Artificial intelligence is making its way into every aspect of our daily lives. The traffic lights on city streets, NPCs on gaming platforms and even office thermostats can all take advantage of this emerging technology. As an entrepreneur, you will want to get to know how AI can impact and improve your business.
What is artificial intelligence?
Computers can process data faster than any human analyst. Computer scientists use this ability to create programs that sift through data looking for patterns and developing predictions from them. Well-programmed algorithms can identify everything from weather patterns to customer ordering trends.
AI and Business Workflow
Every business generates data. Manufacturing operations involve component numbers and assembly rates, and sales offices work with client information like order histories. Implementing AI into the workplace can streamline workflow by eliminating duplicate actions. The computer recognizes that it must register new account information in several departments, eliminating a tedious process.
AI and Inventory Management
Large warehouses like Amazon have been adding AI-empowered droids to improve inventory management. Algorithms constantly analyze the millions of orders that come through the company and predict what items are due for restocking. Rather than responding to a shortage, an AI-empowered system prevents shortages by monitoring purchase trends and ordering accordingly.
For manufacturing businesses, this predictive approach to inventory offers potential savings. The company will not lose sales due to unfulfilled orders, nor will it increase overhead costs by purchasing a surplus of materials.
AI and Customer Engagement
Customer interactions often follow predictable patterns, making them another way that AI has entered the business world. It will be a while before an AI assistant replaces face-to-face interactions at a brick-and-mortar location, but the online shopping world is already full of AI-empowered tools.
Algorithms determine much of what you see online. Every time an ad pops up or a video service makes suggestions, an AI tool has analyzed your past viewing history and preferences. It also makes comparisons with the actions of consumers with similar profiles. When it works properly, you see a product or video you may not have found on your own.
AI bots are also involved with customer service and client engagement. In a customer service situation, the bot looks for keywords in your requests to streamline getting you to the person or information you need. For customer engagement, businesses employ AI bots to respond quickly to reviews or social media comments.
Implementing Artificial Intelligence in Your Business
Bringing AI into your business can trouble your employees. They may be concerned that you are trying to replace them with a digital resource. The healthiest approach is to demonstrate how AI is an enhancement rather than a replacement. For example, the software can take on repetitive customer relations tasks, freeing employees to do more satisfying and important work.
A Partner for Long-Term Strategies
Adopting new technology is part of staying at the forefront of the business world. If you are an entrepreneur looking to implement any kind of new business strategy, Productivity Intelligence Institute can help. We specialize in helping businesses improve the efficiency and productivity of their organizations. Contact us today. We would be thrilled to work with you.