By: Kevin Faber
The technology world is changing at a very fast pace and new trends keep on emerging every day. The latest product that has received a warm reception and excited many business managers is Artificial Intelligence. Everybody is fascinating about AI because it promises to be an effective way of performing routine tasks and can be applied to the various sectors of the economy.
It comes as no surprise that many industries are adopting AI and integrating it into their daily operations. Let us look at how the use of AI can improve your business.
Improves Customer Service
One of the most remarkable things about AI is its predictive feature. This can be used by companies to better understand the changing needs of their clients and make the necessary adjustments in advance. Programs associated with AI, such as GPU database, helps to store customer data, which is later analyzed by AI database to forecast customer behavior. The company then uses this analysis to tailor its services in line with client preferences so as to improve the customer experience. AI makes this whole process more streamlined and efficient.
Enhances Online Security
The landscape of online threats keeps changing rapidly and this makes it impossible for humans to stay ahead of things. This has exposed many businesses to catastrophic cyber attacks and security breaches that have resulted in the loss of crucial data. AI has proven to be a dependable tool for cyber security. The application of generative adversarial networks and deep learning can be harnessed to detect malware and find the needed solutions in good time. Other software like AppFog studies networks, systems, and devices to arrest impending attacks and provide utmost online security for a company.
Better Financial Decisions
The financial decisions that any business makes go a long way in determining its success or ultimate downfall. AI makes this easy for companies by doing a good job of organizing, classifying, and patterning data to give management better insight. Using machine learning algorithms makes it more feasible to predict future trade decisions. By recognizing these patterns, they can come up with strategies and adapt faster than humans. This is why a variety of AI-based hedge funds are taking advantage of this and starting to crop.
Efficiency in Business Recruitment
We are living in a very competitive world and companies are doing their best to find the best talent in the market. This can be quite a rigorous undertaking for companies that are prompted to make massive investments to land the best possible employees. AI has made the process of recruiting candidates more efficient for both small businessmen and HR departments at established companies. The time spent in screening and researching prospective candidates is greatly reduced by software programs which can perform these tasks in a matter of seconds. AI especially comes in handy for staffing agencies like an it staffing company and makes their work more effective. Using AI in business greatly enhances competitive advantage as well.
Better Inventory Management
Inventory management constitutes a range of activities that can prove to be a daunting task. You need to update the inventory, stock the shelves, and accurately track everything within the shop or warehouse. While traditional inventory management made use of a hindsight perspective, AI technology helps to improve this by allowing businesses to apply predictive analysis. Shop owners are able to access crucial information on factors driving demand and try to establish the future demands that are likely to hit the market. Based on the functioning of machine learning, the more you use AI, the smarter it gets for the company to learn more about clients and visitors. With the help of advancements in AI, store owners are able to predict future and real-time inventory needs more accurately.
AI has come with a bang! It doesn’t look like it’s going away anytime soon. It is a game changer that can be applied across different waves of the industry, making it a convenient and versatile tool in this unpredictable business environment. The above benefits showcase just a fraction of the potential that AI has to transform your company for the better.
By Kevin Faber
About the author
Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.
Follow him on Twitter: @faber28kevin