For many years, many business analysts have dreaded that the boom of Artificial Intelligence will replace human workers in the business landscape. Many have feared that it will be a gateway for mass unemployment around the planet. Fast forward to today, many new technologies continue to influence the business industry. One of these advancements is Artificial Intelligence, and it has become an essential part and plays a significant role in the business field today without replacing the human workforce.
What is Artificial Intelligence?
Way back, many people associate Artificial Intelligence or AI with flying cars, powerful robots taking over humanity, or even flying shoes. These days, Artificial Intelligence is becoming an essential addition in many industries. Artificial Intelligence is the mimic of machines that are programmed to act like humans. It can simulate a human mind and exhibit traits that a human person can do. That includes answering basic questions, problem-solving, automation business workflows and processes, and more.
Artificial Intelligence And The Transformation Of The Business Industry
In the business landscape, Artificial Intelligence can be useful in so many ways. Here are ways on how AI transforms and affects the modern business landscape.
1. Marketing and Customer Profiling
What makes marketing so effective these days is how it can laser target its audience. Artificial Intelligence is playing a significant role as it enhances customer profiling. Customer segmentation is the way you can identify better who your customers are.
With AI techniques like automated clustering and other machine learning strategies, many marketers now have a better understanding of who their audience is. It has become easier these days to thoroughly grasp the idea of how your target customers behave, what their preferences are, and what they are looking for brands. That allows you to create more targeted marketing strategies and campaigns that will help you have favorable results.
2. Fraud Detection
In many financial institutions, Artificial Intelligence has already made an impact as these businesses and organizations continue to adopt AI practices. One way in the finance sector that AI is much needed is the easy detection for any fraudulent activity.
Fraud and identity theft makes two of the most used ill activities to steal money. With the help of Artificial Intelligence, it gets easy and quick now to analyze any malicious activities conducted by customers. Made by their irresponsible spending, suspicious location, and even buying habits, it is easier to detect fraud crimes committed by criminals and thefts.
3. More Personalized Banking Experience
The banking sector is another finance industry realm that uses Artificial Intelligence to help in their business processes. As many banking institutions can be found these days, many try to provide personalized banking experience to their clients. Based on their clients’ spending patterns, income, and other bank-related activities, the bank can provide a personalized plan to its clients specifically made to reflect their spending habits.
Clients can get a financial portfolio of any financial needs based on the client’s risk appetite. Customers can experience more when it comes to these kinds of progress in the banking sector as they become more aggressive in adapting AI to their processes.
3. Customer Service
Customer services are taking the back seat for a long time already. These days, it is taking the front lead and has significantly improved over the last decade. One of the technological advances that can be attributed to this notable shift in the customer service industry is chatbots. Chatbots are AI-powered computer programs that can mimic human conversation trough text chats or voice commands.
While chatbots are not entirely replacing customer service representatives, it has become an instrument to improve customer service in different industries in the business landscape. Chatbots excel in answering simple questions, guiding customers to the right team to handle their more complex concerns, and assisting customers with whatever information they are looking to know. These AI-powered programs continue to get advance as it can now also convert inquiring customers to leads and eventually turn into sales. Chatbots have also become a critical factor in making a business or brand outdo competition as customer service has become part of effective marketing strategies.
4. Precise And Personalized Recommendations
Aside from laser targeting customers, Artificial Intelligence has allowed businesses to offer more précised and personalized recommendations. That is very evident in email marketing as business owners and marketers can send personalized emails unique to each customer. Based on the interest, spending habits, purchase history, demographics, and other data, it is now easier to send personalized email content to provide more positive results.
5. Automation
For those in the logistics industry, AI has become the driving force to become a thriving business. Many logistics companies now rely on Artificial Intelligence to improve their business process. Automated warehouses are now emerging that helps logistics companies have a better flow and seamless process. Automation in inventories that move products from point A to point B is now faster and efficient. It is now also more comfortable to keep track of inventory levels, maintain a healthy warehouse space, and more cost-cutting drive in transportation costs. In general, adopting Artificial Intelligence in logistics companies provided saving and lowered overall costs.
6. Hiring Process
The human resources industry is another sector in the business environment that is being driven by Artificial Intelligence. It has already made and transformed the hiring process into a seamless process that is key to hire significant talent based on the industry.
The use of AI in the hiring process has given companies a better option to find deserving candidates as it allows HR practitioners to source a large volume of applicants. AI-powered tools can quickly review interview transcripts and call logs to match job descriptions. It can accurately assess candidates and refrain from going bias. That leads to a more competitive workforce and hiring of the right candidates to thrive in their profession. When your company has the right personnel, it can become fundamental for your business to grow and remain competitive, even on a global scale.
7. Employee Productivity And Retention
Artificial Intelligence not only creates a significant impact on business processes but also effectively enhances employee productivity. It can also boost employees’ engagement and retention toward the company they are working. The use of AI-powered tools can help the workforce speed up work without sacrificing quality and efficiency. It can boost employees’ confidence level, help them become productive, and give them room to be globally competitive.
For business owners and executives, the help of Artificial Intelligence in assessing each employee can gauge individual performance accurately. AI-powered assessments can help generate the right career path for each employee. It can also help understand the specific skill sets of a particular employee necessary for career growth and advancement. Having your employees on the right path of their careers can empower them to use their strengths more and hone their skills to produce quality work. Adapting AI can also allow you, as an employer, to understand critical insights regarding your current employee setup and collaboration effectiveness. Having a productive and empowered workforce can be game-changing in the success of your business.
Final Thoughts
No one can deny that Artificial Intelligence has a significant effect on the world’s economy and society. Businesses are now adopting this technology and adding it to their business flow and process. While it still has to reach its maximum potential, Artificial Intelligence will play a significant role in developing and transforming the business industry.
AUTHOR BIO
MARICAR MORGA
Maricar Morga worked as a marketing professional for almost a decade. She became part of the biggest real estate company/mall operator in the Philippines and handled concerts, events and community service-related activities. One of her activities became a nominee in the ICSC Asia-Pacific Shopping Center Awards 2018. Leaving her corporate job for good to pursue her dreams, she has now ventured in the path of content writing and currently writes for Softvire Australia and Softvire New Zealand . A Harry Potter fan, she loves to watch animated series and movies during her spare time.
