Artificial Intelligence is gaining more and more attention each day. AI is now increasingly used by both businesses and the general public for enhancing customer experiences. According to Gartner, the leading global research and advisory company, AI has the potential to generate a business value of $2.9 trillion by 2022. AI helps running a business more easy and effective as it offers several benefits to entrepreneurs to grow their business. Let us understand how.
What Is Artificial Intelligence?
AI refers to the simulation of human intelligence processes by machines, in particular, computer systems. AI is an area of computer science that emphasizes the creation of intelligent machines that think, react, and work like humans. Computers that have artificial intelligence are designed to include speech recognition, problem-solving, planning, perception, reasoning, and learning.
AI is classified as weak AI and strong AI. Weak AI or narrow AI is designed and trained for a particular task. Example: Virtual personal assistants such as Apple’s Siri. Strong AI or general artificial intelligence is a system that has the ability to find a solution to an unfamiliar task, without human intervention.
Benefits Of AI To Entrepreneurs
1.Artificial Intelligence Facilitates Creativity
Creativity is highly important to achieve innovation for every entrepreneur who wishes his business to be competitive. Artificial intelligence helps bolster creativity. AI creates an environment that minimizes the mental strain on an individual by managing repetitive tasks that would otherwise divide their attention. This way, the parts of the brain which see frequent use begin to deactivate, thereby activating the parts responsible for creativity. For example, Robotic Process Automation (RPA) can be used to remove repetitive tasks from human workers, such as analyzing inventory management and running and creating reports. This helps save time for your employees and gives them the scope to focus on creative tasks.
2. Improves Return On Investment
AI helps improve your Return of Investment (ROI). An entrepreneur will be able to get a higher return on investment if the team is able to focus on important tasks such as strategic planning and design, which contribute directly to business revenue and enhance productivity. It is possible to enhance productivity and efficiency when you can support workflow management, accuracy, and improve customer experiences, which will thereby result in retention and increased revenue.
3. Time Management
Managing time is one of the critical factors which contribute to a company’s success. According to several studies, time management accounts for 42 per cent of the difference between success and failure. Due to this, many companies are now looking for ways to integrate AI into time management to maximize the chances of making accurate predictions based on the available emerging and historical data. AI aims to help organizations to make the best timing predictions, minimize waste, and help them maximize their resources when they are in dire need. Implementing AI in this area of a business will help entrepreneurs create a positive impact.
4. Enhancing Customer Experience
Improving or enhancing customer service refers to being available for your customers and extending your services to them when they need you the most. It is almost impossible for humans to be available around the clock. It is too expensive to run an operation that supports a workforce of employees working on multiple shifts, especially if you have just set up your business.
Chatbots are the perfect solutions to help amplify your workforce and enhance the customer experience. A chatbot is a computer algorithm that is designed to conduct conversations with human users. They can be used to answer frequently asked questions and carry out routine tasks when human workers are engaged in other jobs. Chatbots provide on-demand support to customers by giving instant answers to customer questions and adding value to the business. Voice assistants can also be created to improve the lives of customers by enhancing audio search and making it easier to find the answers which they need without having to search or read a menu.
5. Helps Businesses increase Automation
Automating manual tasks helps businesses save time and money and helps in continuous growth. Software applications can be created to automate business processes and save time taken for manual labour. This helps remove repetitive, mundane tasks from a worker’s responsibilities and enables a business to scale its automation intelligently for efficient operations.
Though the full potential of AI is yet to be seen, early adoption of AI tools would offer umpteen number of benefits to both entrepreneurs and business houses alike. With the limitless applications offered by AI, entrepreneurs have plenty of opportunities to innovate and stand apart from the competition. We can be assured of one thing for sure, and that is the fact that AI is here to assist humans and not replace them as human creativity is not going anywhere and is certainly here to stay.