The technological renaissance in the field of computer science birthed a transformative technology called Artificial Intelligence (AI).
AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.
Businesses have already jumped on the bandwagon of this technological marvel and are reaping enormous benefits. Here are the benefits of implementing AI in your business.
Benefits of Artificial Intelligence (AI):
1) Better Personalized Shopping Experiences:
One of the biggest factors affecting the loss of customers (customer churn) is the customer experience. If it is not smooth, personalized and attractive to the customer, then they are less likely to order or purchase again.
Indeed, surveys have concluded that customer churn increased by 52% when customer experience was suboptimal, unintuitive or un-engaging.
The way in which AI fixes this problem and allows for greater customer satisfaction and retention is by collecting data about the customers’ browsing and buying habits as well as transactions.
These large volumes of data are then analyzed to figure out patterns in their behavior which can then be used by companies to present attractive, accurate and personalized offers to each individual customer.
Therefore, there is greater choice and customers can enjoy the luxury of having a personalized shopping experience.
2) Real-Time Assistance:
Unlike humans, AI machines are diligent and can work at any time of the day. This gives them the unique ability to quickly respond to customer queries at any given time.
Using data and algorithms derived from previous conversations, machines can be trained to give accurate and detailed responses to ensure a smooth experience.
This is especially important for companies in the transport and delivery industries as constant, on the fly communication with large volumes of customers is critical to their success.
Chat bots and intelligent systems are able to respond simultaneously to large numbers of passengers with unerring accuracy. Bus, train and airline companies also make use of AI to send personalized travel information, notice of delays and schedule updates to millions of passengers.
Some bus companies are tracking the locations of buses to provide information to travelers via apps about the estimated time of arrival.
Food delivery apps and online stores also use tracking systems to inform customers about the location of their food and products. Instant communication with the deliverer/driver is also made possible.
3) Improved Data Mining and Real-Time Analytics:
In this day and age, information is the most effective tool for success. Companies that have access to more information tend to respond better to market changes or come up with new solutions to consumers’ problems.
This gives them a competitive edge on the market. With AI, it is now possible to sift through enormous amounts of data in a relatively short time; an endeavor that would be impossible by humans.
AI can discover previously undiscovered data to give companies an advantage in data mining. This can be anything from a new consumer demographic pattern to a prototype ready to be modified for mass production.
Companies can also closely monitor the market and their rivals as the large amount of data can be quickly processed by AI. This allows them to hold their strong position and to respond quickly and effectively to any changes.
Future investments into research and development can also be improved with better decision-making.
4) Operational Automation:
AI can also help to automate a lot of repetitive and manual tasks in warehouses and factories as well as perform routine tasks.
They can manage robotic lines in factories, control and maintain the necessary environmental conditions for product storage, monitor warehouse balances, process payments, register and service customer requests and operate Automated Material Vehicles with astounding precision and diligence.
This reduces workplace accidents and increases the efficiency of manufacturing and shipping processes.
The sharing of information across all the different components also allows AI to respond quickly to changes in the market. This allows companies to quickly mobilize or halt the production and shipping of products to gain a competitive advantage.
AI can also perform routine tasks such as the collection of information and the maintenance of databases with great speed and accuracy.
Comparatively, it would take humans a lot of time to do the same amount of work. Countries like Japan are automating hotel bookings and check-ins as well as state level logging of information with the use of AI.
By reducing errors, all of these processes save business a lot of time and money which is essential for increased revenue and future growth.
5) Predictive Analytics:
Perhaps the biggest advantage of AI is its ability to predict market changes, price fluctuations and consumer behavior by analyzing an enormous amount of raw data in a short amount of time.
This allows them to find patterns and predict the future so that companies can make better decisions and investments with a good ROI.
In the retail industry, AI can accurately predict which products are likely to sell and which are not by analyzing consumer spending patterns. They can also predict when demand for a product will decrease and eventually tail off.
Using that information, businesses can purchase the correct type and amount of raw materials and supplies for production. In the field of data analytics, AI can predict the outbreak of diseases by analyzing social media posts.
They can also predict changes in the market and price fluctuations by factoring in complex economic models.
6) Better Recruitment Process
An unconventional but important benefit of using AI is the unbiased recruitment of workers.
Humans naturally have biases and emotions that prevent them from hiring workers from certain backgrounds. They are also less diligent as they cannot process applications fast enough.
AI, therefore, can process a lot of applications in a short time and do not have human biases to inhibit the process.
In conclusion, the benefits of implementing AI in your business are too large to ignore. It is up to you to decide how to make use of this technology.
Syncoria is a digital transformation firm and an Odoo ready partner. Odoo provides up-to-date, intuitive and powerful software to make your AI work at its best. It also provides seamless integration with Odoo apps.
To contact Odoo, call at +1 (416) 628-5522, or email them at [email protected].