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8 Key Benefits of Artificial Intelligence for Business

Benefits of AI for Business and Work

Technologies based on AI, large volumes of data, and machine learning are quickly become an essential part of our daily lives. This is no longer the future, but a reality that has already arrived.

Although people may have conflicting feelings about AI, it is difficult to deny that it opens up huge opportunities for us. This is especially true in economic terms, where this field is interesting both to private companies and government organizations.

Here are a few of the most important advantages specific to artificial intelligence, which can create a large influence on business and work.

What Are the Benefits of Artificial Intelligence (AI)?

We can provide plenty of examples in both business and public service where it is possible to implement technology based on artificial intelligence. Further research, development, and investment in AI are justified primarily due to the advantages listed below.

1. Real-Time Analytics

One of the greatest advantages of AI for business is the possibility of processing a huge amount of data and interpret it in real time. This approach allows businesses to make crucial decisions and act much faster, ensuring the company’s competitive position remains strong.

The Business Benefits of AI (Deloitte)

In some areas, this data can be provided to all end customers as well. For example, in the transportation industry, drivers can get data on traffic jams based on their location, and promptly adjust their routes.

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2. Business Process Automation

Artificial intelligence is capable of managing the automation of both production operations and service delivery. For example, it 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 more.

AI for Business Automation

It is also possible to integrate AI elements to accelerate and optimize the jobs carried out by employees who are engaged in data interpretation using ERP systems, as well as in business intelligence departments.

3. Further development of IoT

We have already provided our reasons for why you should invest in IoT development, and the opportunities that AI brings to the fields above add another strong benefit to the list. In fact, these areas are inextricably intertwined, so progress in one area positively affects the other.

IoT devices based on platforms with AI elements find widespread use, which could lead to breakthrough innovations in the near future. Both businesses and consumers will benefit from this trend.

4. Better Customer Experience

AI-based chatbots are capable of providing round-the-clock user request support at any time convenient for the customer. Better interaction quality and shorter response times help companies increase existing customers’ loyalty and attract new ones.

AI chatbot

Marketing personalization is another advantage of using artificial intelligence in business. Algorithms are able to identify interconnections and repetitive patterns in potential and active buyers’ behavior. Based on this data, it becomes possible to make highly precise offers meant for particular people.

5. Cost Reduction and Profit Enhancement

After seeing the points listed in this article, this is an obvious consequence. Automation is not just a remedy against a repetitive routine, but also an opportunity to free up more time and boost people’s talents and use them to solve more complex and creative issues.
In terms of business cost effectiveness and profit enhancement, artificial intelligence provides a number of highly valuable opportunities, allowing businesses to:

  • monitor processes 24/7
  • forecast the need for machines and specific part repairs and maintenance
  • minimize risks related to the human factor
  • process data and perform the necessary tasks without need for breaks
  • minimize the downtime of production lines and reduce their operating costs.

6. Data Security Improvement

In the financial sector, banking services, and other areas where data privacy is of significant importance, AI can successfully be used to detect fraud attempts and unauthorized access to personal data.

Data Security

All this is possible due to a complex integration of capabilities like data processing automation, machine learning, speech recognition, and natural language comprehension.

7. Staff Training

Even a tiny gap in terms of staff qualifications and knowledge can prove expensive for a company operating in a highly competitive market. Consequently, companies all over the world spend huge amounts of money on training events, improving their employees’ qualifications and abilities.

AI can significantly reduce the cost of such processes and increase their efficiency, implementing an individual approach to each person. This will make the learning process more enjoyable for employees as well.

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8. Predictive Analytics

AI technologies are capable of handling large arrays of data, identifying patterns, and predicting the future. People are always interested in knowing what will happen next, and this is a vital necessity for business.

Artificial Intelligence for analytics

Self-learning skills, the ability to quickly find important and relevant conclusions when processing data and build certain predictions based on them, are among the greatest advantages that artificial intelligence brings. These features allow businesses to find ideas and opportunities, which can be utilized to win competitive advantages in the market.

Form Business Objectives that can be Achieved with AI

Many companies still limit themselves to watching AI technologies, while refraining from using them in practice. This happens because few people, if any, fully comprehend how efficient AI would be for their company.

In analyzing existing business processes and their efficiency, you will understand what kind of AI you might need, which will simplify the task of finding the right solution on the market.

For example, say you are going to automate the inspection of parts rolling off the assembly line. This process can be defined as the use of image recognition technology. Moreover, this type of AI is a well-researched area with a number of successful solutions providers.

It is important to determine the specific use you intend for artificial intelligence beforehand. If you clearly understand your objectives, it will be a simple task for you to develop an action plan to achieve them.

In 2018-2019, any company looking to the future and striving for development should have such technologies in their plans. Perhaps it is time to implement AI in your business. If you are interested in using its many advantages, feel free to contact us, and we will help you create a high quality and reliable solution.

Lvivity Team

Flexibility, efficiency, and individual approach to each customer are the basic principles we are guided by in our work.

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