Do you know according to a McKinsey study, companies that use Artificial Intelligence (AI) in business in the next 5-7 years will increase their cash flow by more than 120% by 2030? And yes, another study says that almost 72% of business leaders consider AI as a major advantage in their businesses. Is it okay to say that AI has now become a necessity, be it machine learning, smart robots, or automated vehicles, as the presence of AI is felt across the world?
We all know that from automating customer interactions until predicting the outcomes, AI plays a major role in businesses. Digital assistants and chatbots help people personally and professionally in different ways. Let me give you an example of Walmart. Having around 11000 retail stores, it relies on a machine learning platform to enable processing its daily transactions in a matter of seconds which is otherwise a mammoth human task.
AI has replaced a lot of tasks that are done by human labor on one hand while it has also created job opportunities for many on the other side. It’s also cost-effective, saving time and effort. In other words, AI in business rather than being a replacement for the human workforce is actually integrating with humans like a fish in the water and making things better.
AI empowers businesses with never-imagined capabilities. Let’s take a little more in-depth look at how exactly the benefits of AI in business works.
The most important trait or function when it comes to the use of AI in business is automating things. It automates communication with customers through chats, email, and social media messages that required humans previously. Let me give you a real-world example such as an automated hiring tool in the workplace. The tool can go through a number of applications in just a fraction of time and identify the most suitable candidates who can fit in the organization.
In order to make your business more effective with the help of AI, choose a platform like Mojo that empowers and gets you high-quality data with its hybrid machine Intelligence and human-in-the-loop automation solution taking care of your data with the annotation and curation tools.
Be it manufacturing, software, healthcare, or retail, all these industries actually rely on AI from sending personalized messages to their clients, till forecasting demands of their products. I would say, personalized experiences have taken a leap to the extent of talking to a machine. Guessed it right! Imagine life with digital voice assistants like Alexa and Siri who’ve become a part of our lives. Didn’t they change our life completely?
By analyzing the historical data patterns, AI in business predicts future outcomes and determines patterns and trends by getting information from the data sets. A study says that AI can help predict future diabetic cases. This is a revolution in the Healthcare Industry, isn’t it?
Prediction actually helps a lot in businesses: The fluctuations of currency in the banking sector, forecasting the sale of products in the manufacturing sector, analyzing and predicting outbreaks in the healthcare sector. The wonders of prediction are too colossal to be achieved by human potential. It may be a buying behavior, or peer influence or forecasting trends, AI-powered predictions are accurate.
We have come a long way with analytics and there’s a lot of progress with real-time updates with the help of AI and it takes analytics to a whole new level.
AI is helping all the fields like education, healthcare, and entertainment industry by its real-time updates. For instance, let me talk about Netflix. It analyzes the watch history and recommends accordingly. Educationalists, on the other hand, see the use of AI as a boost to the education industry. I would say that the traits of AI are quite common, but in reality, the benefits of each trait in AI can be understood in different usage in business.
At Xtract.io, we have a lot of solutions enabled with AI catering to different business requirements, be it data annotation, workflow automation, remote working, or financial data extraction and we also build custom solutions.
Are you using AI in your business? Are you interested to know how it can help in your business? Feel free to share your comments below. We’re all ears.