How AI Can Help Your Business

31 Oct

The concept of AI (Artificial Intelligence) might sound intimidating to some and that’s mostly due to the concept of being misunderstood. Recently, Facebook shut down one of their AI projects because the bots had begun communicating with each other, in their own language!

The imagination runs wild when considering just what might be communicated between ‘bots’, and might even strike fear into people’s minds, but this particular technology is not something to be scared of. It simply needs to be designed and utilised correctly and safely, and when this is the case, any business can actually benefit from it.

How AI Works

By making use of algorithms, AI is able to sort through large quantities of data which is then used to quickly determine patterns and irregularities. The speed and sheer volume of data that can be analysed at once, from a variety of sources, makes AI a highly effective business tool.

5 Ways To Apply Artificial Intelligence To Various Areas Of Your Business

Making use of AI for business can seem a bit muddied for those who aren’t entirely sure what’s considered AI and what’s not. Below are just 5 simple ways in which you can use AI – and the data that it analyses, to benefit your business:

1. Facebook for business

By creating a business page on Facebook, your organisation can benefit from insights based on real-time data. The Facebook Insights feature provides business owners with useful information on the page’s performance. The info provided includes: number of views and likes, what demographics are responding to your posts, how long videos are watched for, how to improve page performance and so on.

Getting to know your customer and what they want is the objective of Facebook for business. It’s also an exceptional example of the effectiveness of machine-learning algorithms and how they can be used to monitor the behaviour of your target audience in order to improve on advertising strategies.

2. Candidate recruitment

With AI programs such as Arya, companies can quickly and easily complete the candidate matching process. Such technology is able to match candidate applications with required criteria with the help of behavioural pattern recognition technology. In the past, finding the ideal candidate for a position would take lengthy recruitment and interviewing processes. Now, with AI, the time required to find the right candidate is greatly reduced.

3. Chatbot convenience

If you have ever made use of Siri on iPhone or had a conversation with a virtual assistant on a website, you have made contact with a chatbot. Originated with a specific function in mind for the business, one chatbot may be designed to log customer queries while others might be specifically designed to help customers make purchases.

Whatever the requirement, the chatbot will deal with the customers’ needs much like a human assistant would. If you want your business to run 24 hours a day, 7 days a week, a chatbot could take care of a lot of customer communications for you. “Pegg” which is an accounting chatbot, was released by Sage this year and is certainly impressive.

Companies looking to develop their own chatbot application can make use of the MEOKAY chatbot development tool

4. Asset management technology

In industries where equipment and heavy machinery is used on a daily basis, asset management AI can provide an invaluable service. Such technology is designed to read data from and monitor every moving part and sensor of equipment and machinery in order to determine mechanical failure, before it occurs. That’s not all that this type of AI can do though. In some instances, the tech is so advanced that it can predict mechanical failure as well as automatically create maintenance and servicing schedules that are beneficial to your business and protect your bottom line.

5. Report writing

Many companies task their employees with hundreds of hours of data analysis in order to provide reports on anything and everything from annual earnings to company strategies. By making use of AI writers, data can be gathered from various company sources and used to automatically generate the reports that you need. By simply letting the AI tech know what sort of outcomes you are interested in, you can expect accurate and thorough reports to be provided. Companies such as Mastercard already make use of this advanced technology.

There’s No One-Size-Fits-All AI For Business

When utilising AI for business applications, it’s important to remember that the quality of your information and data provided will determine the quality of your reports and end results. In order for Artificial Intelligence to truly work for your business, it must be correctly set up and integrated with your current systems and applications. Your data sources must also offer accurate and valuable data. AI systems are designed to make life easier in the business world, to help, support and complement an existing infrastructure – not take over!

Would you be willing to incorporate AI systems into your daily business processes without fear of a takeover? Let us know your thoughts and experiences.

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