Benefits of AI For Your Business

Artificial Intelligence, otherwise known as AI, is an emerging technology that offers a range of different benefits to users. In this article we will be focusing specifically on the benefits of businesses using AI. The UK AI market is a lucrative one, with the US International Trade Administration stating that it is already worth more than £16.9 billion. So, why are so many businesses implementing AI in their daily processes?

How Does AI Work?

Artificial Intelligence encompasses a broad range of technologies and techniques that enable machines to perform many tasks that usually require human intelligence. Whilst there are various approaches to AI, including rule-based systems, machine learning, and deep learning (a method that teaches AI to process data in a way that is inspired by the human brain), the underlying principles largely remain consistent. AI structures and regulates data so that algorithms can obtain the right skills, and adapt to different scenarios through progressive learning; data patterns are observed and analysed, and these patterns are used to essentially predict future outcomes with a high degree of accuracy. In short, AI is able to learn from behaviour patterns in order to solve problems and suggest outcomes.

How AI Can Benefit a Business

Despite it still being early days for AI, it already offers a range of useful benefits for businesses across any industry. Each benefit impacts a business in a different way, saving costs and time where possible. Businesses are now looking for ways to make AI work more efficiently and effectively for them, opening up more possibilities and opportunities for profit. So, how exactly does AI benefit businesses?

Personalised Customer Experiences

AI algorithms can assess and analyse customer data in order to make smarter, more personalised experiences tailored to the preferences and behaviours of individuals. Frequent examples of this on business websites include “chatbots” and “virtual assistants”, where personalised assistance is offered. Recommendation systems provide personalised product recommendations, which improves customer experiences and loyalty.

Improved Efficiency and Productivity

AI is optimised for the automation of repetitive tasks and roles, which allows employees to focus on more value-added activities. Processes such as data entry, routine administrative tasks and service inquiries can be automated, therefore saving time and resources for the wider business. A popular business system in which AI has had an impact is in supply chain management (SCM), where AI has undertaken several parts of the process by predicting demand, optimising inventory levels and identifying potential disruptors, benefitting the consumer goods industry.

Risk Management

The safety of employees and customers is crucial for any business, so AI has been implemented across many industries to find smarter ways of reducing risks. Forbes Advisor states that following a 10-week trial of computer vision technology, Marks & Spencer reported an 80% reduction in warehouse accidents. This is a good example of a real-life case where AI has identified risks and helped minimise them. By using informed predictions and repetitive analysis, typical risks and previous incidences are targeted and reduced.

Added Security

AI algorithms are capable of handling vast amounts of data to detect any anomalies and patterns that could indicate fraudulent activity. Through continuous monitoring of transactions and user behaviours, businesses can proactively identify and prevent cases of fraud, enhancing security and protecting against financial losses. One of the biggest security threats to a business is human error; AI helps to avoid this, as different security attacks are targeted and businesses are able to prioritise which ones pose the greatest threat, using the assistance of AI.

Streamlined Recruitment and HR Processes

AI is capable of streamlining recruitment processes by automating candidate sourcing, CV screening and interview scheduling, saving a business time and money. According to Gartner, a business guidance company, 81% of HR leaders have explored or implemented AI solutions to improve process efficiency within their organisation. AI uses a process known as Natural Language Processing (NLP) to form an algorithm which assesses candidate qualifications and cultural fit; this helps a business identify the most suitable candidates more efficiently.

Optimised Marketing Campaigns

AI is a useful tool for marketing businesses, particularly due to its ability to understand and analyse customer habits and preferences. AI algorithms are often used by marketers to assess trends in customer data, personalising marketing messages and optimising campaign performances, ultimately leading to higher conversion rates.

Greater Innovation

AI fosters innovation by enabling businesses to develop new services, products and business models. By using popular trends in data, businesses can explore new avenues, find gaps in the market and test products for their variable potential successes. AI essentially gives businesses more freedom to innovate, which is beneficial for many different industries.

Competitive Advantage

By leveraging AI technologies such as Natural Language Processing(NLP) and computer vision, businesses can gain a competitive edge in their specific industry and drive growth. AI is able to compare your business with competitors, creating opportunities to move ahead of the competition in your field of work.

More Informed Business Decisions

According to a 2023 report from Seagate, only 32% of data available to enterprises is put to work; the remaining 68% goes unleveraged. AI is beneficial for changing this statistic, encouraging businesses to make the most of any data available in order to make the most informed decisions. AI will target the most important trends in data to maximise output, which in turn will help businesses become more competitive, smarter and more valuable.

The Future of AI - How Much Can We Rely on It?

The potential of AI seems limitless for businesses; from searching for more sustainable practices to wider automation of routine tasks, it is no surprise that more and more businesses are investing in AI technology. However, it is equally important to remember that we cannot rely on this technology solely, as AI does make mistakes too. If you’re a business owner looking to implement AI, it is crucial that you understand its current limits; being entirely reliant could lead to errors in decision-making.

It is no surprise that people are sceptical and even slightly fearful about AI’s potential, with concerns over the capabilities it could gain; having the viewpoint that it could simply surpass human abilities and replace us in employment sectors. Therefore, it is important that we use AI as a tool to benefit us and work with, rather than something to fear or rely solely upon.

You Still Can’t Beat the Human Touch

AI is useful for improving your business, but so are we; you can’t rely on AI to generate more clicks for your business, but you can rely on us to come up with the best strategies to help you get seen more across the world wide web. Get in contact with us today to discuss how we can help you and your business.