Artificial intelligence in Business: 6 Uses

According to research, 86% of business CEOs think AI software is crucial for day-to-day operations and has increasingly become vital. With better process understanding, data analytics, automation, and Natural Language Processing, businesses can make choices more quickly and precisely.

Let's review some of the numerous applications of artificial intelligence in business.

AI in Business – Examples of Use

Marketing

AI in marketing aids businesses in striking the right chord between a first-rate client experience and operational effectiveness. Companies can utilise AI for marketing in areas like competitor analysis, identifying new topics and trends, and market research for assessing quantitative answers and client feedback by applying intelligent solutions. Teams can benefit from image recognition by extracting useful information from visual inputs like photographs and videos, and then recommending actions based on that information. Another tool that aids in the creation of SEO-friendly marketing materials is search engine optimization. It gives marketing teams a better understanding of how consumers perceive and use particular terms and phrases.

Sales

AI automation, in the opinion of experienced salespeople, is already a significant component of the sales process and will only become more prevalent. According to research by Harvard Business Review, businesses using AI-based software for sales can increase leads by over 50%, cut call times by about 60–70%, and lower costs by 40–60%.

Outbound email campaigns, a mainstay of sales and marketing methods, can benefit greatly from AI use. It can be incredibly time-consuming and exhausting to send several emails and manually track their responses, which is why AI solutions that offer monitored email responses, categorization, and filing have become indispensable. Demand forecasting, which uses historical sales data and customer communications to provide automatic and accurate sales estimates, is another application of AI in sales. Businesses can utilise AI to score and prioritize leads by applying algorithms to rate the pipeline's high-priority leads.

Human Resources

Over the past few years, human resource teams have had to adjust to a variety of new factors. HR professionals today need to work with new dynamics and strengthen pre-existing ones, from hybrid and remote working to virtual recruiting and diversity inclusion. This is the ideal place to incorporate AI into business, as updated platforms and capabilities will help teams maintain their competitiveness.

The network analysis of the business can also benefit from AI in human resources in order to make it more viable and effective. Artificial intelligence (AI) can help naturally improve the efficacy of and develop effective business plans by examining numerous interactions in the company. More importantly, AI in HR can assist in reviewing candidate profiles and streamline the hiring process. Such technology can evaluate the work and experiences of possible applicants to determine the ideal role for them. ‍

Customer Support

One of the key components of every company's success is customer happiness. It is simply not humanly possible to guarantee that you respond to requests promptly, effectively, and on schedule. AI-based software that handles customer care can help teams relieve some of this pressure while ensuring that customer evaluations and feedback remain positive. Businesses that use artificial intelligence systems may analyse client messages automatically, picking out specific words and tones to appropriately classify and forward to the appropriate departments. The ability to tag urgency and initiate actions based on these recognizing features allows you to prioritize complaints or feedback.

Accounting

AI can speed up processes, increase accuracy, automate work, and spot emerging patterns. Unlike humans, AI in accounting has developed a flawless and untiring working style. Such a programme can upload files, examine them, and group them according to the accounting codes they contain. AI makes it considerably simpler to carry out repetitive activities, freeing up accountants to concentrate on other duties rather than repeating the same tedious work over and over again. This could entail sorting transactions into categories, assessing expenditure reports, logging information, examining scanned receipts, rebalancing accounts, etc. It can also partially automate payroll procedures, and cloud-based payroll software powered by AI is expected to change the way accounting is done in the future. Analysts predict that it will be worth $13.37 billion by 2026, up from an estimated $7.88 billion in the global market in 2018.

AI and machine learning have undoubtedly revolutionised operations and altered how firms operate today. The application of AI in business helps decrease the amount of time spent on repetitive, error-free tasks, increases team productivity, and improves customer experience significantly. It truly is no surprise that businesses continue to use its advantages across various industries.