What is Artificial Intelligence (AI)?
If you’ve picked up your phone today or gone on social media, you’ve used Artificial Intelligence without realizing it. Facebook uses AI to detect faces, advertising based on personal interest, and boost posts you are most interested in. Apple uses facial recognition to unlock certain iPhones, have the personal assistant ‘Siri’, and sort photos based on facial recognition.
AI is one of the fastest-growing technologies in the world and is the future of all businesses. It is the ability for machines to be programmed to have human intelligence. This technology processes large amounts of data and makes decisions based on the most efficient and accurate choice. The industry has rapidly grown and worked its way into humans’ day-to-day life.
Facebook and Apple are good examples of how AI is used because it’s a majority of what mainstream news covers about advancements in technology. But, there are many benefits to small to midsize businesses that choose to incorporate AI. These machines can help businesses cut down time and costs, improve efficiency and accuracy, and improve overall customer service.
AI drives down the time to perform tasks
Every business has goals to succeed in a given amount of time, just like all humans want to get their work done so they can have more free time. AI can help a business achieve its goals faster. Its ability to operate 24/7 is great for work efficiency. This allows the employee to solely focus on their goals without worrying about tedious tasks that AI can now control.
One way businesses use AI to reduce time to perform tasks is during the recruitment process. In a highly competitive job market, AI can go through candidates applications faster than a human. It can take employees weeks to go through resumes, AI reduces time by reviewing thousands of applicants in a day. This narrows down the applicant pool so all the employee has left to do is interview applicants. Using AI during the recruitment process the company benefits with lower costs, time savings, and employee onboarding gets them to productive workers much faster.
Another way AI reduces time to perform tasks is with businesses creating smart home technology. Consumers benefit by being able to bring these devices right into their own homes. The popular robot vacuum, Roomba, made by iRobot, is a perfect example of how AI can help someone reduce day-to-day tasks. Roomba uses AI to scan room sizes, determine the best way to clean, and it learns the household schedule to be convenient and effective. This technology needs no human assistance, so it is very beneficial to the user.
Artificial Intelligence Improves Customer Service
One way companies can improve customer service is by including the option to talk to a chatbot. Chatbots enable a customer to have instant access to knowledge about the business at their convenience. This feature has become increasingly popular because it saves money. Instead of paying many customer service employees, AI is able to take over a majority of the work.
Most people expect to have personalized experiences. If this is handled by employees it can be a very expensive and time-consuming task. AI makes this feature possible for businesses by using real-time decision making. For example, on streaming sites, viewers have personalized recommendations based on their interest in other shows. In e-commerce, AI can predict purchases based on data collected about the consumer. These features help a business build loyalty with the customer.
Alexa was first introduced by Amazon in 2015 when the company released the Echo. Now, this smart home technology is the ultimate personalization experience. Over time, Alexa learns everything about a household. It is able to predict their next amazon purchase, know grocery lists, and know the family schedule. Since 2015 Amazon has released other versions of the Echo and it continues to become more advanced. Alexa and the Echo devices have helped Amazon build loyalty and trust with their customers.
Improves accuracy
Artificial Intelligence improves accuracy by analyzing & processing large amounts of data quicker. This technology makes predictions faster and more accurately than humans. It’s one of the biggest benefits of AI technology because it reduces human error. One example is Google Maps. AI-enabled maps predict the best route based on access to public transportation, walking, biking, or by car. Google Maps help people get to places conveniently.
Not only does it reduce human error, but having better accuracy means better marketing. Businesses can strategically make decisions based on the information AI has collected. Google does this by using target-based ads, meaning that it collects data from websites someone visits and targets ads based on information. Small and midsize businesses are also gaining more access to this technology. Companies are able to see what their customers’ interest is and market their products based on gathered data.
Importance of Artificial Intelligence in Your Business
Artificial Intelligence is a valuable resource in many industries. Transcendent Software LLC is able to help clients integrate AI technologies to transform their company. Businesses gain a competitive advantage by adopting AI, and it’s not just the big brands. Many small to mid-size companies are gaining valuable insights from AI to improve their business as well.