5 WAYS ARTIFICIAL INTELLIGENCE CAN BOOST YOUR BUSINESS

5 Jul · 5 min read

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Executives of every company look for ways to help it operate in the most efficient way possible – irrespective of the size of the company. Spending a lot of time with drawn-out processes and complicated tasks makes it difficult for companies to remain profitable and adapt to challenges. Artificial Intelligence helps business operations remain effective. In this blog, we find out how. To get the best out of Artificial Intelligence, businesses need to identify bottlenecks and then figure out how AIcan minimise or remove them.

Enhance Reporting Speed and Accuracy

Companies release reports that have information about products that are selling fastest, where they are most popular, the impact of various marketing campaigns on product sales, the breakdown of new costs, etc. The process of creating these reports is tedious and is fraught with chances of human errors. Some companies are now combining AI with big data analytics to bring about better forecasts and to take the burden off those that prepare these reports as AI’s results are practically error-free.

AI learns to spot patterns in data and gets smarter with time. This means reports get finished faster and contain more-reliable information. The reliability aspect is crucial, especially since recently published research indicated two-thirds of the senior executives polled had no confidence or trust in big data.

Using AI does not mean companies can do without data scientists. However, the dependence on the technology of artificial intelligence reduces the uncertainty that may otherwise exist. It also prevents employees who work with a company’s data from being asked to recheck the findings, even if they initially took appropriate precautions to ensure accuracy.

Answer Queries and Support Customer Engagement

Businesses are increasingly using chatbots and they work using AI. These chatbots are often built by companies to answer any questions that customers might ask outside of business hours. Some chatbots are able to identify the nature of the customer’s problem and either attempt to resolve it using a list of pre-programmed answers or pass the communication to a human customer support executive. The retail industry has witnessed tremendous success by deploying chatbots.
Global data collected by Juniper Research shows an estimated 2.6 billion retail-based chatbot interactions in 2019, and the company forecasts the number to rise to 22 billion in 2023.

Chatbots are excellent for answering simple questions like “How late are you open today?” or “Do you have gluten-free menu options?” Getting quick answers to queries like those increases the chances customers will choose to do business with one company over another. Equally importantly, when chatbots can give responses in a matter of seconds, there’s no need for humans to stop what they’re doing and address the questions.

Identify Genuine Cyberthreats and Anomalies

Irrespective of the size of the company and the size of the IT team, one of the largest challenges faced is to separate the true cyber threats from false alarms. The difficulties associated with categorising the two types may mean cybersecurity professionals waste time getting to the bottom of things that are ultimately not issues. They might miss the actual threats that could derail a company’s operations.

In addition to detecting possible intrusions associated with a network, AI can screen for software abnormalities that may make it easier for cybercriminals to orchestrate their attacks successfully. It can also fish out any malicious software hackers installed. Due to this kind of information and the advantages of receiving it through real-time updates, IT security teams can work more productively. They can use most of their resources on the threats that matter most to the company’s stability.

Some organisations have even used AI to help them conquer the substantial skills shortage in the cybersecurity industry. At Texas A&M University, the Security Operations Center deals with about a million attempted hacks each month. The facility has some full-time workers, but students comprise most of the staff. They work alongside AI that aids in threat monitoring, detection and remediation.

Before students see possible threats, the smart technology finds and groups them. This approach saves time and lets the team get to work investigating the problems and deciding how to handle them.

Improve Data Transfer Speeds

AI technology works on high speed data transfers. When it comes to information-sensitive applications like Virtual Reality, slow transmissions greatly interfere with the perception of reality and content immersion that people should enjoy after strapping on a VR headset. Ai can improce the speed of data transfer as well.

For example, services exist that boost speeds across any wide-area network (WAN). Users enjoy consistently accelerated rates regardless of the kind of information transferred. Some companies have solutions that can reduce WAN job times by up to 98%. These AI-driven options work particularly well when companies need to move information between data centres or cloud environments.

Streamline the Time-To-Hire Metric for New Hires

According to statistics, the average time needed to hire someone for an open position varies from 12 to 49 days (depending on the industry). The type of work a job requires also affects the time required for hiring.

For example, it takes a shorter amount of time overall to find someone for an administrative or human resources position than one associated with a creative or advertising role. Then, of course, interviews are more extensive for high-profile work.

Human resources professionals increasingly use AI to cut down on the time between first posting a job and finding the ideal individual to hire. For example, an Artificial Intelligence platform could look for particular keywords in submitted resumes, saving hiring managers from poring over the documents themselves. AI can also pitch in during interviews. A company called VCV recently raised $1.7m to further develop its AI tool that has voice and facial recognition components. Candidates are asked to record videos of them answering interview questions, but they cannot prepare for the specific content in advance.

Author: WeSquare

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