New technology is changing the way companies are managed, right before our eyes. New applications of artificial intelligence (AI) in business can be found everywhere, including chatbots, customer service support, machine translation of text, and personalized marketing campaigns. They can provide huge amounts of data, inform better decision-making, and reduce operating costs.
That said, does every industry need AI solutions?
Artificial intelligence is changing entire market segments. According to the Gartner Institute’s forecast, AI plays a role in nearly every newly developed software, service, and product, with the main goals being to reduce costs, automate processes, and analyze data with unprecedented speed.
On top of that, the market research company Tractica announced that revenue from systems and applications based on artificial intelligence will reach $126 billion within the next 5 years.
However, the implementation of AI algorithms is not always simple.
Gartner’s research shows three main obstacles:
- lack of qualified specialists
- not enough data
- insufficient performance measurement techniques
Although not every company has the resources to implement technologies based on artificial intelligence, it should be considered as it is possible to gain particularly valuable benefits.
AI fuels e-commerce development
Let’s walk through an example.
Artificial intelligence fuels the e-commerce industry at numerous levels. Supply chain planning, advertising campaigns, translating content, and showing consumers their favourite products are just a few examples.
Based on data collected from website traffic, algorithms can streamline logistics and assess the demand for a given product. Thanks to this, an e-store can order goods in advance and eliminate the risk of stock shortages. Ultimately, these algorithms help clients make purchasing decisions.
Without artificial intelligence, it wouldn’t be possible to provide nearly immediate, accurate, and natural machine translation of large chunks of text, such as product descriptions and other content on international e-commerce platforms.
AI is also irreplaceable in supporting customer service. Chatbots, aided by machine translation, can almost immediately respond to customer inquiries from around the world.
Benefits of implementing artificial intelligence in business
Artificial intelligence in business has many more uses.
Streamlining and automating recruitment is another great example. There are applications, like Toucan, that automatically profile candidates, collect data about them, and compare their qualifications, making it easier to choose the best future employees.
AI-based applications can also help in business management. For example, the Prevero system assesses a company’s financial standing. The algorithms control key performance indicators, collect data from various sources (like spreadsheets), and then create reports with tables and diagrams that can be consulted when making key decisions.
The main takeaway: well-applied and implemented AI technology in business brings great value. It helps streamline processes, reduces operating costs, and eliminates human error.
It’s clear that, despite the barriers, more and more companies will decide to implement this technology.