Artificial intelligence is any type of software that performs human activities and is the intelligence demonstrated by machines. For example. some of the activities performed by artificial intelligence include collecting and managing data, planning, organizing, and even engaging in conversations.
When it comes to business applications, artificial intelligence is used to perform human activities, thus providing businesses with a way to eliminate some business costs associated with staffing. Artificial intelligence can also be used to help staff members with complex tasks, among other things.
It’s a big step, but investing in Canada’s AI industry is an emerging trend. You may want to get your business set up with this functionality sooner rather than later. Of course, there will be some hiccups along the way, but at the end of the day, you really can’t beat the smarts that come with artificial intelligence. This could be the boost in productivity and customer satisfaction that your business has been looking for.
If you’re looking to find out how artificial can be used in your business, here are six common uses of artificial intelligence in business:
1. Automated Customer Service
One of the most common uses of artificial intelligence in business is automating customer service. You may have visited a website recently and seen a chat window pop-up asking you if you need assistance. Does this sound familiar? This is one of the most common uses of artificial intelligence in business today.
Installing a chatbot on your website has numerous benefits. These include providing customers with quick responses to their questions, selling products while humans are sleeping, and eliminating some of the costs associated with hiring staff to complete the same tasks.
This doesn’t mean that you should get rid of your whole customer service staff. It’s still important to show customers that there is a human face to the business. So, we would say that automated chatbots with a mix of human staff are the way to go.
2. Data Management
If your business processes a lot of data, employing artificial intelligence to help with data management is an effective solution for your business.
Artificial intelligence can be used to update files, fill out forms, and even cross-reference files as needed. These are tasks that can be completed quite quickly by artificial intelligence, meaning that you can get things accomplished much more quickly. There is also less of a chance of errors occurring than when using artificial intelligence than when using humans.
3. Detecting Fraud and Cybersecurity Threats
Some businesses have whole departments dedicated to detecting fraud and cybersecurity threats. With artificial intelligence, your business can be on the lookout for credit card fraud, insurance fraud, and any other type of fraud your business may be subject to, no matter the day or time.
If this is a big issue for your business, employing artificial intelligence to help your staff detect fraud and prevent cybersecurity threats may be the best way you can use artificial intelligence.
4. Managing Financial Processes
If your business is in the financial industry, artificial intelligence can help with a variety of important tasks. These include things like replacing lost or stolen ATM cards, transferring email and call centre data into customer records, and reconciling failures to charge for services by extracting information from multiple documents.
As you can see, the use of artificial intelligence in the finance world is vast. Not only is artificial intelligence able to conduct these tasks in the first place, but they can do so at a much greater speed than their human counterparts.
5. Predicting Consumer Behavior
Predicting consumer behaviour is one area of artificial intelligence that is seeing a lot of growth these days. By employing artificial intelligence, businesses can predict how their customers will act and run campaigns based on data, thus generating better results than traditional avenues like marketing and advertising.
Since marketing and advertising require a lot of investment to reach a lot of people, coupled with the fact that leads and sales are not guaranteed, using artificial intelligence is a much more cost-effective way to predict customer behaviour and make recommendations.
Artificial intelligence can also automate personalized targeting of digital ads to make sure the ads you do run reach the people you want them to reach.
6. Managing Administrative Processes
Administration is an integral part of any business. Through process automation conducted by artificial intelligence, many of the tasks your administrative staff performs can be automated. This means your staff can focus on completing other, more important tasks.
Having artificial intelligence manage these processes also eliminates the potential for human error and means there will be fewer mistakes. If you find your employees are ignoring these tasks, making a lot of errors, or just don’t have enough time to complete them, using artificial intelligence may be the right solution for your business.
