We expect the global AI market to grow at an astonishing CAGR rate of 42.2% in the next five years. Gartner even predicted that by 2023, “80% of all digital business will be powered by Artificial Intelligence”.
However, you might be hesitant and unsure about entering the AI space and integrating it with your business. With so much information that is out there, it blurs things out for small and medium startups like yours.
However, we do not suggest jumping into the trend without knowing the risks and opportunities beyond. The AI world is incredibly complex and confusing. But there are plenty of windows for you to try to improve your business’s growth drastically.
Here are the eight opportunities your business could benefit from AI:
One way to streamline your business operations is by letting chatbots handle Frequently Asked Questions (FAQs) regarding your business. Imagine the savings if you manage to have your staff focused on other human tasks. Your team can work on essential tasks and more not on answering FAQ queries 24/7.
There are plenty of cost-effective automated chatbot tools, like Microsoft QnA Maker. You must upload relevant data and information in URLs and FAQs. Then let the AI learn on itself, and then use it as an API. You can also customize the chatbot experience to give it a personality that suits your business.
Marketing has come a long way since then. It harnessed the power of digital technology and AI. Well to the point that through simple algorithms analysis, machine learning can recommend relevant products and services to customers with carefully curated and personalized advertisements.
Reduce cyber security risks and threats
AI and machine learning gave way to data analytics, which significantly predicts and prevents cyber security threats and attacks.
Machines are great for tracking unusual behavior and transactions on the fly. If implemented correctly, it can analyze the scale of transactions that essential staffing could not match both in terms of speed and efficiency, leading to decreased threats to the end-user and the company providing the service.
AI and automation have become so powerful that they can analyze historical sales data and learn how customers interact with your business. It factors every situation, habit, and attitude possible to give you up-to-date and accurate inventory forecasting allowing you to focus working capital on things that would sell.
Travel and logistics
Aside from inventory planning and forecasting, AI can help you find the most efficient way to cover territories and deliver goods.
One example is Google Maps providing you with predictive traffic information so you can better prepare before hitting the road. It also helps you figure out where to place your business and make the most of potential customers by analyzing travel and routing by people.
Prediction and planning are two of the best features AI could offer. Your business could gain a lot with machines accurately laying out plans for future maintenance cycles giving your company less downtime and more time serving your customers.
Forget the days of only fixing things when it is broken; with AI, you will not only know when your machines could break but will also give you time to prepare everything before it even happens.
Digitized work environments make things run smoothly and efficiently as they ever were. Digital tools and AI allow us to extract valuable insights from employees, teams, and the general workforce.
AI can analyze the modern work environment and offer organizations solutions to potential problems long before they could even arise. And like advertising, automation can target specific people that are fit for the job through algorithms, leading to fewer but curated applicants, thus less time spent on interviews and fewer resources spent on undeserving applicants.
Image recognition and manufacturing safety
In business, we always must deal with dangerous machines and hazardous workplaces, no matter how safe they might be. Using AI with the aid of modern cameras with advanced image recognition technologies, we can detect hazards and safeguard employees by identifying all workplace threats, thus better overall safety.
With RED IT Solutions, you can start venturing into the world of AI technology and take your business to unparalleled efficiency and effectiveness to achieve rapid and sustained growth. Contact us today and have our team map out the best IT strategy for you and your business.