Every business is looking for a strategic advantage when trying to get a foothold in the market. Without that advantage, most companies will eventually fail. To turn the tide in their favor, many companies are looking toward artificial intelligence (AI) the give them the lead that they need to overcome their competitors. AI technologies are becoming widely available in platforms and standalone applications designed specifically for helping businesses. In this article, we discuss how your business can use AI to create a competitive advantage.
The key to successful business forecasting and planning is the ability to collect, manage, and analyze large amounts of information. The more information businesses have, the more effective their planning operations can be. Companies have numerous methods for collecting information from and about their customers, but many are struggling to manage and process such large amounts of data.
Artificial intelligence leverages the skills that computers have that make them a powerful resource for businesses. Computers excel at completing repetitive tasks in a short amount of time. By combining AI resources with data management software, companies can rapidly process large amounts of customer information in ways that give them a deeper insight into how customers think.
For example, companies that sell millions of products every year track a lot of information about those purchases in the customers that make them. Using AI systems, that company can process all of that information in a short amount of time, giving it access to specific performance indicators that company executives can use to plan future operations. This is useful for supply chain management, new product development, customer service, operations planning, forecasting, and a host of other business focus areas.
A large number of the processes that companies need to do to analyze and manage their information are repetitive. Artificial intelligence can be used to automate these processes so that it does not take a lot of human manpower to manage. Even as soon as two decades ago, companies would employ large groups of employees whose sole purpose was to collect and process customer data. Now, automated systems can be used to handle this process is in a fraction of the time it would take humans to do.
One unintended consequence of the automation process that is proving to be particularly helpful for companies is that automated processes can be used at any time. While customer service teams had set hours and high overhead costs for around-the-clock work, automated systems can be used instead at a fraction of the cost. They are always available and can be expanded rapidly. The needs of the company and its customers.
Alongside artificial intelligence, machine learning is becoming a leading technology that companies can rely on to improve their operations. Machine learning refers to a machine’s ability to collect data and use it to influence its future operations. This technology is still relatively new but is becoming an important part of how businesses operate, specifically how they plan for the future.
Machine learning can be a powerful tool for understanding customers and customizing business assets to their preferences. Every customer is different, and finding the best way to accommodate all of their individual needs can be challenging. However, machine learning systems are used to get to know each individual and adjust company systems to their preferences.
For example, one way that companies are using machine learning to their advantage is to customize apps used for mobile shopping. The system will learn the customer’s preferences and serve them ads, products, and other information that specifically aligned with what customers want. This significantly increases the chances of being able to capture leads and complete sales by making the content relevant to the customer.
Predictions and Forecasting
Companies may have difficulty in the future because there are many factors that need to be accounted for. Doing these types of calculations in real-time can be exhausting for humans, but machines excel at these types of calculations. By feeding a system enough information, they can reasonably predict specific outcomes in the future.
For example, artificial intelligence is routinely used to analyze markets and industries where there are too many moving parts to be analyzed by humans. AI systems pinpoint trends the companies can use the build their future operation. Having the ability to predict what is coming makes it much easier for companies to prepare and capitalize on situations when they arise.
Discuss Options with an Expert
Understanding All the uses of artificial intelligence can take some time and it can take even longer to figure out how your company can implement it. Rather than struggling to use AI, partner with KitelyTech by calling us at (312) 254-8248 so that we can help you quickly implement and harness AI systems to improve your business operations.