Why Artificial Intelligence is a New Asset for Business?
Mankind by continuously utilizing intelligence and intellectual skills have been introducing new uses of technology and, this technology has been supporting business and individuals since then, from the evolution of industry 1.0 to today when we are all set to welcome the modifications of industry 4.0.
With the increasing amount of data and tasks, our dependency on technology has been increasing day-by-day and, therefore, we are in need of modern smart technology. Smart technology means a combination of humans and machine intelligence to support operational activities of business while ensuring efficiency. And Industry 4.0 is the revolution that is leading our way to this smart automation and, one such automation of this revolution is Artificial Intelligence.
What is Artificial Intelligence (AI)?
Artificial Intelligence means to develop human-like intelligence in the machine by programming human-like actions into the machine. The technology emphasizes intelligence to reduce human work by building out the machine; in such a manner that it thinks and works like a human. For instance, speech recognition, problem-solving, learning, planning etc.
Why is Artificial Intelligence more like augmentation instead of replacing human potential?
Often we think that Artificial Intelligence will replace humans in the organization but is not true. We shouldn’t ignore the fact that eventually, it is a machine that doesn’t always perform the best on its own. Surely, it can manage or even replace lower-level repetitive tasks but to think that it can replace humans completely, is irrational because businesses acquire best performance improvements only when humans and machines work together.
Benefits of Artificial Intelligence in the business
Artificial Intelligence, today is one of the most promising technologies and have been disrupting business structure by providing its incredible benefits:
Enhanced customer interactions – The interactions with customers is the prominent aspect of the business and, for this, they need to appoint individuals to communicate with them 24/7. But by the use of artificial intelligence, this interaction can be automated and enhanced. By analyzing the data from the previous conversation, it is possible to program computers accordingly. A chatbot is the best example; it interacts like a human and answers accurately as per the customers’ queries. And if you integrate AI with machine learning, then it keeps getting better and better. Thus, enabling the organization to utilize its workforce for more productive tasks.
Real-time assistance – The primary benefit of Artificial Intelligence is that it provides real-time assistance. It can work for twenty-four hours straight without taking a break. For instance, in banks, AI-based computer systems send a real-time alert to customers in case of fraud or unusual activities by following up their usual transactions. In agriculture, by analyzing the climatic changes, it aids farmers. Through trackers, it can determine the blood pressure, temperature and heartbeat of humans and give them time to time alerts if needed. In this way, AI provides real-time assistance to every business and aids it to focus on their core operational activities.
Brings automation – AI is based on the notion of the human-like machine. Therefore, there is no doubt that it facilitates automation in the organization. For instance, by using AI at factory or production units, one can easily adjust and maintain the ideal temperature. In some countries, companies now are using AI as a receptionist. In addition to this, if there are any other repetitive tasks in the organization, you can simply use AI for that. From hotel check in to track inventory, we can easily use AI efficiently if we had done the proper analysis and programmed the codes accurately.
Aids in data mining – By using cloud-based AI, you can easily and quickly discover the relevant information during the processing of big data. Also, to understand the business process through data, a business can utilize AI by merging it with process mining to extract data from an operational system. By utilizing predictive analysis quality of artificial intelligence, the business gets the better insight in data, aiding in creating effective business models. AI algorithms are also useful in finding out the relevant sources for the specific business task while helping to allocate them optimally.
Increases accuracy – Unlike humans, AI does not make human errors, thus increasing accuracy in its work by replacing manual tasks. The accuracy of AI is not restricted to real-time tasks, but also for predictive models. One of the most significant benefits of AI is that it can analyze data quickly and based on that data provides the best possible predictive outcomes; supporting businesses to fasten their decision-making process. Indeed, we cannot be a hundred percent sure for the predictive outcomes, but the chances of error and wrong interpretation are much lower than that of manual interpretations.
Provide customized experience – With the incorporation of AI, it becomes quite easy for a business to understand the behaviour of their customers, in a way helping business to design user-oriented solutions as per their preferences and needs. It supports business to execute interactive conversations with customers and increase their engagement with the products. AI, if combined with machine learning, then it keeps learning from their ever-changing purchasing behaviour and then it determines their pattern and helps businesses to offer them relevant services while increasing the base of loyal customers. In such a way, AI bestows business with customized experience for customers.
Rationalized hiring process – Another benefit of AI is that it rationalized the hiring process for the organization by scrutinizing applications quickly depending on the organization’s requirement for the post. It assesses the skill set, ability and flaws of the applicants and determines whether the person is right for the position or not. It saves time and, on the other hand, it eliminates the chances of biased behaviour of recruiters; providing the best human asset to the business.
Artificial Intelligence with its capabilities and potentials, directs business to the path that leads to its development. It allows a business to monitor every aspect, directly or indirectly related to their operational activities while eliminating the threats and mitigating risks effortlessly. Also, today almost every business has incorporated a cloud-based system and what can be more fortunate to know that the integration of AI with the cloud is quite easy and manageable.
Hvantage Technologies believes in providing support to every individual who has the potential to transform the business world. If you are one of them who has the capability to follow-up their ideas related to AI or any other advanced technology, come to us and avail our best services.
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