Artificial intelligence is the ability of computers to perform tasks that traditionally required human intelligence. These tasks are often performed faster, more accurate, and cost-efficient than when performed by humans. AI is becoming increasingly accessible through its integration into software and can be implemented in any size organization to reduce operating costs while enhancing customer experiences. AI technologies include chatbots (natural language processing), facial recognition (computer vision), predictive modeling/forecasting (machine learning).
In a Deloitte survey of 2,737 IT and line-of-business executives from across the world who have adopted AI, 26 percent of all respondents said that AI technologies enable them to establish a significant lead over their competitors. For seasoned adopters, this rises to 45 percent.
Most business owners know there are many advantages to being an early adopter of new concepts and technologies. The time to adopt AI is now. As more and more companies implement this technology, you will become a part of the early majority and your early adopter advantage will be lost.
Grow your customer base
AI tools have the ability to analyze data much faster than humans. It is this analysis of your current customer base and potential customers within the market that enables it to make predictions about who should be targeted first, the best time to contact them, and their likelihood to buy. By incorporating natural language processing into your operations, you can provide your customers with real-time answers to their questions and the ability to potentially shorten the sales cycle.
AI provides the mechanisms to replace or reduce repetitive actions, leaving more time available for you to complete more meaningful work. Increasing time spent on what employees deem valuable also increases job satisfaction. AI is being used to more efficiently manage inventory, budgets, invoices, and communication with clients. Regardless of the industry, the result is the same; time and cost efficiency.