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5 Tips To Use Artificial Intelligence For Business Growth

Artificial Intelligence for Business Growth

Artificial Intelligence for Business Growth

Since last few years, Artificial Intelligence (AI) has won the momentum in almost every sector. Schooling system, Healthcare, transportation, aircraft, manufacturing, logistics, retail, railway and more have started to use AI-based technology to improve productivity and performance within a short span of time.

According to PwC, Artificial Intelligence will give $15.7 trillion to the world economy by 2030. So businesses can gain huge advantages from investing in AI. Interestingly, the MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project discovered that up to 85% of executives think that AI will support their organizations to gain or sustain competitive advantage.

1) Use AI-based Analytics to Create Better Business Decisions

The enhancements in network and storage advanced expertise have brought about the age of large data. But the gathered data is unusable without investigation. Due to the big size, it’s not possible to measure the data using human intelligence. It’s an era that machine learning and deep learning algorithms can support you in the best way.

Create Better Business Decisions

HANA, SAP’s in-memory data stage that uses machine learning to examine and discover patterns in big data, is supporting Walmart with their data analytics. Walmart has more than 245 million consumers shopping their stores and websites all over the world.

2)  Add Automation To Make Your Marketing And Sales Soar

Artificial intelligence-based applications can initiate managing routine tasks. They can modify marketing and sales knowledge for consumers. AI-based Chatbots can go longer and support with responding to customer service queries to increase customer satisfaction and get endorsements for up-selling.

Machine learning can also support with price-optimization for different markets. Rapid-Miner, a data science platform, leverages data related to competitors, suppliers, customer preferences, and risks to design pricing models for individual market segments robotically. This AI-based method supports businesses to optimize profit margins.

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3)  Create Inventory and Supply Chain Management a Breeze With AI

Machine learning algorithms can help retail and other businesses better manage their inventory. This can automate refilling requirements and optimize supply chains. You can hand over your inventory controlling and supply chain choices to AI-based applications.

Big AI players like IBM Watson are deeply investing in supply chain management. IBM’s supply chain products support you automate your order organization and satisfaction. Another organization TransVoyant is joining machine learning and Internet of things (IoT) to design applications that forecast supply chain related activities.

4) Improve The Maintenance And Safety Of Your Equipment

Artificial Intelligence can support the industrial and transportation segments to advance their maintenance schedules. For instance, the airline industry attempts to predict the wear and tear on their fleet’s mechanical measures to prevent downtimes. An AI-based analytical approach can expand this procedure dramatically. This can also support the airline industry create more optimized maintenance schedules to avoid unwanted delays.

Improve The Maintenance And Safety Of Your Equipment

The manufacturing sector has been already using AI for maintenance and safety. General Electric (GE) has created the Predix platform that uses Artificial Intelligence to optimize and scale industrial web-applications.

5) Be Perfect At Hiring And Find The Top Candidates

Finding the correct candidates for work is a time-consuming process. There are new AI-based facial recognition applications that can interview candidates and calculate their performance using emotional cues. It can support organizations streamline their recruitment process.

Companies like Unilever, Pepsi Co, IBM, Dunkin Donuts are already using Artificial Intelligence to screen entry-level employees. Unilever has acknowledged their AI-aided hiring a huge success. Applicants can give an interview using the HireVue app on their digital devices. The app takes in the video and audio data from the interviewee, check it and gives recommendations for the next steps to human recruiters.

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