How can a business use AI? Artificial Intelligence (AI) can help businesses in several ways. AI is a powerful tool businesses of all sizes can leverage to increase productivity and profitability by improving customer experiences, reducing employment costs, bolstering security, and helping with digital marketing needs.
AI & Customer Service
According to IBM, poor customer service can cost a business $75 billion to $1.6 trillion annually. Chatbots can help enterprises to cut customer service costs by speeding up response times, freeing agents for more challenging work, and answering up to 80% of routine questions. A perfect example is computerization, which combines machine learning and advanced speech recognition to improve conventional interactive voice response systems while delivering a 60% – 80% cost saving over human-powered outsourced call centers.
AI & Processing Data
AI is also being used to optimize processes. Data-driven processes, automation of manual tasks, and improved efficiency are ways AI can be used to increase productivity.
AI’s ability to quickly process large amounts of data makes it an ideal tool for analyzing information in real time and making decisions based on that analysis. For example, an insurance company could use AI to monitor claims data from its customers so that when someone submits a claim for damage caused by flooding or fire–two common types of natural disasters–the system automatically alerts them about whether they’re eligible for coverage as soon as possible. This type of automation saves businesses time and money by allowing employees who typically spend hours reviewing each claim individually instead focus on other vital tasks like customer service or sales calls.
AI & Reducing Employment Costs
AI writers can be an excellent asset for businesses looking to reduce their employment costs. Companies can save money hiring and training copywriters, content writers, and other professionals using AI writing tools. Furthermore, AI writing assistants can help businesses generate content quickly and accurately at scale. Companies can focus on more critical tasks such as marketing and customer service. With the help of AI writers, businesses can reduce their employment costs while still providing quality content to their customers.
AI & Security
Another way a business can use AI to protect against cyber threats is by automating security monitoring and enabling AI-driven fraud detection. This includes automated security monitoring, which means algorithms monitor network traffic and detect anomalies that indicate a breach or attack. Many industries appreciate an AI-driven fraud detection system. This involves using machine learning algorithms to identify suspicious activity on your website, such as large purchases made by a single user in a short period of time (a sign that they may be trying to use stolen credit cards).
AI & Your Business
There are many different avenues that AI can aid a business to be more profitable and successful. How will you leverage the power of AI?