From robotics to IoT, Artificial Intelligence (AI) technology has taken the corporate world by storm. Recent developments in voice-based searching and chatbot-based interactions indicate that AI is the future. With Google Assistant and Siri, AI magically lives inside our smartphones and accomplishes daily tasks smartly. But, what is the role of this emerging technology in businesses? Read on to get an answer to your question.
What is AI and How it Benefits Modern Businesses?
Artificial Intelligence (AI) is defined as a collective term for intelligent computer systems that can send the environment, learn, think, and take action based on what they are sensing and their objectives.” Simply put, artificial intelligence solutions can bring radical changes in decision-making when used rightly. AI also brings automation to the cognitive and physical tasks of businesses thereby enabling employees to get rid of laborious and mundane tasks.
In this competitive business scenario, AI can make a difference. As per the McKinsey Global Institute’s research, AI could deliver an output of $13 trillion to the world economy by the year 2030. AI is a technological boon for businesses and we are yet to make the most of this revolutionary technology. Though AI offers many benefits and opportunities to ensure the growth of your business, here we will limit its role to business decision making.
Let’s dig deep into how AI drives decision-making.
Role of AI in Decision-making
Artificial intelligence solutions are capable of augmenting human intelligence for making the decision-making process smarter and more effective. We live in a data-driven world, and AI can make it possible to analyze the zillions of data to provide actionable insights without having any biases or human errors. Let us highlight the ways through which AI helps businesses make decisions.
1. CRM and ERP
Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) are essential factors to consider for making informed decisions. Thanks to the buyer persona modeling of AI, companies can easily identify the customer’s lifetime value. It helps companies manage multiple inputs and provide personalized experiences. AI can readily fetch and analyze large amounts of data in a few minutes to provide valuable insights. It is easy for enterprises to find the efficiency and capability of employees through AI’s predictive analysis and real-time tracking of activities. It enables companies to manage resources more effectively.
Marketing plays a vital role in establishing a brand reputation and spreading awareness to increase sales. In today’s customer-driven market, the ever-changing needs and expectations of consumers make the decision-making process complex and cumbersome. It is essential for companies to monitor the customer’s behavior continuously to make the best decisions. There, AI lends a helping hand by providing reliable information about the consumer’s buying pattern and persona. Real-time data gathering, trend analysis, and forecasting by the AI-powered system can help businesses make effective marketing decisions in real-time.
3. Opinion Mining
AI can provide reliable and actionable insights into every important department of modern businesses. From sales to marketing and human resources to customer service, artificial intelligence solutions work wonders. One of the top benefits of AI is opinion mining for enterprises. It helps companies understand why customers feel the way they feel. In other words, companies can easily know the customer’s concerns and expectations based on smart analysis of their opinions. AI has improved the opinion mining process and made it quicker and more reliable.
4. Augmented Analytics
In its recent report on the top 10 data analytics technologies, Gartner has mentioned that Augmented Analytics is going to be the next big thing. It will transform the way we share analytics content to support internal decision making. AI can offer reliable data and recommendations to enable decision-makers to make wise decisions. In a way, it can improve the overall performance of the company and give it a competitive edge over other companies.
Another major advantage of AI technology is troubleshooting or problem-solving ability. The custom application development process integrates AI-based features in the business app to enable business owners to get assessment and recommendations for their common business issues. It makes it easier for them to respond quickly when such problems occur in the system.
6. Recommender System
It is an AI-based technology to recommend products or other items to customers. You must have seen the section ‘Recommended for You’ in various eCommerce websites and applications. In customer-centric businesses, this recommender system or engine can show products to consumers on the basis of their feedback and searches. The major role of the recommender system is in reducing bounce rate and offering a more personalized experience to the customers.
In a nutshell, AI can enable business owners to make bigger and better decisions based on actionable insights. AI, in combination with various applications, assists businesses to make informed decisions in real-time and ensure growth amid intensifying competition. What is more exciting is the fact that it is easy to integrate AI into your business system. All you need to find a reliable artificial intelligence solutions provider.
Silver Touch Technologies is a leading custom application development company. We provide end-to-end IT solutions to meet your business needs effectively. Our array of services includes information security services, RPA (Robotic Process Automation) services, strategic outsourcing services, digital transformation, and enterprise software development-related services. If you want to know more about our software development services or transform your enterprise digitally, just send us an email at email@example.com. We will get back to you soon.