By Gracie Myers
Artificial intelligence is having a huge transformational impact on the way businesses are processing data. The market transformation from 5G is going to make artificial intelligence a requirement for businesses to stay competitive. Even though the rollout of 5G isn’t expected to take place until 2020, we can still gain a ton of competitive advantages in the market by using artificial intelligence in business.
Insight has become the new currency in the business world. The speed at which a company can foresee changes in the market will have a profound impact on their profits. However, a lot of small businesses are still working on wrapping their heads around this new technology. So if you are still struggling to get a grasp on your company’s data requirements, then keep reading.
A Breakdown of Artificial Intelligence
Artificial intelligence works in unison with other data processing systems to provide more accurate data. It processes data fast and uses algorithms to adapt to new inputs and recognize data patterns, allowing the software to learn automatically. You’ve probably already seen AI at work. Digital assistants and chatbots are a couple of prime examples.
There are three specific subfields that are connected with artificial intelligence.
- Machine Learning: Systems use networks alongside statistical analysis to seek hidden insights in data without actually being told where to look. The software will then use those insights to build statistical models.
- Natural Language Processing: Chatbots are a prime example of this type of AI. These systems recognize speech patterns and can even send replies.
- Deep Learning: This is the latest point in the development of artificial intelligence. Machines now have a deep self-learning capacity and can process large amounts of data.
How AI Gives Businesses a Competitive Advantage
We are living in a data-driven world, so businesses are expected to have a deep understanding of their target market. Data is being uploaded to companies at a record pace. When a business uses big data to analyze a marketplace, they can better understand customer behavior and meet the demands of their market. As we experience the market transformation from 5G, we will start to see AI become even more advantageous. Here are some of the ways that AI provides businesses with a competitive advantage:
- Businesses do not have to devote personnel to processing data. Machines are more accurate and can process more data.
- AI automates certain CRM systems by producing market insights. This allows teams to make more predictable forecasts.
- Businesses that use artificial intelligence as part of their data plan are going to have a deeper understanding of their customers.
5 Benefits of Artificial Intelligence in Business
As you can see, artificial intelligence has a profound impact on business. The days of static intelligence are over and have been replaced by machine learning. Businesses have traditionally used historical data and then used it to build graphs to help with important decisions. This is no longer enough since customer behavior changes at such a rapid pace. Here are the top 5 benefits to artificial intelligence in business.
1. Interactions Can be Automated
Companies deal with a lot of customer-based interactions daily – phone calls, social media engagement, and emails. Artificial intelligence gives businesses a way to automate some of these interactions. What makes it even more powerful is that AI can be paired with machine learning so your systems will improve with every communication.
2. Personalizes the Shopping Experience
Companies are not only able to personalize their marketing campaigns to meet the demands of an ever-changing customer base; they are also able to build a personalized shopping experience. The ability to identify buying behaviors and creating accurate offers increases customer engagement. The result is enhanced loyalty and improved sales.
3. Data is Easily Mined
Businesses are turning to cloud-based apps that become more advanced with each passing year. Right now, they can uncover vital information about customers while processing a large amount of data. Businesses gain insights into the information that was undiscoverable in the past. Artificial intelligence can then transform this data into actionable reports.
4. Provides Real-Time Assistance
Businesses that rely on constantly interacting with customers are going to benefit greatly from artificial intelligence because it can not only communicate with customers, but software learns from each interaction. For example, airlines are starting to use AI-powered apps to communicate important travel information with customers in real-time.
5. Artificial Intelligence Can Predict Outcomes
Artificial intelligence is amazing in that it can predict outcomes by enhancing a company’s overall data-driven plan. It can automatically find patterns and communicate that information to the right people within the business. Furthermore, it also has the potential to predict when demand for specific products will decrease.
Artificial Intelligence has become a Staple for Business
Artificial intelligence holds power to unlock actionable insight that has remained trapped inside of overwhelming amounts of data. The market transformation from 5G that is expected to take place in 2020 is going to pile onto that already massive mountain of data that businesses must navigate.Featured photo credit: Depositphotos