The number of businesses that utilize artificial intelligence (AI) is rapidly growing. Data from IBM’s Global AI Adoption Index shows that almost 31% of enterprises use AI. Meanwhile, 43% of the study’s respondents are already exploring its use in their companies.
The pandemic changed how companies conduct their businesses. It prompted stakeholders to use AI to adapt to the customer’s evolving needs. The accessible AI tools provided much-needed support to entrepreneurs during challenging times. As the global economy rapidly recovers, the use of AI expands with it as well.
What is Artificial Intelligence?
The film industry commonly uses AI in sci-fi movies with dystopian themes. However, it has more significant meaning beyond the Hollywood stereotype. In 1955, emeritus Stanford Professor John McCarthy coined the term and defined it as “the science and engineering of making intelligent machines.”
AI leverages computers to perform the decision-making and problem-solving abilities of the human mind. It’s important to note that AI is an umbrella term that encompasses all sorts of hardware and software components that support the following:
● Computer vision
● Machine learning
● Natural language processing (NLP)
● Natural language understanding (NLU)
How Can Businesses Use AI?
1. To strengthen cybersecurity measures
Cyber threats have increased in complexity and scale over the years, and experts can’t keep up. Businesses can lose a ton of money due to cybersecurity issues. Meanwhile, AI systems can quickly analyze millions of processes and spot various cyber threats. It can identify data input irregularities that can lead to downloading malicious codes or phishing activities.
AI can be a computer network’s nonstop and diligent monitoring system. It can locate the source and help prevent a cyber threat in the future. A system that never sleeps can help preserve a computer network’s integrity.
2. To boost eCommerce systems
eCommerce is a multi-billion-dollar industry that’s about to grow more significantly due to changes in consumer behavior. AI can support its growth by providing the following capabilities:
● Product recommendations
An AI system can provide recommendations based on a consumer’s searched items, past purchases, and online browsing habits. It can positively influence a customer’s choice and boost conversion rates.
AI utilizes many data points to provide a more personalized customer experience. It creates perfectly-timed and relevant content for the right person across all devices.
● Inventory management
An AI-driven inventory management system allows companies to stock products based on anticipated demand and sales trends. It can also boost warehouse operations through automated robots that can manage stocks round the clock. `
Customers appreciate it when businesses can answer their concerns promptly. AI can provide excellent customer service through chatbots that respond 24/7.
3. To promote safe operations
Agriculture, mining, construction, and other industries use AI to promote workplace safety. Industrial sites and remote areas can gather data through motion detectors, thermometers, weather sensors, and cameras.
An AI can analyze these data to spot dangerous conditions, management issues, and cost-cutting opportunities. It can recommend areas for improvement and correct unsafe practices to prevent possible accidents in the future.
4. To increase manufacturing and supply chain efficiency
Manufacturing companies can utilize AI to boost their production output in the shortest time possible. Robotics in the production line can perform faster and make more precise operations. AI systems can streamline the design process so companies can consistently develop new models.
Manufacturing companies must have a steady and sufficient supply. AI systems can significantly improve the supply chain by using machine learning algorithms. They can determine the right amount of materials and the optimal time to move them. Utilizing this technology can prevent supply shortages or overstock.
5. To provide digital personal assistance
Intelligence systems can transform business operations by assisting entrepreneurs in several clerical tasks. They can maintain calendars, manage emails, and create strategies for a more streamlined process.
The best thing about AI systems is that a digital assistant is available anytime and anywhere. Business owners can also program these digital assistants for client response. Having an assistant to do these tasks allows owners to focus on other income-generating endeavors.
Artificial Intelligence is a Business’ Best Ally
The business world is constantly evolving, and entrepreneurs must keep up with the rapid pace. One of the lessons of the pandemic is that companies need to adapt to the changes to survive. Artificial intelligence can provide the tools so businesses can improve and innovate.
Businesses can maximize AI technology by implementing it in their marketing, manufacturing, and management processes. AI can identify problem areas and give corrective or preventive measures.
AI also plays a significant role in preventing hazardous work situations. It can save lives by spotting dangerous circumstances and analyzing potential hazards. Aside from preventing physical safety threats, AI can also avoid cyber threats and attacks. It’s an equally problematic event that Intelligence Systems can solve.
AI technology can become a business’ best ally, given its benefits. It can help entrepreneurs focus on growing their businesses while providing exceptional service to their valued customers.
Karl Pulanco is the Product Portfolio Manager for Yondu. He’s into photography which is not surprising as he is a travel junkie as well. While he enjoys working on product planning and custom software development, he has a soft spot for writing and occasionally contributes articles related to his work.