Which business case is better solved by AI: real-life examples and working tips
Artificial intelligence was something exotic in the business world a couple of years ago, but once everyone learned about its advantages and benefits, many integrated it into their business models.
Story: How Artificial Intelligence Saved My Business from Bankruptcy
To understand how valuable artificial intelligence is in our time, let’s start our practical guide with a short story that illustrates how one entrepreneur, in a critical situation, trusted AI and made the right decision, thus saving his business from future bankruptcy.
The events take place in the not-so-distant year of 2021, when large corporations were already fully integrating various AI variations into their chats, search engines, and analytical systems. Our protagonist had a small online store with a large inventory of products that had been sitting in warehouses for years without any sales. What used to be a profitable venture was now bringing in mere pennies, and naturally, he couldn’t afford to hire a specialist who could attempt to turn the situation around.
Realizing the hopelessness of the situation, his 15-year-old son, who was responsible for maintaining the website, decided to integrate an intelligent customer service system based on AI. It could answer all questions and find a suitable approach for each customer by profiling individuals online and understanding their hobbies and needs. If a customer wasn’t very active, the emphasis shifted towards providing excellent service.
In the end, it worked, and the small-scale online store started generating profits again, saving it from closure. This is just one of the few stories showcasing how new methods of operating in business can help owners stay afloat and generate profits.
The role of artificial intelligence in business – how to do less and earn more.
Progress never stands still. If more than 100 years ago, industrialization was the new stage of development, today it’s process automation, which has gained momentum with the widespread availability of AI. Now, anyone who wishes can integrate intelligent algorithms into their system, making business operations much easier.
AI in Sales
- 1. Customer Interaction: This is especially noticeable in the case of small businesses, as demonstrated by the aforementioned story of bankruptcy prevention. AI can provide customers with quality support, enhancing the overall interaction between you and them.
Often, businesses gather a customer database using preserved data on purchases, customer support inquiries, and more. AI then sorts and analyzes this data to create a classification system for more efficient operations. Next, the business fine-tunes the algorithms to suit its needs. Once set up, artificial intelligence automatically processes inquiries, determining the most optimal actions. This can not only improve the overall customer experience, but also guide staff on how to handle different situations effectively.
This is the simplest and most understandable example of how artificial intelligence can be used, but it is not the only one. Let’s explore some other possibilities.
Demand and Supply Forecasting: It is one of the most critical aspects of profitability in sales. Analyzing customer needs at different times becomes much easier with AI, enabling businesses to prioritize the sale of certain products and maximize profits in the long run.
Smart Management in Business
The use of AI for managing employee accounts is one of the most advanced areas in business today. Processing such vast amounts of information can only be handled by qualified specialists, but AI-powered systems can now perform this task effortlessly. Let’s look at some key functions such a smart system can fulfill.
- 1. Eliminating Duplicate Tasks: Removing repetitive tasks can be time-consuming, especially for large companies with numerous employees. By integrating intelligent algorithms into your database, you can significantly increase overall productivity and save money by analyzing and eliminating these recurring tasks.
- 2. Salary Determination: Evaluating an employee’s deserved salary is a task for managers. However, they often fall victim to various employee tactics and may not possess complete information. AI can help solve this by calculating salaries based on the quality of task completion, accurately determining appropriate compensation.
As we can observe, such business use cases greatly enhance a company’s productivity. Therefore, there is no need to fear these innovations. Although such advancements may seem risky to some, they are the reality we are already living in. It’s important to keep up with new trends because it may be too late if we wait too long.
Which business case is better solved with artificial intelligence
You can’t even imagine how many business cases are best solved with artificial intelligence, rather than doing it yourself or using traditional programming.
- Taking orders in a store. AI can interact with customers, giving them recommendations or advice without your intervention. If you are working on your own, this will significantly save your time and allow you to deal with more important tasks.
- Fraud protection. Since AI can process a large amount of data in a short time, it can help find patterns that may indicate fraud. This way, you can warn your customers against malefactors.
- Creating a new product. You can use AI for software testing, creating different concepts, and optimizing the design. This will help you quickly find the right solutions for running your business.
- Risk warnings. Often we cannot assess the whole picture, but if AI gathers all the information about your business, it can assess and warn about risks associated with customer churn, profitability of new products, and other important nuances.
- Help in manufacturing. AI is perfect for automating processes, you can order missing parts or products and monitor quality without intervention, which will increase overall productivity and reduce costs.
