What are the Key Applications of AI in the Business World?

What are the Key Applications of AI in the Business World

The last few years have witnessed an evolutionary change and the new dawn of artificial intelligence. It has not only boosted human productivity but has also reshaped the way we conduct business. 85% of CEOs report AI as a mainstay in their workplaces as of 2021 (World Economic Forum). It’s indispensable in previously unheard-of ways, from forecasting client behaviour to minimising data entry. This is hardly surprising, given that AI allows you to make decisions much faster and more accurately than before. So, whilst it is still a relatively new concept, it already has a variety of business applications.

What is artificial intelligence?

Artificial intelligence (AI) is a branch of technology that allows machines to perform tasks that usually require human intelligence. AI is a broad field in computer science that is developed and programmed using machine learning and deep learning.

AI is used in many fields, making our lives easier. One such field where artificial intelligence is widely used is business. Any business can benefit from AI in three ways: automating business processes, gaining insight through data analysis, and engaging with customers and employees. Let us explore the top applications of AI in business in this article. If you need to learn more about artificial intelligence, you can enrol in an artificial intelligence online course.

Key applications of AI in the business world:

Hiring and recruitment

There is a lot of competition for jobs, and hundreds of candidates apply for a single position in a company every day. As a result, it becomes a time-consuming task for the company’s human resources team to go through every resume to shortlist the ideal candidate. Companies use artificial intelligence and natural language processing (NLP) to sort resumes and shortlist candidates who match their requirements closely. This is accomplished by analysing various attributes such as location, skills, education, etc. It also suggests other job opportunities for the candidates if they are qualified.

Professionals in human resources are no longer working the way they used to before COVID-19. As hybrid and remote workforces continue to grow, virtual recruiting and a stronger focus on diversity and inclusion have introduced new dynamics and strengthened existing ones. New platforms and technologies need to remain competitive, and AI is driving this development. If you wish to know more about how artificial intelligence can help in hiring and recruitment, take an artificial intelligence short course to explore more.

AI in customer support

Businesses work hard to ensure that customers enjoy their interactions with a company or service and want to tell others about them. One of the most effective ways to keep customers happy is to resolve issues as soon as possible. However, scaling businesses may need help as more requests come in. As a result, businesses are incorporating AI into customer service teams to improve the customer experience.

AI-powered bots assist organisations in handling jobs, resolving issues, and communicating with potential customers. AI-powered chatbots can assist many customers around the clock without the need for a human employee. As a result, artificial intelligence-powered chatbots are utilised as the first point of interaction, identifying consumer needs and ensuring they are connected to the right people. Incorporating its benefits into customer support can help users immensely.

Cybersecurity

Cyberattacks and cyber threats can be detected by monitoring patterns in data input. When AI detects a threat, it can search your data for the source and help prevent future threats. That extra set of eyes, as diligent and consistent as AI, will be invaluable in preserving your infrastructure.

The Internet has dramatically facilitated storage and management in any business. There is, however, a risk of data breach and leakage. Every business requires online security because all their company’s essential databases, including financial data, strategies, and private information, are stored online. Therefore, cybersecurity is a requirement for all businesses, making it one of the most critical applications of AI. Undertake an artificial intelligence certificate online to detect cyberattacks in your organisation.

AI in accounting

AI can upload files, read them, and categorise them using the appropriate accounting codes. AI is never at rest, or makes the mistakes that humans do. So, it’s no surprise that AI is progressing in this challenging field. Accountants spend a lot of time on repetitive tasks like categorising transactions, reconciling accounts, entering and correlating data, recording data, evaluating employee expense reports, and tracking pricing changes.

AI can perform all these tasks with far less error than a human. Employees are now saved from mental stress and can concentrate on other ongoing tasks. The future of payroll promises to witness some changes, especially with artificial intelligence in place. Unlike cause-and-effect automation, true AI systems can analyse data, understand the problems, and solve them strategically. Explore suitable options for an AI for business course online to discover how your organisation can benefit.

Analysis of customers

Businesses exist to serve their customers, and customers have the power to make or break a brand. As a result, businesses must analyse their customer base and strategies for increased engagement and improvement in any other field. Previously, it took more work for businesses to gain insights into their performance. Most interactions took place in person, and feedback was manually predicted based on sales or emotional factors.

Today, artificial intelligence allows the company to conduct surveys that can provide customer feedback beyond historical data analysis. It provides accurate data and aids in executing strategies for improved engagement and sales by providing a better customer experience. As a result, AI assists in making the business more customer-centric, ultimately benefiting the company.

Digital personal assistants

Artificial intelligence isn’t just for providing a more personalised experience for your customers. It can also change how your company operates on the inside. For example, AI bots can be used as personal assistants to help manage emails and calendars and even provide recommendations for process streamlining. These AI assistants can also be programmed to answer questions from customers who call or chat online. These small tasks make a big difference by giving you more time to focus on implementing business-growth strategies.

Conclusion

Many emerging businesses are experiencing rapid growth and success with proper strategies and plans, and the biggest credit goes to artificial intelligence. Things are more convenient now than in the past because we have machines that do most of our work using AI. With a professional AI programme, organisations can incorporate its multi-fold benefits into daily use.  For businesses that want to gain a competitive edge over their fiercest rivals, AI could very well be a game changer.

What are the Key Applications of AI in the Business World?

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