AI for Business: Explore 7 Ways AI Helps Businesses to Excel
AI for business or applying AI in business is proof of your competitive edge in emerging business technology. Artificial Intelligence (AI) no longer sounds like something from the future. It’s already here and is helping millions of organizations to boost their revenue and growth. With robotics and AI software, business owners and teams are operating differently.
Previously, certain tasks took a lot of time to perform, but AI has made it possible to automate those tasks, or at least speed them up. For instance, through this technology, it is now possible to gain a better understanding of customers and provide them with offers and experiences tailored to their needs and preferences.
Artificial Intelligence Development is a growing sector with many technology and other enterprises increasingly taking up AI software and AI projects. This has improved the scope of AI for business. Besides improving revenue, AI is capable of automating and accelerating many repetitive and complex processes within other business areas as well.
Continue reading if you want to know more. Our article outlines seven ways AI in business will garner enhanced attention this year and beyond.
Let’s dive right into some artificial intelligence in business examples to inspire you
7 Ways AI for Business Helps You Unlock New Potential
1. Convert video into text with AI software
As you may already know, accessibility has grown in importance over the last few years.
Nowadays, more and more people are able to access the internet easily and quickly, so it's imperative that business owners and professionals make their content accessible to everyone, including those with hearing impairments and those who speak a language other than their own.
For example, transcribing your video into text is one way to better make your content more accessible.
However, transcribing your videos, especially if they are lengthy or numerous, is a very challenging and time-consuming process, which can also slow down the creation and publishing process.
Transcript software powered by artificial intelligence makes it possible to automate and speed up such tasks.
For example, Happy Scribe's YouTube video transcription software makes it easy and quick to import YouTube videos and have them automatically transcribed at an accuracy of almost 99%.
This technology definitely sounds like the future of AI.
2. Use AI and ML to boost revenue by offering personalized offers and experiences
With more and more websites popping up and publishing content, users seek more personalized experiences instead of generic ones.
However, manually creating a personalized experience can be very challenging, if not impossible. As a result, technologies were necessary to support and aid the process.
As an example, personalized experiences can include greeting logged-in users by their first names or providing them with personalized product recommendations. A variety of analysis factors are considered when making such recommendations, including previous purchases, viewed products, and related products.
Personalized experiences and offers, ones that are tailored to consumers' needs, will encourage them to buy, and you'll see an increase in sales. This is a crucial technology that uses artificial intelligence and machine learning in prudent and profitable ways.
3. Conversational AI to get new dimensions with improved AI chatbots
Due to the advent of the internet, customers are becoming more and more demanding and impatient when it comes to getting answers and solutions.
If you only have a small number of visitors on your website and a small number of clients, you can do it manually. Instead, imagine having to answer thousands of users contacting the support service at the same time.
As you can imagine, it'd be a mess, and customers would have to wait for quite a while before getting the answers or solutions they need. The longer you make them wait, the more they are likely to become irritated and leave your website without returning. As a result, you lose potential or loyal clients, which translates into lost money.
An automated process that enables smart conversational AI is necessary to solve such a problem. Artificial intelligence has made it possible with chatbots. Such chatbots answer users' repetitive questions automatically, taking answers from a knowledge base, leaving only more complex questions for humans.
Chatbots allow you and your team to avoid having to respond to the same questions repeatedly, saving you time and energy.
Thus, you might want to look into implementing chatbots into your website and expediting the process as soon as possible.
4. Automatically transcribe audio to text with text converter
At times, a video might not be able to fully capture the user's attention or in case of a language barrier, it could be hard to be processed.
Research has found that people quickly forget what is heard, not recognizing the words they know or neglecting the next part while thinking about meaning. Quite often they understand the message but not the intended message, which certainly anyone would fear when they pitch their business idea.
In order to solve such issues, you might want to offer your content in both voice and written formats, thereby converting your audio and video to text.
Converting audio or video content to text, on the other hand, can also be a tedious and time-consuming process if done manually.
In such cases, it can be helpful to transcribe your audio to text online with Amberscript. They automatically turn spoken words into written form in seconds, saving you or your team time and effort.
Amberscript connects your audio to the text in its online text editor in which you can easily adjust the text, highlight parts, and search through your text with ease.
5. Use AI to predict prices and adjust them automatically
Until a few years ago, retailers had a difficult time predicting prices and adjusting them accordingly.
It was only intuitive for marketers to predict that at some point in time it would be possible to raise prices for certain products, because people would still buy them, for example, because of seasonal demand.
AI-based tools today can predict the price at which a given item will likely be purchased, thanks to their predictive capabilities.
AI-powered systems examine all available information, including data that appears every second, conduct comparisons between current and historical data, analyze trends, competitors, and buying patterns, and on this basis suggest the price that will best suit specific users at a given time.
Additionally, AI software makes it possible to change prices quickly and easily through centralized systems that only require a few, effortless steps in order to make the changes.
The more accurately you can estimate the price that consumers will pay at a certain time and adjust it accordingly, the more likely you will be to get them to buy your products, which will lead to an increase in sales.
6. Strengthen the security of your business with AI software
As more people access the internet, hackers have more space to perform malicious acts, such as stealing personal information and sensitive data, such as names, addresses, credit card numbers, and so on. Millions of dollars are lost each year as a result of such attacks, and heavy legal consequences follow.
It, therefore, makes it even more important for companies to protect themselves from these types of attacks.
As a result of the integration of AI and cybersecurity, it has been possible to develop tools to protect online businesses and enhance their security.
The ability to simultaneously scan tons of data in real-time makes AI capable of scanning websites and immediately identifying threats, and taking immediate action once identified.
Additionally, AI provides security for authentication whenever users login to their accounts.
Face recognition, CAPTCHAs, and fingerprint scanners are some of the methods AI uses for identification. The information collected by these features can help detect if a login attempt is legitimate or not.
7. Make informed hiring decisions with AI-powered HR software
Hiring is something that every owner of a company or team in an organization has to deal with.
The process of finding the right candidates can be difficult, especially when you're trying to fill positions requiring certain skills, knowledge, and experiences that you and your colleagues do not possess and cannot evaluate.
Sometimes a company, particularly one with several positions to fill and a large size, finds that it has an overwhelming amount of applications to manage, making manual management nearly impossible.
The creation of AI-based HR tools and software was, therefore, necessary to overcome such obstacles.
With such tools, it is easy and possible to automatically evaluate a candidate's skills and knowledge through an assessment test, which is automatically corrected, and then sorted based on the results from highest to lowest.
Additionally, some AI software allows a company to convert the CVs sent by candidates into information and input it into a database, then sort this information to find a match between the job requirements and the candidates' data.
Businesses and employees are changing how they get information and perform some actions within companies, thanks to artificial intelligence.
AI, as seen throughout this post, can assist your business in a variety of ways, ranging from content creation to hiring.
You will certainly experience benefits from implementing this technology within your business, such as saving time, money, and effort.
We appreciate you taking the time to read this blog post. Hopefully, these examples of application of artificial intelligence in business were informative and helpful to you. If you would like to read more about the topic, you can check out this article on seven essential tips to effectively manage your AI projects.
Meanwhile, are you a technology company looking to fill gaps in AI skills to complete a crucial AI software? Or are you a business enterprise looking for more ways to implement AI for business? Please contact us to strengthen your team or to get your AI project started and completed on time.