6 potential benefits of artificial intelligence in your business

6 potential benefits of artificial intelligence in your business

By Laura Álvarez, Artelnics.

Artificial intelligence (AI) aims to build machines capable of performing tasks that usually require human intelligence.

This term is frequently referred to as the development of systems endowed with the intellectual character of humans. These abilities include reasoning, learning from experience, discovering meaning or relationships, or generalizing.

As time goes by, more and more companies are incorporating artificial intelligence into their business to take advantage of it.

This post explains how artificial intelligence can positively impact your company.

Contents:

1. Improve efficiency

One of the most important goals of a company is improving its performance and efficiency. That means getting higher revenues with fewer resources.

Artificial intelligence is a powerful tool to predict the performance of processes and systems. This allows companies to simulate different scenarios and adjust the necessary operations to improve efficiency.

A better company's performance also translates into increased revenue and saving resources.

Example: A retail company can sell more products by identifying customers that might be interested on its products. AI can identify these customers so that the company targets the campaign to these specific prospect. Targeting the campaign to only interested customers improves performance and reduces costs significantly.

Related posts: Customer targeting.

2. Save costs

Every company looks for ways to save money. Indeed, even a slight reduction in expenses can impact company profitability.

You can use AI to increase efficiency, automate processes and anticipate scenarios. All these measures allow the company to reduce its operating costs.

Thus, the company can invest this money in other projects.

Example: An energy company can build virtual sensors with AI. These sensors allow the company to model measures instead of taking them physically. Thanks to these virtual sensors, the company can save many costs.

Related posts: Building virtual sensors.

3. Avoid problems

Unfortunate events are one of the most significant issues for every company. Indeed, it takes a lot of energy for managers to solve them.

However, the predictive capabilities of AI can help to avoid these unexpected events or at least reduce their negative impact.

Preventing these problems can benefit your business since it allows you to save time and reduce costs.

Example: An engineering company can determine the actual condition of equipment and predict when a failure might occur. Using AI, the company can know when these failures might happen and can work on preventing them.

Related posts: Predictive maintenance.

4. Anticipate to future scenarios

Knowing what will happen in the future can help you make informed business decisions.

One of the most common applications of AI is to make predictions based on historical data.

These predictions can help your organization prepare for future scenarios and know what strategies to use.

Example: A retail company can use AI to estimate the sales of future weeks. With AI, it is possible to anticipate customer response to external and internal factors that affect sales. This helps you estimate the number of products the store will sell, prepare the inventory, and manage the cash flow.

Related posts: Sales forecasting.

5. Reduce human error

Humans make mistakes from time to time. Computers, however, can avoid these mistakes if they are correctly programmed. These mistakes can significantly impact, from wasting money to putting a patient's life at risk.

AI techniques can help to reduce these errors by performing some tasks thoroughly or supporting the employee's work.

This means that it is possible to achieve greater precision in repetitive tasks with AI.

Example: In a hospital, artificial intelligence can help to diagnose patients more accurately. In this way, AI-enabled systems support decisions made by doctors and enhance patient safety.

Related posts: Medical diagnosis.

6. Automate processes

Automation of mundane tasks is one of the most common applications of AI. It increases the production rates and the productivity of employees while also allowing more efficient use of raw materials.

Process automation can be beneficial for managing repetitive tasks, which can be monotonous and reduce employees' productivity.

AI allows to reduce manual work, free employees up to do other assignments that require more creativity, and reduce costs.

Example: A bank needs to verify the transactions to detect possible frauds. This task can be done by using an automatic AI algorithm. This way, the employee does not need to check each payment manually. Moreover, automatic checking allows the bank to detect fraudulent payments at any moment of the day.

Related posts: Fraud detection.

Conclusions

As we have seen in this post, AI provides excellent benefits that can help to empower your organization to succeed.

AI brings numerous benefits and gives high ROI (Return on Investment). Moreover, implementing AI-based solutions is a must to remain competitive.

The data science and machine learning platform Neural Designer can help you get started into AI. You can try it now for free.

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• What is advanced analytics?

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