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Machine Learning and the Future of Business: 5 Ways AI Is the New Business Frontier

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Artificial intelligence (AI) was something out of science fiction a few decades ago. Today, AI is something scientists are studying in research labs and a new tool for a wide range of businesses. 

Many of us use AI systems already. For example, many of our devices use biometric authentication to allow us to log in. The power of AI is applicable throughout several industries, and it’s constantly evolving to deliver better technology to companies worldwide. 

However, what is the true use of AI in business? In this article, we’ll cover a few reasons why AI is the future of business and what we can expect to see over the next few years. 

5 reasons why AI is the future of business

Aside from biometric authentication, AI has many benefits that we are moving towards in the future. Let’s take a look at why AI is the future of business.

1. Customer service

Providing a good customer experience is essential for any business to succeed. Unfortunately, humans can only do so much. However, an AI machine can chat with customers and fulfill support inquiries 24/7. What’s more, the entire process is automated. If your customers still want to speak to a human, the AI can schedule a time for a call, email, or live chat.

AI can keep your current customers happy and potentially attract new clients. Some good examples of AI customer service tools are chatbots and autoresponders. 

2. Enhanced productivity

There are numerous ways you can make your employees more productive—however, AI adds-on to that productivity by completing tasks quickly and at any hour of the day. With a well-developed AI, you can allocate all the tedious tasks to the machines and give your living breathing employees more time to focus on things that matter the most.

An AI can handle things like responding to message requests, booking appointments, sending out reminders, tracking data (see below), and much more.

3. Tracking data analytics

Data is the lifeblood of any company. Without tracking useful insights, a company can’t know what they’re doing right or wrong. However, tracking data accurately on a large scale can be incredibly difficult. That’s where AI can come in handy. AI can track data quickly and accurately so that businesses get all the information they need whenever they need it. 

With AI, companies can increase their return on investment (ROI) across all platforms, including marketing and sales. What’s more, machine learning (ML) software for data analytics isn’t extremely expensive to implement. 

4. Easier hiring process

Recruiting new employees can be daunting and time-consuming. However, it’s an essential task every business needs to grow. With AI, companies can streamline their recruitment processes for better efficiency. 

Machine Learning and the Future of Business 5 Ways AI Is the New Business Frontier - Hiring Process Interview Phone
Image: Stefan Amer / Scopio

For starters, AI can speed up the review process for new candidates. Instead of your recruiting team looking for discrepancies in candidate applications, a machine can do it much faster and with greater accuracy. 

AI will not only help companies find better candidates, but it will also allow more people to apply since the recruiters can manage more applications. What’s more, AI can potentially reduce prehire costs whenever a company is seeking new talent.

5. Increased profits

Every company wants to make more money, and AI can help in several ways. Above, we mention that AI can free up employees to focus on more profitable tasks. AI can also help reduce costs and bring value to companies through a wide range of applications, such as:

  • Reducing human errors
  • Process data faster and more accurately
  • Reduce the downtime and increase productivity across the board
  • Monitor and adjust processes 24/7

By investing in the right AI, companies can expect to see an increase to their respective bottom lines relatively quickly. More profit equals more growth opportunities for the business. 

Final thoughts

Several companies are hesitant to implement AI into their processes. It seems reasonable since, from the surface, AI seems like a highly technical product that requires a team of tech wizards to get started. However, there are countless AI products on the market that are seamless and easy to set up. 

If you look at all the benefits above, it’s easy to see how AI can help any business across any industry. Furthermore, AI is constantly evolving. So, if there isn’t a use for it in your business yet, there’s likely to be a solution shortly.

Photo credit: The feature image has been done by Maksim Chernyshev. The photo in the body of the article was taken by Stefan Amer.

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