How to Use Artificial Intelligence in Business: 5 Ideas for Entrepreneurs
AI technologies are changing every industry and they are doing it fast. So, if you aren’t implementing AI-powered solutions in your business, you are already missing out. If you aren’t sure how to use this tech best, check out how successful companies are doing it already.
All leading entrepreneurs today recognize that AI and machine learning technologies have a huge impact on business and the world as a whole. They also recognize that this impact is growing exponentially with every passing month because the technology improves while it’s used. No matter how small your business is, you should start using some types of AI right now in order to maximize productivity and cut costs.
1. Recruiting Automation
AI-powered solutions can do a lot for maximizing the efficiency of your HR department. The main reason to invest in automated HR software is to reduce the workload of HR staff. AI-powered solutions can take over basic tasks that are very time-consuming. For example, AI can process applications and do preliminary research on candidates. It can also automate tasks like messaging and organization management.
Meanwhile, HR professionals will have more time to work directly with people. This can be greatly beneficial for improving the company culture and employee engagement.
2. Data Analysis & Business Forecasting
No business can survive today without using the power of Big Data. And there is no arguing the fact that AI is perfectly suited for data analytics. Artificial Intelligence can process massive amounts of data extremely fast and identify patterns for making predictions.
Therefore, businesses can use AI solutions for performing market research, as well as collecting and processing information. “Moreover, AI-powered data analytics is much more affordable than hiring a professional analytics company, so even small businesses can benefit from it” says Abhishek Jain from Devtorium, an innovative startup that created an AI-powered SaaS platform that automates data analytics. Already SMEs worldwide have access to AI systems that basically run SWOT and PESTEL analysis and help them reduce risks and stay on top of all trendy changes in various industries.
This type of AI-powered data processing and analytics can also be used for other purposes. For example, the insights generated by artificial intelligence can be a source of content ideas and research materials.
3. Chatbots, Chatbots, and More Chatbots
Chatbots, also known as intelligent conversational interfaces, are one of the most common applications of AI in business today. And they are growing more sophisticated by the minute because they use machine learning to improve with every action.
Chatbots are extremely versatile. Therefore, they can benefit a business in many ways. They are most popular as customer support aids. However, they can also be used for employee onboarding, conducting surveys, offering tips for buyers or website visitors. Essentially, whenever you expect a vast amount of interaction, a chatbot can take over the bulk of the task answering and asking basic questions.
Using this service will enable even small businesses to offer top-quality support and help them cut the cost of outsourcing a call center.
John Sanborn from RAA – Financial Advisors says they are using AI technology in the company to analyze their network and search for any abnormalities. It’s an implementation that definitely doesn’t get enough mentions because the capabilities of artificial intelligence for cybersecurity are tremendous. Essentially, AI can scan all packet movements at top speed and identify any inconsistencies. Then, it can take preventative steps to block those abnormal actions just as fast.
The result might save companies billions as attacks will be stopped before they can do any severe damage. And this kind of protection is more efficient and adaptable than any regular firewall.
5. Personalized Ads
AI can also be used to push forward the crucial point of today’s marketing – personalization. It can make your targeting much more efficient. This, in turn, will increase customer satisfaction and conversion as well as boost customer loyalty.
Personalized ads are a fantastic tool for eCommerce. In fact, they might be the most effective way to drive sales at the moment.
The best thing about using AI for personalization and targeting is that the machine will keep learning and improving. Therefore, your results will only keep improving over time.
AI Enables Businesses to Fast-Forward into the Future
Every successful entrepreneur has some special tricks they rely on for continuous growth. Using AI-powered technologies in business is fast becoming one of the most efficient ‘improvement hacks’. This tech is developing at lightning speed and its capabilities are growing just as fast.
Already those who aren’t using any type of AI in their business are losing to competition. And those who implement multiple AI solutions are gaining such a huge head start that they might soon take over their industries.
To sum it up, it’s now obvious that not using AI will soon make businesses obsolete. So, everyone who wants to have a fighting chance should look into implementing these solutions at once.
Abhishek Jain is a seasoned leader with 25+ years of business transformation expertise, digital marketing, and technology solutions for the US and global marketplaces. Abhishek’s latest project is Devtorium, a SaaS company that developed a unique AI-powered platform specializing in Big Data analytics.