25 June 2020

The Advantages of Artificial Intelligence in your Business

A Stanford University research reveals that our daily lives, the way we work, and healthcare will be modified with Artificial Intelligence by 2030.

Indeed, Artificial Intelligence (AI) is already present in multiple of our daily experiences, from personalised recommendations to virtual assistants, through the suggestion of the best travel route, to spam and social media algorithms.

Artificial Intelligence is defined as the branch of computer science that develops “intelligent machines” (computers, robots, software, etc.), that is, machines that are capable of learning, perceiving, reasoning, deciding and deliberating in a rational and intelligent, and similar to human beings.

Among the many benefits of this technology, we can mention the automation and higher processes agility, the reduction of operational costs and more precise scenarios of decision support, which has been promoting a growing adoption of this solution by organizations, transforming the way of working, the relationship with consumers and bringing new opportunities within organizations.

Higher efficiency, productivity, optimisation and competitiveness: Some applications examples

When we talk about Artificial Intelligence, we immediately think of customer support chatbots that allow us to obtain information faster anytime or make a complaint immediately. However, the use of AI in companies is much more than that and brings numerous benefits to organizations.

From telephone service systems to more complex production control systems, Artificial Intelligence adds countless gains in process management and boost the business, making it more productive and competitive.

Every day, we are leaving a digital footprint and having tools that allow us to collect this data, and use it as decision support, it is a unique opportunity for organizations. And, at a time when the consumer is increasingly digital, technological solutions supported by AI allow us to have extensive knowledge of several data sources, thus obtaining the “big picture” of the organization, the market and each of its customers, allowing you to offer higher added value and differentiation to the customer and the market.

Solutions based on Artificial Intelligence provide detailed knowledge of your products and purchase motivations for each customer, being extremely relevant information for the development of specific and personalised marketing campaigns, which will increase ROI and decrease investment.

Also, the stock management and control process require the use of numerous tables and the crossing of different data, which translates into expensive work in terms of time and which is not always efficient. Here, AI helps not only to decrease execution time and optimise results, but also enables higher synergies with the marketing and sales areas to, for example, develop end-of-stock campaigns, or check which products are in higher demand for better stock optimisation.

At the production level, it is worth highlighting the machines monitoring where the systems are connected to IoT devices or sensors that capture equipment performance data in real-time, which allows to identify eventual anomalies and equipment failures and automatically generates a notification so that the maintenance can intervene.

Another extremely relevant application is in terms of fraud prevention, where the data provided by customers are analysed to create and identify patterns, detecting profiles that stand out from the rule.

Assertive Strategies and more Business Opportunities

Knowing the future is undoubtedly a powerful asset for your organization. Predictive Analysis allows to detect new business opportunities, trends and market patterns that help you develop more assertive strategies, determine new products or services or even understand which markets you should invest.

But it is not only in the relationship with the customer that AI will bring you the highest benefits, but it is also internally, in terms of process optimization and management agility. By being able to automate routine processes, you will save more time and human resources. It is a fact that there is a constant concern that Artificial Intelligence ends up eliminating jobs, however in reality, AI can free resources for more creative and complex tasks while streamlining and optimizing many of the processes and reducing the occurrence of errors. From logistics to human resources, through executive management to marketing and finance, AI brings unprecedented value to the entire organization, bringing agility, precision and effectiveness to all processes.

Are you ready to revolutionise the way you do business and relate to customers?