Most of us are familiar with the term AI. However, what are the applications of artificial intelligence in the business world? Read further to find out.
AI might seem like witchcraft to prehistoric cavemen and people who lived in the medieval ages. Of course, this would only be possible if the late Groucho Marx invented the time machine and introduced AI to our ancestors.
But then again, Groucho Marx would not know much about modern sophisticated AI, so he would probably have to summon a version of his from a parallel universe in order to travel to the present, nick a few iPhones and iPads from the newly opened Apple store in Mumbai, and subsequently travel back in time.
However, the question remains, will Groucho from the parallel world understand the applications of artificial intelligence?
We guess you must have had enough of science fiction by now and annoyed at the author’s attempt to emulate Christopher Nolan. Therefore, enough of the jibber jabber, let’s explore what is the technology that has people bewildered with awe and disdain.
Most of us would have come across this famous saying from the Book of Genesis:“God created man in his own image.” Let’s tweak it to, “Man created AI in his own image.”
AI is fundamentally a simulation of human intelligence wherein a machine can perform various cognitive tasks similar to humans.
AI is a filtered down version of human cognition invented and deployed for the purpose of saving human labour. Modern AI technologies have pushed the threshold of technological sophistication and have come a long way from their rudimentary predecessors. In other words, there are various applications of artificial intelligence in today’s day and age.
ChatGPT is an example of modern AI with the ability to write almost anything under the sun, albeit in a vapid tone that’s uncharacteristic of human proficiency and ingenuity.
To expand, let’s discuss how businesses integrate AI into their daily operations.
Top 5 Applications of Artificial Intelligence in the Business World
AI in Sales
A study conducted by Harvard Business School revealed that companies utilising AI can boost their leads by more than 50 percent, reduce costs by 40 to 60 percent, and shorten call time by 40 to 60 percent. The figures have got many salespeople thinking about strategies to effectively leverage AI in conjunction with human expertise in an optimally balanced way.
AI can send hundreds of thousands of emails and track responses, thus managing the bulk of email campaigns for organisations. Additionally, some AI applications have the ability to rank leads in a process called lead prioritization, predicting the chances of a lead being converted into a customer. Another significant task that AI can do is forecast sales accurately by considering historical sales data and client feedback.
AI in Customer Service
There are many applications of artificial intelligence in customer service, like deciphering customer messages beyond keywords by considering the context. Even if the client response is long, modern AI tools correctly categorise messages and forward them to the appropriate department for further resolution.
Likewise, AI can sift through voluminous customer and client interactions to prioritise urgent issues by recognizing keywords. For example, they can track responses like, “I’ll not buy from you”, or positive messages like “How can I pay for your product.”
Apart from that, the technology can reply to customer queries and shoulder the workload if there is a barrage of calls.
AI in Marketing
Marketing is a broad term that encompasses business functions like logistics, selling, and advertising. AI helps marketing professionals accomplish business goals by helping them strike a balance between customer experience and operational efficiency – something that is pivotal in marketing. Furthermore, AI takes into account quantitative responses and feedback from customers, thereby expediting market research.
AI can also aid competitor analysis by deriving information on trends by sifting through competitor posts on social media platforms. Through image recognition tech, AI can infer meaning from visual inputs like videos and digital images, helping marketers to increase brand awareness and market penetration. Lastly, machine learning plays a pivotal role in Search Engine Optimization (SEO) by doing keyword research which helps companies position their articles on search engines.
AI in Supply Chain
Want to build a smarter supply chain? Look no further as AI is being utilized across industries for fine-tuning their supply chain. Machine learning algorithms assist businesses to forecast supply chain needs along with the time needed to move or obtain supplies.
AI plays an important role in rendering supply chains highly effective, efficient, and last but not least, cost-effective by either minimising or totally eliminating the probability of overstocking. Conversely, AI can also lessen the chances of organisations running out of inventory during peak selling season.
According to the findings of Gartner, more than 50 percent of supply chain entities are predicted to invest in AI-powered applications with advanced analytics between 2020 to 2024.
AI in Human Resource Management
The Covid 19 pandemic has drastically changed the employment landscape as many started working from home. Add to that, many individuals prefer the hybrid model – a combination of work-from-home and work-home-office – as it’s flexible. This has led to major changes in the various HR processes like recruitment, training, compensation, and benefits, etc.
New platforms that aid virtual recruiting have fast-gained popularity in the face of new workplace dynamics. In the light of the new developments, companies that fail to adopt these new technologies face the ever-increasing risk of becoming obsolete.
Many entities are increasingly using AI to assess candidate profiles and filter the ones whose work history and interests match the job profile. AI can also help companies become more successful and sustainable by assisting in the formulation of business strategies. The cutting-edge technology achieves this by analysing formal and informal business relationships.
Conclusion
Now that we have discussed the various applications of artificial intelligence, what is the key takeaway? To put it simply, companies that fail to integrate AI into their business and fail to adapt to the ever-evolving business landscape will have a major handicap in terms of developing, maintaining, and enhancing their market competitiveness. History is replete with various inventions of tools that have disrupted and improved human lives, with the most recent one being artificial intelligence.
Also Read – The AI revolution: How artificial intelligence is revolutionising businesses across the globe
