Improving Business Efficiency Through AI
Sun, April 18, 2021

Improving Business Efficiency Through AI

AI can identify the problems and needs of a company / Photo Credit: LeoWolfert via Shutterstock

 

Businesses are increasingly integrating artificial intelligence in all aspects of their operations. They believe that it can enhance their processes as well as find solutions for existing problems. But not all businesses are knowledgeable when it comes to AI. This can mean that current AI applications in a business will not be that effective. 

Ideally, the first will be an understanding of a company’s needs, problems, and technical capabilities to ensure a seamless implementation of AI technology. Businesses need to assess current issues, analyze potential benefits, and find a capable technology. These factors can identify the problems and needs of a company that might be addressed by AI. It’s also important to know whether or not AI solutions can really tackle the existing issue. 

According to Technology Unfolded, an online site that covers the latest trends and news in technology, an “experiment” of AI technologies in the form of a test or pilot project is necessary to allow the business to test different AI technologies. This can help in determining the most effective workflows and decision-making processes appropriate for the company. In some cases, AI might take over a huge portion of the decision making from human employees while it’s the other way around for some. 

In executing pilot projects for AI technologies, companies should maintain several important principles. This includes considering how AI implementation can help understand and fulfill the needs of the customers, involving employees that are going to experience workflow redesign(s), considering to create a plan B, plan C, and so on, and assessing the capabilities of these AI implementations in the design process. 

One of the major AI categories that can help businesses is advanced analytics. This allows AI algorithms to detect patterns in big data, interpret their meaning, find relationships between variables, and pinpoint actionable insights into future predictions. Using advanced analytics, businesses can identify frauds in real-time, analyze the performance of advertising campaigns, improve personalization and ad placements, and predict the purchase behavior of specific customers.