Major trends in the development of artificial intelligence in business
Almost all analysts predict that in the near future, AI will become commonplace for most businessmen and customers. More and more sectors are successfully interacting with this technology, creating trends that make our world better and more comfortable. Let’s consider the main ones to understand the general picture of what is happening in business.
- Content generation. Writing promotional articles and selling slogans, generating banners, voicing information has become much easier with the help of specialized AI-based services. If such trends continue and the technologies become even more advanced, we may see many professions becoming devalued, but for business, such an arrangement is a way to save money.
- Development of cobots. Robotic technology in production is nothing new, but making it smarter to perform the tasks at hand multiplies productivity. Cobots can be involved in many areas, from assembling a car to picking apples. This is an expensive investment for small business, but in the long run, it is necessary to reduce labor shortages and costs.
- Ease of development. For greater user reach, AI integration is becoming easier. There already exist minimum templates that are convenient to integrate on any site, regardless of the webmaster’s experience.
- Digital twinning. Simply put, it is a digital copy of an object or process in the physical world. It is used to optimize business efficiency.
- An interesting example of use is the BMW car factory, which has a recreated digital layout. With its help, staff from different locations can gain access for further planning and optimizing car assembly processes.
- Development of wireless networks. The world is already fully transitioning to 5G, but as this technology requires a large number of small towers throughout the coverage area, it’s hard to figure out where best to install a tower. To assist engineers, AI comes to the rescue, which with high accuracy develops installation schemes.
- Voice biometrics. As soon as AI learned to realistically copy voice, there was a need to protect data using tools that can recognize live voice and provide access to the client after authentication.
- AI and car manufacturing. We all admire the development of autopilot technology, but the main companies in mechanical engineering have gone further and integrated AI to recognize various dangers associated with the driver’s condition. Drowsiness, ill health, all this can negatively affect road safety, so a smart system can reduce speed or even park the car if the driver feels unwell.
- AI regulation. To prevent artificial intelligence from going beyond the permitted and not turning from our assistant into a tool for malefactors, corresponding laws are already appearing in various countries of the world that regulate this process.
Automation of processes: how artificial intelligence makes our life better
We’ve looked at the trends of artificial intelligence in business. From this, we can conclude that the industry already strongly depends on its capabilities. But as for regular users, how does this technology make our everyday life a little bit better?
Automation is one of the main advantages of AI, which has allowed us to take a fresh look at seemingly simple and banal things such as transport, various service sectors, and consumer goods.
Take, for example, urban transport, which for many seems to have not changed over the past decades, but this is far from the case. Big cities use this technology to analyze what is happening on the roads. The system automates and optimizes various processes in the city’s transportation system, not just in words, but literally manages everything that’s happening:
- They control traffic lights to reduce load on certain sections;
- They create convenient public transport routes;
- They monitor the condition of transport, signaling breakdowns;
- They improve the overall quality of service by controlling passenger flow.
As for more everyday things, any smart home does not go without AI and there are tons of application options. Depending on your needs, the system can monitor the climate, shop for you, pay bills, and much more. The only downside is the cost, because you need expensive sensors and other niche devices to organize your convenient lifestyle.
Nonetheless, the greater the demand in the smart home market, the more offers appear from various companies. Over time, equipping a home will become more affordable and we can expect even more interesting things in this area.
Quality analysis of your business: how to identify and eliminate problems in business processes using AI
As often happens, a business that was successful just yesterday may start to fade and stop bringing in profit. In this case, the owners have two ways: invite a business analyst and spend a lot of time, or use an advanced AI-based tool that will quickly deliver a verdict and point out existing errors.
Its main advantage is in collecting a large amount of data gathered from across the market, which it evaluates with a cool-headedness that is not characteristic of humans. Often, the answer that lies on the surface is simply invisible to a person, but for a computer mind, everything is obvious.
Accurate recommendations, indications for automation with budget calculation, and other nuances that are fundamental to running a successful business can not only improve it but also elevate it to a new qualitative level. The main thing is not to be afraid to use the new, because keeping pace with progress is often the key to success.
Content generation: how AI can help you engage customers
Artificial intelligence is an incredible place for various creative ideas. However, a living person is the creator who just uses new opportunities to attract customers.
To understand what customers or users need, you can use some time-tested strategies. The first one involves improving the customer experience because, as we know, about 65% will come back to you if they like the approach you use.
