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The Benefits of Artificial Intelligence
Artificial Intelligence is improving our day-to-day life, and we can see robots and machines or software do the job faster than humans do. It has a significant role in the industries and more prominent companies, but what interests us is how we can increase our efficiency and productivity in everyday life with algorithms and machines.
Enterprises have been using Artificial Intelligence, and alone their usage has increased over 300% in five years, and the numbers are growing. Notably, in 2020, AI played a massive role in substituting the man force and solving some of the significant issues economically and development-wise.
The Top AI Trends in 2021
- Enterprise Applications
The larger share of business industries is quickly adopting artificial intelligence as it is proving to be one of the most productive, adaptive, practical, and effective ways to increase businesses and solve major problems. In terms of productivity, AI can be implemented in most business industries; let me break the ice for you.
Artificial Intelligence Saving Time for Employees
A few of the experts from Oxford in 2013 evaluated the numbers and stated that by the year 2033, half of the employment would be replaced by machines and algorithms of Artificial Intelligence. There is no need to panic as MIT also revaluated the numbers and gave a possible answer; devices can be used to do the low-priority work and save a big time for the employees.
Artificial Intelligence can assign some of the low-priority works that employees spend and work along. AI can bring a shift in user experience by solving their problems in a faster way. Let me give you an example, employees spend time answering calls and interacting with the customers to solve their problems, but most of the time, the issues are not that big to get manual assistance.
So, an AI chatbot can be trained and used to solve such problems without adding much effort. Moreover, AI can learn such issues and solve the problems independently without having a representative’s assistance. This shall save a big time for employees and focus on a high priority work that will bring more business to the company.
For the Sales Representative
You must be wondering what AI has to do with meetings, but it has a lot to do. Chorus is an excellent example. As a sales representative, when dealing with clients and finding yourself in a tamed or unaccounted situation, it can help you maintain your meeting’s pace and analyze the calls to suggest actionable tips to end the session in your favor.
Later, Chorus can also put together all the call data and present an analysis of what could have gone wrong and how you can improve individually as a sales representative.
Strategic planning is one of the critical tasks to run a business but doing it manually is time-consuming and Artificial intelligence is the best replacement for this task. Using the previous data, the business development team can analyze its future and improve with full-proof strategies.
For instance, a food company can analyze the sales and business data to conclude which products are working best among the consumers and improve the poor-performing food items. This way, they can be more productive and input their time into creative strategies and execute them.
Artificial Intelligence is solving the problem of succession planning. As a business leader, choosing the heir of the company is a responsible task. Emotional and biased decisions can lead the company’s future to the wrong hands and ultimately close it down. AI can measure the members’ performance and then suggest a name that can bring more profits and development. The practical implementation of AI in succession planning has shown effective and positive results in its growth and productivity.
Data Extraction and Business Development
Data is the new oil, and managing extensive data and extracting valuable information was a bigger problem. In 2021, Artificial Intelligence, along with Big Data, extracts useful information from structured and unstructured data. It then performs analysis to make businesses more productive and help take actionable steps.
With AI and Big Data, you can
- Derive the latest trends using the AI trend analysis, such as hashtags or locations and product sales for a particular kind of usage. For example, Analyze the latest trends for a coffee product by using hashtags for a specific recipe, such as the recent trend for the Dalgona coffee. The company can later produce a flavor or instant ready-to-make Dalgona coffee product. But analyzing manually is a challenging task. AI can do it in minutes and keep track of the latest trends for keywords and aliases.
- Understand the shift in business using AI and calculate how you have improved and what should be your next goal. Companies need to have potential growth, and how do you know that your business has been enhanced over the years? Artificial Intelligence analyses the data from previous years and compares its best productive shift and what strategy was used. It can also suggest an actionable tip based on the current situation by analysis of the previous data.
- Artificial Intelligence helps users make valuable reasoning by in-depth analysis of data. It then extracts it to know the root cause with a reason.
- Understanding what customer needs is the priority of a business despite what business model they use. If your business is not producing the right product, you fail at step one. Artificial Intelligence can analyze the feedback, the need of the hour, and what customers are looking for in the product. This is mandatory! To be productive and develop your business, AI is to be implemented to solve problems faster with fewer errors.