AI Is Changing Businesses

7 Ways AI Is Changing Businesses

Artificial Intelligence (AI) can get a negative reputation for being perceived as stealing jobs, but in actuality, it has the potential to aid current employees and open new job opportunities in multiple industries. Here are seven ways AI is changing business.

1. Improving Employee Hiring and Retention

AI applications can improve the hiring process by helping hiring managers sift through job applications more quickly and efficiently. Some of these programs search out specific keywords and phrases in resumes that match what the hiring manager is looking for. Other, more sophisticated programs are capable of matching applicant profiles in a company’s talent system with jobs that are good potential fits for that profile. AI in talent management doesn’t stop after an employee is hired, though. It can also be leveraged to improve employee retention. Various programs are able to monitor and analyze employee behavior and feedback to construct strategies meant to improve individual and team performance.

2. Enhancing Security

Cybersecurity is one of the most common applications for AI currently. These programs can be taught to recognize and monitor suspicious behavior and automatically flag that behavior for review in case of fraud or hacking attacks. The learning abilities of AI are particularly useful, as these programs can be capable of keeping up with the evolution of cyberattacks. AI security doesn’t just apply to protecting device data either. You can use AI to monitor physical security systems, operate cameras or review audio-visual data for suspicious behavior. For example, there are AI products available such as a vehicle camera system that can alert drivers when they’re distracted, coach drivers to improve performance in real-time and send video feeds to managers to monitor driving hazards someone might come across.

3. Improving Customer Relations

Currently, one of the most popular uses of AI in customer relations is the chatbot. However, AI in customer relations is continuously increasing in popularity. Chatbots continue to improve in speed, efficiency and dynamic customer interactions. New programs are being developed which will leverage AI programs to provide customers with accurate insights and product suggestions and to be able to answer specific questions and concerns rather than just routing the issue to a customer service associate.

4. Streamlining Workflows

AI is already being utilized to streamline workflows and take the pressure off employees to perform repetitive low-priority tasks constantly. With AI taking over such tasks as entering and analyzing data, scheduling meetings and appointments and providing simple customer service,  employees are able to spend more time focusing on high-priority and highly creative tasks such as program coding, marketing strategizing and product development. AI streamlining also applies to supply lines. Automating production, packing and distribution can significantly enhance the accuracy and efficiency of your supply lines.

5. Enhancing Informed Decision-making

Because AI programs are capable of quickly and accurately entering, sorting and analyzing data, they are also able to compile their analyses and interpret them. These results can be applied to personalize customer insights and improve marketing campaigns. These insights can also be turned inward. You can apply AI data analysis to your resources, production, budget and other financial information such as taxes. Then, you can use those analyses to adjust your workflows, cash flow and budgetary allocations.

6. Improving Smart Technologies

In the consumer market, smart technology is becoming increasingly popular. There are virtual assistants, smart televisions and security systems and the now commonplace smartphone. All of these technologies leverage various AI applications and programs. Assistive AI technologies can also be applied by businesses. Smart technologies can leverage the Internet of Things to help employees increase their workflows’ efficiency. AI can help employees connect more easily when they work remotely, as well. There are applications available that help employees filter out audiovisual distractions during meetings, as well as to improve audiovisual quality.

7. Increasing Mobile Connections

Every year, the use of mobile devices to connect to businesses increases. This goes for both customers and employees. Customers are becoming more likely to check accounts via apps and mobile devices. While employees still tend to do most of their work on traditional computers, mobile access for phone calls and meetings is becoming more common and reliable. AI and machine learning programs can provide businesses with insight into trends in mobile device usage and with strategies to take advantage of those trends.

As AI technology improves and increases in prevalence, it will continue to instigate and accelerate change in the business world. Its uses continue to diversify and AI and machine learning programs can be found in nearly every industry.