5 Ways Modern Businesses Use AI to Boost Growth

Artificial intelligence or AI is one of the most talked-about technologies in the 21^st Century. The concept of artificial intelligence has been around since the 1950s. But it is only recently that advances in data technology and hardware have become sufficient to pull the tech out of what is known as AI winter.

Over the past few decades, the interest in AI has risen and fallen periodically. Pop culture and science fiction, while making AI a household name, have also created a lot of confusion and exaggeration around the subject. It may not be advanced enough to call Cox customer care on my behalf, but at the same time, it can assist customers on the internet provider’s behalf.

This blog explores how existing AI technology can help businesses speed up their growth.

Fewer Payroll Expenses

Salaries, wages, benefits, insurance, etc. The list of expenses for maintaining staff on your payroll can be significant. In fact, for many businesses, it is one of the single biggest expenditures that eat into profits. That’s not to mention the costs incurred in acquiring, training, and developing employees. Despite these expenses, there is no guarantee that the employee will stick with you in the long term, leading to employee turnover costs.

All in all, maintaining human workers on your staff can be quite expensive in the long run, especially when compared to the costs of developing and implementing an AI system in various business functions. Unlike human workers, most of the costs you will incur are limited to actually acquiring or developing an AI system. You may also incur costs to periodically update and upgrade the system. Despite that, it will still cost far less than a human employee does over the employment lifecycle. When you consider that AI systems do not require salaries, benefits, or even time off, the value for money becomes apparent.

Improved Business Productivity

Most of an employee’s everyday tasks involve boring, repetitive work that is necessary for the process but adds no value to the end product. All it does is take up more of the worker’s time, which could easily be spent on more productive aspects of work. One of the biggest advantages of using AI is that it can be trained to execute repetitive tasks much faster than a human being. With an AI handling the boring grunt work, human workers can focus on more creative and complex aspects of their job. Overall, this means AI and humans working together can accomplish much more than humans working on their own. This directly translates into improved output and productivity, with minimal time wasted.

Supports and Enhances Decision Making

Data is one of the most valuable assets a business can generate in the 21^st Century. All businesses generate data from different processes such as sales, marketing, production, customer service, etc. The problem is, in its raw form, the data is not very useful. It could take a human worker several work hours, or even workdays, just to gather all relevant data for a business decision. You can imagine how long it would take to sort and analyze the data manually. One of the biggest advantages AI offers to modern businesses is that it can handle and interpret large volumes of data very quickly. This means an AI system can offer you a reliable analysis of the data your business generates, which empowers you to make a stronger and more accurate decision.

Eliminates or Minimizes Human Errors

“To err is human”, as the ancient proverb goes, is about as true as it gets. Human beings will always make errors. It is an inevitable aspect of how our minds work. While normal, too many workplace errors lead to inefficiencies. In certain cases, it can even harm your brand value and reputation. That means businesses should prioritize reducing the margin for human errors in various processes. AI offers a workable solution in this respect. Unlike humans, machines are programmed with specific guidelines that they don’t deviate from. This means an AI system is not likely to make errors due to distractions, excessive workloads, stress, or fatigue. With a dramatically reduced margin for error, AI improves process efficiency and propels businesses further toward growth.

Offers A Better Customer Service Experience

Finally, one of the best things about AI in business use is its ability to offer high-quality customer support. For example, since an AI doesn’t need to sleep, a customer could get all the juicy details on Cox gigablast even way after business hours. AI also has the ability to personalize experiences to the customers’ needs. Analyzing browsing history, search queries, and other metrics, AI is able to offer more relevant and appropriate assistance to incoming customers. Since a better customer experience usually encourages repeat sales, this can be a good way to grow your customer base and gain returning customers.