Using Artificial Intelligence in Business: The Benefits of Implementing AI

Artificial Intelligence technologies are widely used in business and are being actively implemented in the work of companies. According to PwC, AI will provide a 14% increase in global GDP by 2030, which is about $15.7 trillion. Here is an overview of how AI technologies are used in the work of corporations and what benefits artificial intelligence provides.

What is AI used for?

Artificial Intelligence is being implemented to improve the quality of business processes and improve companies’ performance.

Virtual Assistants

Companies use AI to create virtual assistants or interlocutors – chatbots. They are designed to help customers and perform standard operations.

According to Facebook statistics, more than 10,000 companies are developing chatbots, and according to researchers from Juniper Research, the use of chatbots in the financial and healthcare industries will save up to $8 billion by 2022.

Data management

Artificial intelligence allows you to control and monitor company data. For example, AI technology can monitor the condition of equipment – reducing the risk of damage or sudden breakdowns.

Automating manual labor

By automating business processes, companies speed up the pace of their work – complex tasks are performed faster and without interruption. Thus, it is possible to automate sending emails, booking airline tickets and similar tasks.

Predictive analytics

Companies need to make predictions and analyze the market to be successful, but the large amount of data makes it difficult to identify patterns. Artificial intelligence helps in this – thanks to the ability to learn, it can analyze large amounts of data and make quality predictions.

Applications of AI

Today, artificial intelligence technologies are being implemented in the workflows of any industry.

In the financial sector, technology reduces costs, minimizes risks and makes predictions. In retail, AI is being implemented to optimize logistics, reduce costs, improve customer service and analyze demand. Industry is another area where AI is actively used. Innovative solutions help optimize product quality and accelerate the pace of production.

Business benefits

Companies that automate workflows and use chatbots reap certain benefits.

Quality interaction with customers

Today, customers prefer to work with companies that respond instantly and are ready to give an answer to a question as quickly as possible.

Chatbots – consultants who provide 24/7 customer support – help companies do this by improving communication with their audiences.

High quality products and number of sales

Artificial intelligence can process large amounts of data quickly, and smart technology speeds up the pace of production and completes tasks clearly – this improves the quality of the company as a whole. Thus, it becomes possible to produce more high-quality products – thus increasing business revenue.

The use of artificial intelligence technology makes business more efficient. Quality document management and data processing improve the quality of companies, thereby attracting customers and increasing profits.