6 Benefits that Businesses Gain from Intelligence Technologies
by Dennis McKonkie
The next big thing in digitization of businesses is the adoption of artificial intelligence, a technology that uses machine learning to perform various tasks in a faster, accurate, and cost-effective manner as compared to human beings. Several businesses, especially the large multinational organizations have already incorporated artificial technologies in their systems in the hope of leveraging on the new technology to provide a competitive edge over other enterprises. Businesses using artificial technology are bound to enjoy the following benefits.
1. Virtual Assistants
This is one of the benefits of artificial technologies where organizations and consumers alike are benefiting. Virtual agents are artificially developed characters that can understand and respond to consumers queries on a 24/7 basis. This means that customers will not wait for the whole night for the call center to open. They can call or text any time of the day or night, and they will be served appropriately. This technology minimizes inconveniences and helps organizations to be a step ahead in customer engagement.
Companies are currently experiencing increased security concerns when it comes to data storage. Cyber-criminals are using advanced software tools to overrun the company's security systems where they are easily accessing and manipulating private data. Intelligence technologies have reversed the trend by ensuring that the security is enhanced to prevent such incidents. Various intelligence technologies have been used to detect anomalies and unauthorized users who are trying to access a business system and by blocking them. Although it is still in its infancy stages, artificial intelligence is expected to play a critical role in data protection in the future.
3. Predicting Customer Behavior
Retail shopping is changing drastically with many consumers, especially those in developed countries choosing to shop online. Artificial technologies are helping in determining customer buying behavior such as the preferred products, price range, and delivery time. By understanding these metrics, organizations are forced to adjust themselves and match their services and products to be consistent with the needs of the consumer. This increases the service quality while at the same time enhancing customer experiences.
4. Automate Back Office Tasks
In a study conducted by the Bank of America to determine the most challenging aspect that is affecting the performance of small businesses, respondents highlighted back-office tasks which are small and repetitive tasks that are costly and time-consuming as significant hindrances in business growth. Artificial intelligence is becoming an essential tool in automating all the back office tasks such as addressing customer queries and performing the majority of the accounting tasks. Automating back-office tasks gives the small business owner an opportunity to focus on strategic plans such as business expansion and financing.
5. Data Storage
As organizations expand, the data created and received is increasing on a daily basis making it difficult to store and retrieve data from the traditional filing system. Intelligence technologies have come in handy to change this problem by ensuring that cloud data storage software tools such as Google BigQuery are available. These tools are essential in providing data that different internet users can efficiently access, share, and use. This has helped in reducing the number of hardware storage facilities such as computers and external storage devices which ultimately lowers the organizational expenses.
6. Business Forecasting
Business forecasting involves predicting how the market will change and how the business will respond to such changes. Artificial intelligence is an important technology in determining how the market will change regarding purchasing power and the products to be demanded. Understanding the purchasing power of consumers will help businesses to prepare by increasing their stock to cater for the increasing demand. Intelligence technologies will also be useful in forecasting financial expenses and incomes which will aid in decision making.
The business environment is rapidly changing which means decisions have to be made quickly for the business to remain relevant. Customers want their needs to be addressed immediately and comprehensively. These changes can only be addressed through the emerging intelligence technology that is currently at the infancy stage.