4 Little-Known Benefits of AI and ML Solutions for Businesses
With all the buzz around Artificial Intelligence (AI) and Machine Learning (ML), it becomes imperative to understand what exactly AI/ML is, what business challenges it can solve, and how it can add real value to your business. Let’s dig deeper to unravel how AI/ML can transform your business and allow you to reap tangible benefits. Artificial Intelligence (AI) and Machine Learning (ML) are emerging technologies that have been around for decades, however, over the past few years, these disruptive technologies have started gaining immense traction across industry verticals and become ubiquitous.
Many leading tech giants including Google, Amazon, Apple, and Meta Platforms (formerly known as Facebook) adopted AI and ML at an early stage and incorporated these emerging technologies in their solutions to stay competitive and future-proof. The interesting thing to note here is that it’s not only the leading tech giants that are leveraging the potential of emerging technologies but many small and mid-sized businesses (SMBs) are also embracing AI ML solutions in their operations to outwit the competition. In other words, AI and Machine Learning solutions are the key enablers for driving digital transformation. If you are also planning to make the most of AI and Machine Learning (ML), read on to this informative piece to understand how AI/ML can benefit your business at large.
1) End-to-End Automation of Recurring Tasks
Did you know? Businesses can automate a slew of tasks that require intense manual labor and are recurring in nature with the help of AI and ML-based solutions. For instance, customer support is one of the critical areas where AI/ML can be easily implemented through virtual chatbots. By deploying AI/ML-powered virtual chatbots, businesses can address the queries of their customers in a quick turnaround time and foster strong business-client relationships.
Besides customer support, finance and administration are some other critical operations where AI/ML can be incorporated with ease. By implementing AI and ML in finance and administration, businesses can automate a wide range of operations such as the payroll process, sending invoices and receipts, creating reminders, etc. Furthermore, manual data entry consumes a significant amount of time of the workforce, fortunately, businesses can automate this tedious and time-intensive process with the help of AI and Machine Learning solutions. By deploying AI and ML bots within the operation, businesses can not only automate manual data entry but also free up their resources from recurring tasks so that they can focus on the processes that require strong cognitive capabilities to drive the business bottom-line.
2) Better Personalization
Businesses can stand out in the market by personalizing the customer experience using AI and Machine Learning. One of the easiest ways to optimize the customer experience is by using AI/ML solutions. With the help of these solutions, businesses can analyze their customers’ search history, buying behavior, and purchasing history. Based on these data points, businesses can make data-driven decisions and offer custom recommendations tailored to their customer preferences to drive sales and profits. For instance, if a customer is buying an Eau De Parfum, the AI/ML solution of your online store would suggest the customer buy an atomizer along with the perfume bottle.
What’s more interesting is that Netflix saves 1 billion USD annually using AI/ML solutions, in fact, 80% of the tv shows watched on this online streaming platform are through recommendations provided by AI and ML. Similarly, Amazon’s AI/ML recommendation algorithm drives 35% of its sales revenue. Furthermore, Google provides a suite of AI/ML-driven tools such as Google Analytics, Google Ads, Google Trends, etc. that allow marketers to optimize the customer experience and tailor their marketing campaigns based on consumer preferences. Other popular AI/ML-driven tools to personalize consumer preference are Hootsuite, HubSpot, Salesforce, Mailchimp, Semrush, Sprout Social, and to name a few.
3) Cut Down on Human Errors
Another significant advantage of using AI and ML-based solutions in business operations is that it allows enterprises to cut down on the errors made by humans. In other words, the incorporation of AI and Machine Learning solutions allows enterprises to eliminate manual errors from operations. As a result, laborious and time-consuming tasks like data processing become background processes since they no longer require thorough oversight, which in turn, improves workforce efficiency and productivity.
4) Better Decision-Making
AI and ML-based solutions are designed to empower businesses by improving the decision-making ability of their workforce. Unlike humans that can process and analyze only a certain amount of data at any given point, AI and ML solutions can process mountains of data in a few minutes and extract insights from it, which in turn, enables humans to make data-driven business decisions in a quick turnaround time.
There are countless benefits of using AI and ML-based solutions in the business. The aforementioned are some of the key advantages of embracing AI and Machine Learning in your business. If you also want to harness the benefits offered by AI and ML-based solutions, you should consider partnering with a professional AI/ML development company and getting an advanced business solution tailored to your unique requirements. By doing so, you can easily dominate your competitors.