How Can Artificial Intelligence (AI) Build A Competitive Asset In Business?

The phrase artificial intelligence was coined in the 1950s, but it remained a creature of science fiction for long, leaving much to human imagination. However, over the last decade, AI has evolved from a pipe dream for many to a disruptive force shaping the future of organizations in all industries. Even if 41% of individuals can’t think of an example of AI in their daily lives, things are drastically different in the workplace!

Artificial intelligence (AI) gives businesses a distinct and long-term competitive advantage, evidenced by AI-first companies being the world’s only trillion-dollar businesses. That’s according to Ash Fontana, a top worldwide start-up investor with a specialty in artificial intelligence and author of The AI-First: How to compete and win with AI.

AI is the one that grows the fastest and is the most difficult to catch up to. It becomes a loop after you build it, and it continues to make itself, which is why it is so powerful.

Companies are quickly recognizing the value of AI, and the most successful are already incorporating it into their business plans. In a survey of 1,600 senior business decision-makers, 76 percent said that AI was critical to their organization’s success. According to the study, 64 percent of respondents agreed that large-scale AI adoption was necessary for their company’s future growth.

Why Do Companies Need AI?

Businesses can profit from AI in a variety of ways. Those who do not recognize these advantages are likely to fall behind in the race. Take a peek.

  • Improved onboarding for employees and customers

Did you know that after a positive customer service experience, 67% of customers are inclined to suggest a product? AI can assist organizations in achieving this goal. AI is responsible for Spotify making people’s favorite playlists, and Netflix magically selecting movies to watch.

In fact, the AI-powered chatbot has wholly transformed the speed with which clients may be assisted. In addition, with the support of an AI-powered learning experience platform, customer onboarding may be brought to a whole new level. An AI-powered chatbot can assist in tailoring each customer’s experience by answering all of their questions in real-time and recommending relevant material. Customers are more satisfied and engaged as a result of this. Furthermore, as the user continues to utilize the platform, the assistance provided can increase thanks to robust analytics and machine learning. This is precisely what is required to establish long-term customer relationships.

 

  • Artificial intelligence also makes onboarding new employees much easier and more efficient.

 

With Automated Interactions, you may get help in real-time.

AI is beneficial for communicating with a large number of clients at different times of the day. The chatbot is one of the most frequent forms of AI for customer service. Virtual client assistants are predicted to be used by 25% of all businesses by 2020.

These intelligent agents can respond to a wide range of questions in the consumer’s native language. One of the most intriguing applications of chatbots is in training systems. Unlike human trainers, these chatbots are available 24 hours a day, seven days a week, to answer questions and advance learning. Employees can be reminded to complete modules at their preferred times by the chatbot.

  • Continuous Improvement through Analytics and Feedback

Data is being produced at an incredible rate. Ninety percent of all data has been created in the previous two years alone. Every day, this corresponds to 2.5 quintillion bytes of data! Artificial intelligence is the only technique to examine such massive data sets correctly. AI can detect patterns in data and forecast what customers want, providing you a competitive advantage. If manual analysis is used, these insights may go undetected.

Artificial intelligence (AI) may learn about consumer behavior, allowing firms to develop more consumer-friendly content. This feature is also quite useful within the company. Personalized learning routes can be constructed using analytics about employee learning behavior provided by an AI-powered learning platform to adapt to the individual needs of each employee. Analytics can also aid in the development of more engaging and effective training content.

  • Lower Turnover of Employees

Did you know that 30 percent of new hires leave their employment in the first 90 days after joining? Employee turnover is a significant issue, with corporations in the United States alone losing $617 billion in 2019. Inadequate or ineffective training is one of the most common causes for people leaving their jobs. What’s needed is a strategy to engage new hires from the start, giving them a complete brand experience and demonstrating that the firm values each employee and is eager to invest in their growth and development.

Here, too, artificial intelligence comes to the rescue. Companies may offer highly engaging, individualized training and dynamic learning experiences with a white-label, AI-powered platform, with freedom for new hires to progress through the training according to their preferences. New hires form a link with the brand, which minimizes turnover, while you get to analyze training progress through analytics. As a result, using AI in learning and development allows firms to save time and resources that would otherwise be spent on training and employing new staff.

 

  • You’ll save time and money.

After all, AI is a machine that works indefinitely and never tires or becomes bored. It’s also far more accurate than any person ever could be. As a result, tasks are completed much more rapidly and at a reduced cost. In fact, by 2022, chatbots are predicted to save organizations money every year. Not to mention, the financial gains realized as a result of AI-driven leads might help a company develop.

Conclusion

In the end, AI is assisting businesses in accelerating at an unprecedented rate, enhancing numerous elements of their operations, including operational efficiency. With the help of AI, productivity is boosted by 40%, operating costs are lowered by 28%, customer engagement is increased by 18%, and time to market is improved by 21%. And on the back of a happy partnership between humans and AI, these numbers are only anticipated to climb.

Author Bio: Jignesh Vaghasiya is the CEO at Universal Stream Solution. Universal Stream Solution is a mobile app development company in Atlanta (http://www.universalstreamsolution.com/). That helps startups to enterprise companies in mobile & web technology.

Author mail-id: jigs@universalstreamsolution.com

 

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