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Why it risky for business operations to ignore Artificial Intelligence?

Business operation without Artificial Intelligence (AI) is much the same as the case of a burger without cheese. If the magical ingredient is missing, the right impact is way past reality.

If your company is one of those few unlucky ones where AI has not stretched its wings, it’s high time to rethink your business strategy. Prosperity, competitiveness, and productivity, if these three are your agenda’s for your organization in the global economy, you need to turn to AI to get that drift.

But business has already incorporated AI in its professional approach, just the awareness is missing.

How AI changes business?

From conducting tasks on a regular basis helping business to strengthen its base to automation of email and understanding of consumer behaviour if AI calls the shots for your business crucial trending business insights is what you will get.

Even, companies who are still miles away from AI, more than 80% of them are using AI-powered services. Such services include:
• Automatic writing,
• Reporting and communications,
• Predictive analysis
• Voice recognition.

Word in the market

As per pundits and market experts, AI is going to give a paradigm shift to the business trajectory, giving it a complete overhaul. The below table will give a brief idea about the things AI will change in the near future.

By 2021, more than 80% of customer interaction will be automated, sounding as humanly as possible.

By the end of 2020, customer digital assistants will be the only point of interaction between the client and company.

5 billion connected devices will use AI as support systems by 2021.

50% of mobile interactions will be managed by AI agents by 2020.

AI and business operations-real life scenarios

1. Using of AI in business production allowed Reynolds Aluminum to tone down forecasting blunders by nearly 2%, which resulted in cutting down of 1 billion pounds in inventory.
2. SCI systems saved nearly $180 million using AI to trim down the inventory
3. Hyundai Motors used AI to cut back their delivery time by more than 19%, thereby broadening their inventory returns.

Can you afford the risk?

It is up to you not to use AI for your business operation if you think that it is over-exaggerated. But hold on, before you finalize your decision, for there are some factors which you will be devoid of if AI is not implemented at the core.

Lack of apt market intelligence

Google News Alert is old news and whiffs of 2008. Businesses these days require every last minute information about the market and relying on usual search engines used by a dedicated team of researchers is old school.
Only with the use of AI can millions of useless data from the internet can be filtered to suck out the relevant business information. The kind of extensive business intelligence company owners seek, no more such data is glued on Google search results.
Only AI has the power to deliver the apt data to the decision makers, giving a competitive advantage over others.

Drop in sales

No matter how good the quality of your product is, you can surely go out of business if your lead generation and sales numbers goes for a toss, and that is quite inevitable, given the competitive nature of almost every industry these days.
This is where Conversica comes in, an AI sales assistant that holds serious skills to send mailers to the potential clients, till the customer gives a nod and expresses his desire about the product, at which point the conversion will be taken over by a human personnel.

Accounting

With rising work pressure and the inability of the human mind to process so much data and information at the same time, especially when it comes to accounting management, it is the business which takes the hit.

Only with the use of AI technologies can this painstaking task can be done with ease.

To be clear on this perspective, say you are a start-up in the industry; AI platforms like SMACC will do wonders for your business like reading invoices, preparing them, reminding when to send them and also providing a deep insight about the key metrics of the business.

The closing line

Organizations that did not comply with the changing Internet age suffered a backdrop and went out of business, irrespective of their steep product quality, for instance, Nokia. Avoiding the usage of AI today not only buffets the efficiency but also compels the business to fall behind in the rat race.

An entrepreneur is considered smart if he incorporates AI technologies in even the most mundane tasks, to make the most of the new innovations and take the business to the next level.

Are you that entrepreneur? Connect with SPIN and become that smart entrepreneur you deserve to be.

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