Up Business Decision-Making

Business decisions are becoming more complex as the scale and scope of businesses continue to increase. A 2021 survey by Gartner revealed that 65 percent of decisions made by businesses are more complex because they involve more stakeholders and/or choices.

 Because of these complexities, many businesses find they take too long to implement ideas and solutions, which can be quite costly.

If your business can relate to this problem, then AI might be just what you need. This is because, once adopted, AI can help your business make faster, more informed decisions by providing insights that might, otherwise, be missed.

For instance, if you run an e-commerce website, you can use AI to learn what products certain segments of customers are buying together. You can then use this model to recommend complementary products and increase purchases. 

Reduces Human Errors

AI can help your business by reducing human error.

For example, if you are running a business that relies on data entry, you can use AI to help ensure that the data is entered correctly. This can help improve your records' accuracy and make it easier to find information later on.

Additionally, AI can help you automate tasks prone to human error, such as billing and invoicing. This can help to save time and money, as well as improve the accuracy of your billing.

Finally, AI can help you to keep track of your inventory and customers. This can help you avoid over-selling or under-selling products and provide you with valuable insights into your customer base.

Boosts Productivity and Quality

A recent study by PWC revealed that AI has the potential to create $15.7 trillion in value across the global economy by 2030. To put that into perspective, that’s equivalent to the current GDP of China and India combined! AI can therefore help your business increase productivity and quality in several ways.

For example, you can use AI to process large amounts of data more efficiently, identify patterns and trends, and make predictions. This can help you make better decisions about allocating resources and improving processes. 

In addition, AI can help you automate tasks that are time-consuming or difficult for humans to do, such as customer service or data entry. This can free up employees to focus on more value-added activities.

Builds Customer Loyalty Through Personalization

Personalized experiences are important to customers and help create loyalty toward a brand. A survey carried out by Epsilon revealed that 80 percent of consumers were more likely to make a purchase when brands offered personalized experiences.

AI can help your business create personalized customer experiences at scale by helping you understand your customers better and provide them with the services they need.

A real-life example of this can be seen in mobile-friendly push notifications. Customers who receive a tailored push notification, depending on what they've viewed or want from your brand, are more likely to stay loyal.

Improves Cybersecurity

If you're a professional business service owner, you're probably always looking for ways to improve your cybersecurity. After all, data breaches can be costly, not to mention the damage to your reputation. IBM reported that data breaches cost surveyed companies $4.24 million per incident, the highest in its 17-year report history.

But did you know that AI can help you improve your cybersecurity?

That's right; AI can be used to detect and prevent malware, as well as enhance password security. And best of all, it can do this without disrupting your business operations. So if you're looking for a way to improve your cybersecurity, AI is worth considering.

Increases Revenues

AI can help your business increase revenues in several ways: 

First, AI can help you identify new revenue opportunities. By analyzing your data, AI can help you identify patterns and trends that you may not have noticed before. This can help you target new markets or develop new products and services.

Second, AI can help you optimize your pricing. By analyzing data on customer behavior and market trends, AI can help you optimize your pricing to maximize revenue.

Third, AI can help you improve your marketing and sales strategies. By analyzing data on customer behavior and market trends, AI can help you develop more effective marketing and sales strategies.

For example, Amazon.com utilizes AI in numerous ways to enhance revenue. Customers who shop at Amazon.com receive tailored product recommendations based on their preferences.

Amazon.com also uses AI to optimize pricing and to improve its marketing and advertising campaigns. As a result of these efforts,Amazon.com has been able to increase its revenue by billions of dollars.

How to Implement AI Into Your Business

Now that you know what AI is and the benefits it can add to your business, you're probably wondering how you can implement it into your business. Luckily, there are a few ways you can to do this:

• You can use AI-powered security solutions. These are designed specifically for businesses and can be used to protect your data and prevent breaches. Yourbusiness can adopt some common AI-powered cybersecurity platforms, such as IBM QRadar, Cynet etc.
• You can use AI-powered analytics. This can help you understand your data and make better decisions about how best to use it for your business’ success. For instance, you can use Google Analytics if your business has a website to get valuable insights about your customers, target your marketing and drive optimization. 
• You can use AI to train your employees on cybersecurity. This can help them understand the risks and how to protect your data best. If implemented, AI can engage your employees with individualized and tailored material and training methods. This way, you can eliminate cookie-cutter, one-size-fits-all cybersecurity training.

All of these are great ways to add AI to your business. But ultimately, the best way to use AI is to find a solution that fits your specific needs.

If you feel overwhelmed by all this information, the good news is that with the support and experience of the right service provider, it's easier than you might think.

Takeaways

As we move into the future, AI will play an increasingly important role in businesses. This is because the benefits of AI are numerous and essential for your business to stay ahead of your competition, increase revenues, and retain and attract new customers. 

If you’re looking for ways to improve your business, then AI is the way to go! Not sure where to start? Contact us today, and we'll be happy to help get you on the right path with implementing AI into your business.

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