AI: The Business Benefits of Machine Learning
Artificial intelligence has been around since at least the 1950s, but it’s only in the past few years that it’s become ubiquitous. It powers product recommendations, maps, and social media feeds. But currently, it’s not only the tech giants that can employ AI in their products. AI solutions are now accessible for many businesses and individuals and it’s becoming clear that understanding and employing AI is critical for the businesses of tomorrow.
AI Business Benefits
We’ll explore the AI Business Benefits within five areas: human resources, accounting, legal, marketing and sales, and customer support.
Artificial intelligence poses a significant opportunity in process automation. One example would be recruitment and human resources. For instance, tasks like onboarding and administration of benefits can be automated. Human resources are often responsible for maintaining internal employee resources. Artificial Intelligence can make it easier to maintain “internal sites for answering employee questions on topics including IT, employee benefits, and HR policy.”
AI is already supporting in the traditional bookkeeping task. Areas such as accounts payable and receivable are taking advantage of automated data entry and categorization. AI is also able to reconcile billing failures by extracting information from multiple document types. AI and humans working together can extract information and validate the results, sometimes being three times more consistent and twice as fast as human-only teams.
AI can now read “legal and contractual documents to extract provisions using natural language processing.” Another interesting development: it is becoming easier to get funding for legal action. The litigation financing industry has been around for some time, but it is being rapidly pushed ahead. Startup legalist is making it easier for people and small businesses to access funding. They pick clients based on their constantly improved algorithm. They search thousands of cases and calculate the likelihood of a case succeeding.
Sales and Marketing Analytics
Analytics can now be done far more rapidly with much larger data sets thanks to artificial intelligence. This has profound impacts on all sorts of data analysis, including on business and financial decisions.
One of the quickly changing areas is marketing and sales applications. AI makes it easier to predict what a customer is likely to buy by learning and understanding their purchasing patterns. It is also easier to automate the personalized targeting of ads to buyers based on their trends, their browsing history, and many other aspects of their persona.
One of the main benefits of AI is that “intelligent agents can offer 24/7 customer service addressing a broad and growing array of issues from password requests to technical support questions—all in the customer’s natural language.” For customer support, a combination of machine and deep learning can allow queries to be analyzed quicker.
With AI becoming even more pervasive, having a fundamental understanding of it is a must for continued business success. AI may help you solve problems in new and innovative ways, saving time and money. Further, it may help you build and design the products and services of the future.