March 30, 2022

Applications of AI in Business Management

Artificial Intelligence applications have greatly evolved over the past few years and are now widely used in almost every industry. The amount of data generated by humans and machines today surpasses our ability to absorb, interpret, and react to it. Therefore, AI is the foundation for computing learning that allows us to achieve digital transformation & make complex decisions.

Artificial intelligence is referred to as the process of mimicking human intelligence through the creation & application of algorithms built into a dynamic computing environment. According to reports, 37% of businesses and organizations use artificial intelligence. By 2027, the global AI market is expected to reach $268 billion, and by 2030, AI will contribute $15,9 trillion to the global economy.

With the digital transformation continuing and artificial intelligence becoming more accessible, here are a few of the top AI applications for business in 2022:

Hiring & Recruiting:

Recently, HR professionals have increasingly turned to AI to automate and optimize the recruiting process, allowing them to devote their time to more valuable tasks. Based on factors such as the skills and experience required, AI may be used to efficiently sort and select candidates based on CV screening, provide real-time feedback to candidates, eliminate implicit biases and promote a more diverse workforce. Despite the allure of AI in recruitment, it is important to recognize its potential pitfalls as well.

Productivity & Efficiency:

Increased efficiency & performance are two of the most common benefits of implementing AI in an organization. The technology handles tasks at a pace and scales those humans can’t match, allowing employees to focus on more valuable tasks. Therefore, firms can reduce costs associated with mundane, repeatable tasks that are automatable while enhancing the skills of their human resources.

Cyber Security:

Security is a necessity for every company, since all its important information, such as financial information, strategies, and private information, is stored online. As a result, cyber security is a must-have for companies and, therefore, is one of the most important applications of AI. Using AI, cyber experts can identify and remove any unwanted data and it also helps them detect any abnormal activities or malware and be prepared for attacks. In addition, it analyzes large amounts of data and develops the system accordingly, reducing cyber threats.

Automate Manual Processes:

Companies can automate manual processes using AI, especially when it comes to data entry. AI has been successfully used to automate back-office tasks through optical character recognition, data capture, document indexing, robotic process automation, and other means, making it a real ROI deliverer.

Customer Analysis:

In the long run, it’s the customers who make or break the brand. Thus, it is necessary for companies to analyze their customer bases and develop strategies for engagement and improvement in other areas. With Artificial Intelligence, the company is able to conduct surveys that provide deeper customer feedback than just historical data analysis. With accurate data and better customer experience, it provides better engagement strategies and facilitates sales making the business more customer-centric.

Digital personal assistants:

Using artificial intelligence, not only can you create a better customer experience, but you can also change how your organization works. AI bots can be used as personal assistants to manage your emails, schedule your events, and advise you on streamlining your processes. You can also program these AI assistants to answer customer questions via email or chat.

Market prediction:

Due to their dynamic nature, stock markets are one of the most popular and unpredictable markets. But AI has made it easier now. Machine learning technologies like Support Vector Machines (SVM) and Artificial Neural Networks (ANN) enable patterns to be learned and predicted. Performing this type of technical analysis is very important to predicting financial markets and providing successful outcomes.

Improved monitoring:

AI’s ability to process massive amounts of data in real-time enables organizations to implement monitoring capabilities that will alert them when issues occur, recommend action, and, in some cases, initiate an appropriate response.

Improved monitoring:

AI’s ability to process massive amounts of data in real-time enables organizations to implement monitoring capabilities that will alert them when issues occur, recommend action, and, in some cases, initiate an appropriate response.

Help desk:

AI is already in use in online customer help centers in the form of a chat window that directs the customer to other web pages. By integrating voice-activated capabilities, companies can also replace help desks and phone lines with AI.

Optimize Supply Chains:

With AI and machine learning, businesses can predict and optimize supply and demand, leading to greater workflow automation. The supply chain sector uses artificial intelligence to access data from many sources in real-time to stay informed, engaged, and more capable of making the right decisions.

 

Final Thoughts:

The idea of AI evokes a wide range of emotions. On one end of the spectrum, a bot revolution may cause fear of job loss. On the other end, it can create excitement about what human beings can achieve using AI. From Amazon to Google, IBM, Microsoft, Apple, Meta Platforms & Alibaba Cloud, world’s tech giants are in a race to become the world’s leaders in AI. The year 2022 will be the year that artificial intelligence goes from experimental to essential. Despite investors clamoring and the technology spreading across countless sectors, companies are hard at work developing or integrating intelligent system networks to attain digital transformation.

Tags AI ai for business artificial intelligence