Artificial Intelligence (AI) is one of the promising technologies that is stealing thunder for quite some time now. From digital voice assistants, smart home devices to social media, maps & navigation, facial detection & recognition, Google search, Netflix or YouTube recommendations, Artificial Intelligence (AI) is not only present everywhere but also making our day-to-day lives easier than ever. Besides making our lives simpler, AI is also disrupting and empowering businesses across industry verticals. Until a few years ago, only a handful of business enterprises were using Artificial Intelligence in their processes and products. However, today 37% of businesses are leveraging the potential of AI. It is estimated that the market size of Artificial Intelligence (AI) worldwide is expected to reach 641.30 billion USD by 2028.
If you are also planning to leverage the potential of Artificial Intelligence in your business, you should consider AI development company. By embracing and integrating Artificial Intelligence in their operations and products, businesses can experience a host of benefits including improving efficiency, reducing high operational costs, improving customer experience, accelerating growth and revenue, and gaining a competitive edge. This informative piece will walk you through how Artificial Intelligence (AI) can empower businesses in 2022 and beyond. Let’s dive deep into it to understand better.
1 Automation
Automation is one of the popular benefits offered by AI technology. Today, AI-powered software and applications are used by startups, SMEs, and large enterprises across industry verticals to automate a slew of business operations from invoice processing, customer support to employee onboarding, expense tracking, risk mitigation, accounting reconciliation, social media management, and more. According to a report published by McKinsey & Co, 31% of companies in 2020 have fully automated at least one function. In other words, automation allows businesses to free up their employees from performing manual and repetitive tasks and let them invest their productive time in critical tasks like decision making, strategizing, etc.
2 Improved Decision Making
Another key advantage offered by Artificial Intelligence is to help you in making smart business decisions. Salesforce Einstein is one such popular example that delivers over 80 billion AI-powered predictions per day enabling organizations to deliver personalized and smart customer experiences. Driven by Artificial Intelligence and its subsets namely Natural Language Processing, Deep Learning, Predictive Modeling, and Machine Learning, Salesforce Einstein is empowering large scale enterprises by forecasting market behavior, discovering useful insights, and making better decisions.
3 Reduce Human Errors
Humans are bound to make mistakes and that’s why you may have heard that to err is human. You would be surprised to know that human errors in business cost $3 trillion to the United States, according to a report by the Harvard Business Review. The best way to cut down on human errors is to employ Artificial Intelligence (AI) in your business. Since AI is meant to eradicate or at least minimize manual errors from your operations. It is important for businesses to note that merely baking on automation isn't enough. In fact, Artificial intelligence empowers enterprises to make their digital workers (intelligent bots) more advanced and less prone to errors.
There are many businesses out there that need to conform to strict policies and if they don’t abide by the strict compliance or regulations, their entire business could be jeopardized. For instance, if you belong to the healthcare industry, you have to abide by HIPPA compliance or if you are from an IT industry, you should conform to strict compliance policies. Since these regulations or compliance change periodically, the possibility of making human errors increases. In such scenarios, it's wise for businesses to employ AI-powered solutions that not only reduce the possibility of errors but also lower the high operational costs.
4 Smart Cybersecurity
Financial institutions bank on Artificial Intelligence to prevent fraud of billions of dollars every year. Besides financial companies, cybersecurity is critical for many other industry verticals such as eCommerce, retail, automotive, telecom, and more. As your business grows on the internet, the likelihood of cyberattacks starts increasing. AI-powered software or applications can help businesses deal with cybersecurity in several ways such as phishing detection, prevention control, behavioral analytics, network security, vulnerability management, etc.
Final Words
From the above, it is clear that Artificial Intelligence can empower your business in many ways. If you are also planning to leverage the potential of Artificial Intelligence in your business, it is recommended to partner with a professional AI development company.
