AI refers to a computer system that is trained to perform tasks with human-like abilities, especially cognitive abilities. The training process includes repetitive exposure to the same elements until the computer can recognize and recall those elements in future. As the computer learns, it also acquires the ability to self-correct and reason. That’s a simple example of the benefits of artificial intelligence.
The AI market is still growing. Predictions show that by 2026, demand for AI will reach over $300 billion. According to a voice and speech recognition trends report from Grand view Research, a big driver of this growth is voice and speech recognition, which is expected to grow by 17.2% annually until 2025.
The growth of voice and speech recognition software is already evident in products such as Alexa (Amazon devices), Siri (Apple devices), Cortana (Microsoft) and Google Assistant (Android). There has also been a remarkable attempt by new brands to curve their space alongside these big players. A good example is Aira, an AI assistant that has transformed the online meeting space with its intuitive note taking and minute taking ability.
What are the benefits of Artificial Intelligence?
The true benefits of Artificial Intelligence are realized when it can make human work easier or more efficient. For example, some AI can find insights in large bodies of data within mere minutes. Such a task would take a human being many hours, or even days to accomplish. In addition, in a factory, AI can automate repetitive tasks that usually take hours to complete.
Note that in a business, AI is not created to replace humans, but to support them in their daily functions. As a result, your company will notice these improvements:
- Reduced cost of business
- Speedy and more efficient workflows
- Higher sales conversions
- Faster hiring processes
- Highly accurate and improved recommender system
- Better revenue and profits
Let’s expound on these and more benefits of artificial intelligence implementation below:
10 benefits of Artificial Intelligence you didn’t know about
1. Automating workflows
30% of activities in 60% of occupations can be automated. This is according to a 2017 study conducted by Mckinsey. Since AI can automate tasks, integrating a personal assistant into your business will help you streamline some of your activities.
With the market for workflow management systems expected to grow to $9.9 billion by 2021, AI will play a crucial part in realizing these predicted numbers, by driving more productivity in:
- Main business functions such as sales, marketing, customer service, HR, production, supply chain management
- Project management
2. Time management both at office and personal level
Top executives in a company usually have a personal assistant to handle administrative tasks for them. For other employees, the burden of having to worry about scheduling meetings, arranging travel, following up on client correspondence, etc., can get in the way of daily productivity.
AI can help businesses optimize their time by automating such tasks. With tools such as Cortana, Siri, Aira, among others, you can automate tasks such as:
- Meeting management
- Note taking
- Planning business travel and accommodation
3. Meeting scheduling
Meeting scheduling can take up a lot of an employee’s time. Done manually, scheduling a meeting takes a lot of coordination and planning. The back and forth emailing involved to make one meeting happen can overwhelm employees’ inboxes and also waste a lot of time.
This is yet another area that Aira excels in, as it takes the hustle out of meeting management by syncing calendars and automatically scheduling meetings based on team members’ availability.
4. Enterprise assistant
You have probably heard of Cortana, Microsoft’s virtual assistant. What you may not know is that besides the core functionalities that are inbuilt into Cortana, Microsoft has a skills kit that can enable you to program Cortana to perform company-specific tasks.
The Cortana skills kit was released during a conference in 2018. Prior to its release, the team at Microsoft trained Cortana to create tickets for employees whose computers were experiencing system difficulties, and then file those tickets to a human assistant to assist. Although that is just one skill, it is a clear indication of the possibilities for trainable AI. You can train Cortana to assist you in your work, no matter the industry you work in. Cortana can for instance:
- Send texts and emails
- Find places and information
- Send you reminders
- Manage your lists and calendar
- Open and run aps
- Track orders and packages
- Track flights
You can also use Alexa to perform most of these tasks.
5. Arrange travel
If you or your team constantly need to travel, an AI app that automates flight and hotel bookings is sure to be a time saver.
In addition to Cortana which we have mentioned above, Mezi is a great example of how AI can help you with travel arrangements. Such AI utilizes chatbots to automate mundane travel arrangement tasks, leaving you to handle only the most important transactions.
6. Improving sales
A study conducted by Gartner in 2018 found that by 2020, 30% of b2b companies will make use of AI to boost some of their sales processes. In addition, 25% of customer service processes will integrate chatbots or virtual assistants.
The benefits of Artificial Intelligence adoption in business functions are evident. Some of them include:
- AI can boost lead conversion rate by 30% (Gartner)
- AI use in sales results in 50% increase in leads, reduces costs by up to 60% and call times by up to 70% (Harvard Business Review )
- 63% of a salesperson time is spent on non-selling activities. AI can positively improve sales by automating this time. (resourcefulSelling.com)
There are quite a number of AI assistants in the sales space such as Conversica, Exceed, Drift, Node, Sales Force’s Einstein, among others.
7. Handling the recruitment process
Companies spend an average of $4000 to recruit a new employee. In addition, you lose up to 33% of an employee’s annual pay whenever they leave. Given these high costs, you want to avoid hiring mistakes as much as possible.
However, the tasks involved in recruiting candidates can be quite involving. For instance, every application received has to be read and screened. As such, mistakes are bound to happen, resulting in wrong hires.
AI assistants such as Mya reduce recruitment friction by cross-referencing resumes against job descriptions to find the most suitable candidates. You can also use the AI app to schedule interviews, create interview questions and shortlist candidates.
8. Improve customer response time with chatbots
Customers value fast response time when dealing with a business. A sure way to guarantee this is by using chatbots. Chatbots
- Keep business going after official working hours
- They respond to simple queries that don’t need live staff
- They manage expectations by acknowledging that a query has been noted and will receive attention
As with most technologies, chatbot adoption was a little slow at first; people just weren’t comfortable talking to a machine. More so, first generation chatbots were simple platforms.
Today’s chatbots however are more sophisticated, conversational AI that help to
- Streamline enterprise activities,
- Hence boost employee productivity, and
- Improve customer engagement
Not only can you integrate chatbots into your website, but you can also use twitter’s and Facebook’s AI assistants to improve customer handling on those platforms. Your developers can actually create AI chatbots on Facebook’s platform design kit and twitter’s API platform, and personalize them to suit your brand.
9. Create opportunities for personalization
Marketers experience a 20% increase in sales performance when they offer a personalized experience. In the same vein, 40% of customers are likely to buy from a brand that sends them personalized content. (Source: Instapage)
To personalize, you need to understand your customers’ needs and then target them with offers that will resonate with their position in the buyer’s journey. This needs time, money and expertise, which may be challenging for a business operating on a small budget. AI can simplify this process by analyzing data from different touchpoints and
- Segment your customers,
- Predict customer intent, hence,
- Target customers with the right content and offers.
Forecasts are a normal part of an organization’s planning process. Companies use forecasting tools to make decisions regarding
- Inventory levels
- Product demand
- New product development
- Purchase of raw requirements
- Economics such as profitability, inflation and interest
Forecasts are critical to the long term health of a business. The process therefore has to incorporate all key information sets. More so, forecasting must be conducted in a timely and efficient manner. That is where AI systems such as neural nets and Bayes networks come in.
With Neural nets for instance, you can look for relationships in data using human-like cognitive processes such as pattern recognition. Tasks such as forecasting employee turnover based on data parameters such as pay, education level, attendance, job level, use neural nets.
As you can see, the use cases for artificial intelligence in business are many, and the benefits of artificial intelligence are endless. As AI continues to develop, it will inevitably converge with other areas of life. As a business, you want to be at the forefront of this curve so that you harness the limitless technological possibilities that are sure to come with an AI-led business world.