The second strategy involves processing data to understand which content triggers specific emotions in customers. In addition, AI can track people’s behavior based on social networks. Regardless of your choice, by using AI, you will get a clear understanding of who your customers are, what they want to get from you, and why they behave in a certain way. The times when you had to guess which marketing strategy to use are over, now everything is in your hands.
Artificial Intelligence in Business Investments
The main advantage of using AI in business investments is its advanced analytics, which can guide your actions based on the information gathered. To better understand how this works, let’s examine the primary ways of using AI in securities investments.
Using AI for risk assessment. Advanced artificial intelligence-based systems can perform thorough investment analysis, helping to accurately predict and mitigate most investment risks and optimize profits.
Protection from Impulsive Actions
New investors often make common investment mistakes due to a lack of consistency, knowledge, and easy influence from third-party information resources. Often a novice in this field may sell or, conversely, buy more shares if they see news about the company in which they invested. This information can be entirely untrue, so it is better to trust AI for decision-making.
Investment Applications and Platforms — the New Reality.
Today there are comprehensive platforms that can do everything necessary to achieve the maximum possible profit depending on the current market situation. They conduct full investment analytics, select portfolios for investors, and mitigate all possible risks. Moreover, most of them have self-learning algorithms, meaning the longer you work with the investment platform, the smarter and more stable it becomes. For example, consider investic.pro, one of the most advanced platforms in terms of functionality. It is mostly intended for new people in the investment field, as it has an automatic investment feature, which greatly simplifies the process and saves time.
Artificial Intelligence in Mining
We didn’t bring up this topic for no reason, as few people pay attention to such a profitable and stable area of investment. Perhaps global corporations are not interested in sharing, having established a monopoly. Nonetheless, investing in precious metals or oil using AI is now available to everyone.
Since the price of these resources mainly changes due to various external factors such as political situations and various regulatory agreements by legislative bodies, you need to constantly stay informed.
It’s hard to keep track of all the nuances on your own, so it’s easier to use AI for these purposes. It will not only keep you informed about various changes but also help you use your investments more productively.
One of the new innovative projects specializing in the field of investments in precious metals is goldenprime.pro . Its main advantage is the ability to also work without direct intervention from the investor. This is a good opportunity to explore the precious metals market without experience and knowledge.
Frequently Asked Questions (FAQ)
AI still remains a mystery to many, let’s look at the most popular questions related to this technology.
Why do many still distrust AI?
Human nature often distrusts new things, regardless of how beneficial they are. Additionally, some users are skeptical of AI due to strange cliches from movies, even though this has nothing to do with the actual state of affairs.
What if AI intelligence gets out of control?
In fact, artificial intelligence cannot have its own thinking in the conventional sense. It only uses the algorithms given to it. Another thing is if someone creates their own AI and uses it for dishonest purposes. There have been no known cases like this so far.
How to integrate AI into your business?
Depending on the tasks set, there are many different services for optimizing the work process, improving interactions between the client and the store. The complexity of integration also varies greatly, adding a bot to the site for communication will take a couple of minutes, while setting up the workflow with AI will take much longer.
Why hasn’t AI replaced many technical professions yet?
It is important to understand that AI is not a panacea, and it needs control, at least for the input of logical data with which it will work. Even after a lot of time and significant progress in this field, it will need control and support from specialists. Some professions will disappear, but new ones will appear, it has always been this way and will continue to be.
How artificial intelligence will affect future business growth
Let’s start with the fact that AI has already irreversibly affected business growth, since the main task of any company or enterprise is to make a profit, and as we see, almost all large owners have already integrated AI into their business to some extent. This has allowed them to optimize business processes, ultimately saving money and time.
We should expect some kind of race from AI developers. For simple tasks, we won’t see much progress, and development will remain at the level of GPT-4, which on the one hand is good, because many will keep their jobs. However, for tasks of industrial scale, and especially investments, we will see an incredible leap in functionality and possibilities. The truth is that we are unlikely to be able to look behind the scenes and try out new developments ourselves. Big companies invest billions in AI for a reason, sharing technologies with such capabilities is simply foolish.
In the end, whoever first manages to derive the maximum benefit for their business with the help of AI, is likely to win the race and leave competitors behind for a decade. That’s why, don’t waste time and opportunities. Start investing with AI, integrate it into your business and create various content while such an opportunity is relatively free.