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Thursday, May 28, 2020
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5 Benefits of Artificial Intelligence For Businesses

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There’s no secret that the world is changing, and as part of that, artificial intelligence is becoming an increasingly larger part of our day-to-day lives, including our business lives.

In fact, most businesses would be very unwise not to take advantage, and for more reasons than one. AI technology simply offers a wide array of opportunities that countries would be wise to act upon.

Here are the top five benefits of artificial intelligence for businesses:

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Benefit #1 – Accurately Predicting Outcomes

AI software is at the point that it can easily use data analysis to predict outcomes. For example, it can identify customers in customer data that can reveal to you not only which of your products and services are the most likely to sell but how much of them are likely to sell as well.

But product sales are not the only area where artificial intelligence can help you to accurately predict outcomes. It can also help you to predict other things such as stock price fluctuations, market trends, and even if a business is likely to take off. For example, Aingel uses AI to predict which start ups will be successful.

Benefit #2 – Automating Employee Recruitment

Recruitment companies are not going to like this at all, but artificial intelligence is now also helping businesses to automate the recruitment of employees. Even though AI may not be wholly necessary for this process, it can help make it significantly easier by working through applications and either rejecting or recommending certain ones.

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Not only will this save your company valuable time, it will also save you a lot of money that you otherwise may have had to spend on a recruitment agency.

Benefit #3 – Interacting With Customers

There are a great number of ways that your company has to interact with customers on a daily basis: online chats, e-mailing, social media, phone calls, and so on.

Obviously you need people to handle each of those communications for you…at least until now. That’s right, artificial intelligence technology can now be used to interact directly with your customers, which it can accomplish through analyzing data collected from previous conversations.

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What’s more, is that artificial intelligence can interact with an unlimited number of customers at once, and can even initiate a conversation rather than waiting for the customer to do so.

In fact, in less than three years, it’s estimated that over 80% of all customer interactions will be handled by artificial intelligence. Needless to say, online chat or phone representatives will no longer be necessary, which will save corporations and major businesses across the entire world a lot of money.

Benefit #4 – Improving The Customer Experience

Besides being used to communicate and interact with customers directly, artificial intelligence can also effectively be used to improve the experience for your customers as a whole.

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For example, we’ve already mentioned how artificial intelligence can easily identity patterns in the behavior of your customers. Using that information, it can then provide product offers to individuals based on the products that they are the most likely to want to spend money on.

In that case, not only will customers appreciate being offered products that they truly want (rather than scrolling for hours through your e-commerce site), but you’re going to most likely see higher profits as a result too.

Benefit #5 – Streamlining Business Operations

Last but not least, the main benefit of artificial intelligence technology really comes down to streamlining your business operations as a whole.

You can automate several tasks and processes using artificial intelligence in ways that go beyond automating employee recruitment or conversing with your customers.

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In other words, AI can simply make running a major business or cooperation significantly easier. It’s why most if not all companies in the transport industry these days are using AI to send travel information, travel delay notices, and special promotional offers to customers.

Benefits of Artificial Intelligence For Businesses

In short, AI technology can offer a number of important benefits to your business or company, including the ability to predict outcomes by successfully utilizing data analysis, automating tasks and processes, boosting overall efficiency, saving you money in a number of different ways, and offering vital insight into customer preferences to name a few things.

Based on what you’ve learned, you should hopefully see how artificial intelligence can completely transform your business for the better.

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