Use of artificial intelligence in business: advantages of AI implementation

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Artificial intelligence technologies find wide use in business and are actively integrated in the operation of companies. According to data of PwC, AI will ensure the global GDP growth by 14%, which equals to $15.7 trillion, by 2030. Let’s find out how AI technologies are used by corporations and which advantages artificial intelligence provides.

Why to use AI?
Artificial intelligence solutions are integrated to boost the quality of business processes and enhance the operation of companies.

Virtual assistants
Companies use AI to develop virtual assistants or chatbots. They are designed to help customers and fulfil standard operations.

According to statistics of Facebook, more than 10,000 developers are building chatbots, and the research of Juniper Research shows that the use of chatbots in the financial industry and healthcare will save up to $8 billion by 2022.

Data management
Artificial intelligence allows managing and monitoring business data. For instance, AI technologies can track the state of equipment reducing risks of damage and sudden breakdowns.

Automation of manual labor
By automating business processes, companies speed up the work pace, as complex tasks are fulfilled quicker and seamlessly. Emailing, booking of tickets, and other similar tasks can be automated.

Predictive analytics
For successful operation, companies need to make forecasts and analyze the market, but it is getting difficult to detect regularities due to the great data volumes. Artificial intelligence can help, as thanks to the ability to learn, it can analyze big data volumes and make high-quality forecasts.

AI application areas
Today artificial intelligence technologies are integrated in the work processes of any industry.

In the financial field, the technologies reduce costs, minimize risks, and make forecasts. In retail, artificial intelligence is integrated to optimize logistics, reduce costs, improve customer support, and analyze demand. Manufacturing is another field of massive AI adoption. Innovative solutions help to optimize the quality of products and increase the production rate.

Advantages for business
Companies that automate work processes and use chatbots gain certain advantages.

Quality interaction with customers
Today customers prefer working with companies that instantly respond to queries and are ready to answer questions in the shortest term.

Chatbots help companies to do that – consultants that provide 24\7 customer support allowing businesses to improve the connection with the audience.

High quality of products and amount of sales
Artificial intelligence can process a great volume of data quickly and smart devices speed up the production rate and fulfil the tasks accurately increasing the general quality of the performance. In such a way, there is a possibility to manufacture more products of high quality, which increases the business profitability.

The use of artificial intelligence technologies allows making business more efficient. Proficient document management and data processing increase the performance and thus attract customers and increase revenues.