How will AI Affect Your Business?
Dec 09, 2019
The rise of artificial intelligence is set to influence major aspects of our lives. From information technology and business to education and healthcare, we can expect AI to change the way we work, communicate, and make decisions in every major field. It’s important to note here that unlike the depiction of artificial intelligence on the celluloid, the effects of AI are significantly different in the real world.
In this article, we are going to discuss the impact of AI on business and how it is predicted to improve operational efficiency in the future. Some of the business areas that are most likely to be affected by artificial intelligence include:
Supply chain is one of the most significant areas that are likely to benefit from AI applications. For starters, artificial intelligence can be used to predict supply and demand for your products and services more accurately. This enables businesses to be more proactive in terms of demand forecasting, thereby reducing operational costs.
The use of robotics can also improve supply chain processes to a large extent. As per Tractica Research, warehousing and logistics robots are expected to play a significant role in inventory management. In fact, the sales for these robots will amount to $22.4 billion by 2021.
The use of artificial intelligence in marketing can help your business in developing a customer-centric marketing plan. Today’s businesses struggle to deliver personalized experiences to customers that focus on individual preferences and interpretations of value. You also need to use the right channels to communicate your message. These procedures must take several variables into account and process large volumes of data if they are to be completed successfully. Naturally, humans can only do so much here. However, integrating AI into these processes is expected to drive a more speedy execution. This can allow for the creation of highly sophisticated marketing strategies that will help your business stay ahead of the competition.
Another major impact of AI on business is how it can redefine hiring practices. As per the Undercover Recruiter, artificial intelligence will be used to perform 16 percent of human resource jobs within the next 10 years. Using AI in your recruitment strategies can improve your chances of finding a strong set of candidates much more quickly. This can reduce hiring costs and help save time. AI can also conduct an assessment of whether a candidate is a good fit for the organization. In the long run, this can improve employee productivity and lower turnover costs.
Wrapping It Up
Like all technological innovations, artificial intelligence is expected to enhance the speed, efficiency, and accuracy of several business operations. Currently, the impact of AI on business has been predicted to be largely positive. Integrating artificial intelligence can help business owners in:
- Predicting supply and demand for product and services
- Improve inventory management by using robotics
- Develop highly customized marketing strategies
- Improving the efficiency of their recruitment processes
Of course, these developments only represent a small chunk of what artificial intelligence can do for your business. There are several other areas that can benefit from artificial intelligence, as well. These include customer services, data security and data management, and financial analysis.