Over the past few years, the role of Artificial Intelligence (AI) has shifted from simply an IT sphere focused on creating software to a complex approach aimed at transforming the business landscape. The advantages of artificial intelligence involve a wide array of solutions that can handle both routine tasks and intricate business processes.
Not long ago, only large-scale corporations with multimillion-dollar budgets could afford to incorporate AI for their own needs. Today, the situation has been remodeled in favor of medium- and small-scale ventures, becoming a common practice rather than an exception.
About 77% of businesses have already adopted or plan to adopt AI by 2025. Let’s take a closer look at the core perks of AI for business that you should take advantage of as an entrepreneur.
Higher Productivity
Endless planning, idea generation, data entry, meeting notes, query processing, order taking, and CRM management are just a few examples of tasks that can be delegated to AI. Automating these processes with AI allows employees to save time on mundane tasks, leaving more room for growth, teamwork, and ingenuity.
For instance, SAP Joule implementation can surge business productivity by automating routine tasks and freeing employees from them. With this smart AI assistant, it’s even achievable to manage everyday tasks while on the go, in particular, to access information from any spot.
The fact is that boosted workforce productivity enables business owners and workers to shift attention to move valued areas of their business-making. These may include networking, training, and professional development, brainstorming progressive ideas, or pursuing social initiatives.
Rapid Data Analysis and Forecasting
Artificial intelligence is capable of processing extensive amounts of data, which allows you to monitor all the necessary metrics in real time and detect patterns that might be invisible to the human eye. These abilities assist in finding and solving multiple issues, improving the product, and responding far faster to force majeure circumstances.
AI analytics can also uncover insights and predict market behavior based on historical and current data. In addition, AI can generate reports and visualize statistics, making analysis results more accessible and understandable for employees.
Improved Customer Experience
Chatbots, call bots, and AI-based virtual assistants can answer questions and provide support 24/7, which speeds up request processing and upgrades customer experience.
It is feasible for AI-based systems to handle technical requests and provide guidance related to specific products or solutions. For example, virtual assistants can suggest steps to configure software or troubleshoot technical issues based on regular requests and known faults, while also reporting these issues to relevant departments or teams.
Beyond direct interaction with customers, AI can monitor feedback, transcribe calls, and analyze incoming data. It is common knowledge that collecting customer feedback can be a tiring task, which can also be simplified by the power of AI bots.
Reducing the Human Factor
Humans are naturally prone to making mistakes, and even top-notch employees are not immune. In response, AI technologies can promptly detect anomalies and errors. Whether it is about detecting irregularities in financial transactions or spotting defects in manufacturing processes, AI can identify these problems, which allows business owners to mitigate the impact of inaccuracies.
Moreover, AI can help simplify controversial points in company decision-making. This is especially vital in industries where accuracy and objectivity are critical, such as financial analysis or the healthcare sector. It also fosters a more favorable climate for hiring and evaluating human resource performance, as AI lacks subjective judgments.
Customization Options
Understanding consumer behavior can be seen as one of the benefits of AI. Artificial intelligence can make inferences about people’s tastes, interests, and preferences, which allows for a personalized customer experience. With AI, you can adjust content and prices on websites or in applications based on the user’s browsing history and behavior.
Setting up personalized communications is also included in the list of AI capabilities. These are unique emails, offers, notifications, coupons, and advertising materials. AI can analyze feedback and reviews of products and solutions to suggest similar products, special rates on related products, or solve a problem in case of customer dissatisfaction.
For example, retail businesses can recommend products that site visitors will like by examining their purchase history. Streaming platforms such as Netflix and Spotify have successfully integrated personalized content recommendations, creating selections and playlists according to the audience’s taste.
In terms of personalization, SAP BTP (Business Technology Platform) can be perceived as a technology foundation that brings together data, analytics, and integration. Personalization is just one of the many possible use cases built on top of it.
Final Thoughts
Business innovation goes beyond just building better technology; it is about unlocking smart software features in the long run. Today, AI business technology is at the forefront of business transformation, elevating enterprise potential to new heights.
