AI in Business: Do we really need it?

Last Updated May 8, 2020

New technology changes the way you manage your company.

Applications of artificial intelligence (AI) in business can be found everywhere. That includes 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.

Does every business need AI solutions?

AI 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.

The main goals are to reduce costs, automate processes, and analyze data with unprecedented speed.

Additionally, the market research company Tractica announced revenue from systems and applications based on AI will reach $126 billion within the next 5 years.

ai implementation - summalinguae.comSource: Gartner

However, the implementation of AI algorithms is not always simple.

Gartner’s research shows three main obstacles:

  1. lack of qualified specialists
  2. not enough data
  3. insufficient performance measurement techniques

Although not every company has the resources to implement AI technologies, it should be considered as it is possible to gain particularly valuable benefits.

AI Fuels E-commerce Development

For example, AI fuels the e-commerce industry at numerous levels.

Supply chain planning, advertising campaigns, translating content, and showing consumers their favorite 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 AI, 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 AI in business

AI 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.

Contact us for help with your data collection and AI annotation needs.

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