Many businesses take up artificial intelligence (AI) technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience.
For greatest benefits, businesses should look at putting the full range of smart technologies - including machine learning, natural language processing and more - into their processes and products. However, even businesses that are new to AI can reap major rewards.
Artificial intelligence impact on business
By deploying the right AI technology, your business may gain an ability to:
- save time and money by automating and optimising routine processes and tasks
- increase productivity and operational efficiencies
- make faster business decisions based on outputs from cognitive technologies
- avoid mistakes and 'human error', provided that AI systems are set up properly
- use insight to predict customer preferences and offer them better, personalised experience
- mine vast amount of data to generate quality leads and grow your customer base
- increase revenue by identifying and maximising sales opportunities
- grow expertise by enabling analysis and offering intelligent advice and support
According to a recent Infosys study, the main driving force for using AI in business was competitor advantage. After that, the incentive came from:
- an executive-led decision
- a particular business, operational or technical problem
- an internal experiment
- customer demand
- an unexpected solution to a problem
- an offshoot of another project
Benefits of AI and humans working together
Research suggests that AI doesn't always perform best on its own. AI technologies are great at driving or even replacing the lower-level, repetitive tasks, but businesses often achieve the greatest performance improvements when humans and machines work together.
To make the most of this powerful technology, you should consider AI as a means of augmenting rather than replacing human capabilities.
AI opportunities for business
Whatever your reason for considering AI, the potential is there for it to change the way your business operates. All it takes to start is an open-minded attitude and a willingness to embrace new opportunities wherever and whenever possible.
Keep in mind, however, that AI is an emerging technology. As such, it is changing at a fast pace and may present some unexpected challenges. Read more about the risks and limitations of artificial intelligence in business.