Artificial Intelligence has come a long way since the first Punch Card computers. It’s so prevalent now that every computer, phone, and other smart device has some kind of AI installed to automate tasks, work with user preferences, collect data, and more.
While most, if not all, businesses use computers in some way, many of them don’t utilize the full potential of AI to save money and increase productivity. If you’re ready to take your business to the next level, read below to find your next AI inspiration.
A picture of a robot hand touching a point of light.
1. Optimize Your Supply Chain
If you’re making or selling a product, you know that there are many steps before and after that actually go into getting that product into the hands of consumers. Utilizing AI in supply chain can streamline many of these processes, saving you money in the long run.
AI can study market trends, present and historical, to alert you of patterns and potential rises or dips. This will allow you to plan ahead to make the most of the rise or minimize the impact of the dip.
2. Improve Your Cybersecurity
Cybersecurity is a permanent arms race between attackers and security software. Artificial Intelligence can be used to identify threats and patterns much faster than any human security professional.
If you run any kind of website that handles monetary transactions, then you are at an elevated risk from hackers looking for people’s credit card information, for example. An AI security system can keep an eye on things for you, and alert you when it detects a problem.
3. Enhance Your Customer Service
Customer service is critical. In fact, a positive customer service experience is one of the best ways to keep the clients you have and possibly obtain new ones, which is the cornerstone of all business.
One way AI can help with customer service is through automatic phone services and chatbots. Automatic phone services can answer simple questions that your customers may have without forcing them to wait or be put on hold, and chatbots can do the same on websites.
For more complex queries, these services can automatically refer the customers to someone who can help. Either way, the wait times are less, which means happier clients.
4. Increase Your Customer Base
How do you gain new customers? By appealing to them, and proving that you can sell something they need. Artificial Intelligence can be used to compile data on people’s interests and habits to customize the experience for them.
Good customer service, which can be improved with AI, is also a huge factor in gaining new customers. Good reviews, reputation, and positive first impressions will give you a leg up in the competition.
5. Fine-Tune Your Budget
No matter how good at math you are, people make mistakes. Besides that, if your business grows too large, you won’t be able to keep up with cataloging every expense and studying spending patterns in a timely, cost-effective manner.
Luckily, AI can help with this too. Automated budget-making, by a computer that can make millions of decisions in a second, will not only help you avoid errors but save you money in the long run.
An AI program can also determine your spending patterns, let you know where you can safely cut costs, as well as alert you to fraud.
What Are You Waiting For?
Artificial Intelligence is an undeniable fact of life nowadays, and by harnessing the full potential of AI, you can bring out the full potential of your business. You don’t need to integrate everything at once, but even a small change can make a big difference. Your business is in your hands.
