Over the past few years AI is a concept which is most spoken about. Its applications and usefulness are explored in every field of work. Be it assembly lines in factories or business applications in any company AI has proved its worth.
What is AI?
AI or Artificial Intelligence is a field of study in computer science which deals with simulation of human intelligence. It is sometimes called machine intelligence as it is demonstrated by machines. Leading AI textbooks define the field as the study of “intelligent agents”: any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals. AI defines the machines that mimic the “cognitive” functions of the human brain and use these abilities to solve real life problems.
AI works on three fundamental principles or objectives — “Learn”, “Reason”, “Correction”.
Any AI machine need to acquire data in large amounts which it can use to set up rules and to predict what job the machine should do. It seems that the machine learns from the given data its trend and value and apply this learned knowledge in its further processing.
An AI based computer works on the processed data knowledge and reasons or selects the best algorithm to be used for the process.
Any AI system has a feedback mechanism to tell it whether its prediction was right or not. Just like humans retrain the Machine Learning model if there is any correction needed, AI has this job automated. Once it finds some corrections need to be done in the algorithm AI does it on its own. Self-Correction is the key.
Need of AI in Business Development
All the fuss started in early 90s and now artificial intelligence has got into almost every field of work in the world. Over the years every single need of humans has become increasingly dependent on Artificial Intelligence. Artificial Intelligence is also gaining momentum in the field of business development. According to a recent survey, by the end if 2020 most of consumer-retailer interaction will be free from human interference.
Artificial Intelligence is basically focused on business expansion. Not only for the top players but artificial intelligence is proving fruitful for the young professionals who wish to obtain highly competitive gains and let their companies have sustainable growth.
Now let’s explore the benefits of AI in business development:
Tailored Customer Experience
The whole idea of the success of a business is based on the consumers and how they feel about the company or the brand. The more the customer will feel connected and valued the more often he will come back to invest in your company. Many companies take care of efficient customer support by using “AI chatbots”. These provide the best solution to the customer visiting the company’s website and it also results in an increased screen time. Well-Developed chatbots offer a customer experience in which customers can’t tell if they are communicating with a human being or a computer. Chatbots usually answer customer questions based on keywords. Chatbots collect information from the customer as to what they want to do on the site or what is their query and produce recommendations or actions which is relevant to the customer. Chatbots are online 24/7 and don’t make customers wait.
Digital platforms are a critical part of any marketing program, and reaching the audience with tailored ads is of utmost importance for many companies. Almost everyone in today’s world is hooked to his or her computer or smart phones browsing the internet which gives a great opportunity to the companies to promote their products online.
Digital products capture an increasing amount of data from each user interaction which allows providing more advanced insights.” Targeted programmatic advertising”, which is tied to predictive analytics, uses AI to determine how users will interact with the advertisements. It helps the company to figure out when and where should they put the ad so that the ads can turn into leads.
Analytics in any business is a very important component. Using Analytics on the data the company can device new strategies on how to proceed to make profits and reach a broader customer spectrum. To analyse consumer database is a tiring task if done manually since the database is too large for humans to process it. This is where AI comes into play. AI can easily convert huge chunks of data into meaningful information. It can make trend lines and generate other insights to make predictions based on the data. This meaningful insight can be used to develop new strategies. AI can also assist in devising a business strategy based on the current situation so that the company performs much better in the future.
Inventory Management and Supply Chain Automation
Using machine learning and AI can help retailers to keep track of their products and maintain their supply chain in a more efficient way to prevent any product loss. AI can help supply chain by automating the process of requesting for products that are low in stock. Nowadays many inventory and supply chain management AI tools and models are readily available in the market so that companies can directly use them by just some small configuration changes.
AI-based Hiring Systems (Mapping Employees)
Finding the right candidate for the company’s business expansion module can be a tiring job. AI gives a solution based on automated screening of candidates using facial recognition and AI-based interviews. AI analyses the audio and video clip from the candidate’s interview and then generates a report in stating whether the candidate is fit to do the job or not. Moreover, the AI model also shortlists the candidates based on their resumes so that only the candidates who have the required skills can take the interviews.
Over the past few years, a lot has changed in terms of business development and sales industry by using Machine Learning and AI. Artificial Intelligence increases productivity handles customer relations efficiently and involves fewer errors. The use of automated data management and automated analysis of data for generating insights have enabled huge possibilities for companies to triumph in the future. Artificial Intelligence paves the way for a better future of every company whether it is the automobile industry, logistics or IT company. The efficiency increases when smart machines are used for processing large data and to develop business plans.
Even though the companies can use AI to gain increased productivity by streamlining the analytics and service delivery and to handle customer support efficiently, one thing the companies can’t replace using AI is personal relationships with the customer. AI can be used to augment the sales staff so that they can make more informed decisions and use the feedback of the customers to nurture a healthy relationship between the customer and the company. The combination of AI and manpower, when used in right proportion, can create a very powerful tool to illustrate how technology and human insights can work together to achieve results.
So, is it really the time to implement AI completely in the business development field? I say Why not ? If not now then When ?
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