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7 Things About AI that Every Leader Must Know

Having demonstrated its potential in various fields such as healthcare, autonomous-driving, and warfare among others, artificial intelligence (AI) has garnered the attention of both companies and countries.

Currently, the technology is increasingly being used across businesses and the general public to boost consumer experiences.

Research conducted by Gartner forecasts that artificial intelligence will produce a $2.9 trillion business value by 2022.

Artificial intelligence has simplified the way we do business by providing leaders with the following benefits that can assist them in growing their enterprises.

1. AI Increases Efficiency

The ability to run a business efficiently plays a vital role in ensuring that you maximize your resources.

It also assists you to save both money and time for your enterprise in the long run.

Artificial intelligence (AI) allows leaders to augment operational efficiency.

For instance, you can develop speech recognition software apps that assist doctors in taking their notes aloud.

Doing so eliminates the need to deal with the transcription of notes, which allows medical coders and billers to process invoices effectively.

Aside from that, you can leverage AI-driven voice assistants not only in helping you to increase efficiency in your office but also assist you in setting up reminders, scheduling meetings, and recording points that need discussion in a client presentation or team meeting.

2. It Boosts Productivity

In case you are seeking a suitable technique to enhance your company’s output and performance, then artificial intelligence (AI) is the way to go.

AI can help you improve your company’s productivity.

For instance, you can create software for expediting the tracking of inventory for your manufacturing facility or warehouse.

Artificial intelligence can also be useful in increasing the productivity of acquiring additional leads for your enterprise.

For example, Harley Davidson leveraged an AI-driven marketing platform in increasing the company’s lead generation.

In turn, the company realized a 2.930% growth in leads, in just three months.

SEE MORE: Why You Must Learn the Language of Machine Learning if You Want to Lead a Modern Organization

3. It can Help a Business increase its Automation

Automating manual activities can assist your enterprise in saving money and time in a bid to help you grow continuously.

By leveraging AI-driven software apps, you can expect your business to boost its automation.

For example, you can build software apps for saving time in carrying out manual tasks and automating business processes.

Walmart utilized robot process automation technology and used approximately 500 bots in automating numerous business processes, including responding to questions from employees and gathering data from audit documents.

This effort aids in getting rid of repetitive duties from the responsibilities of workers as well as allowing the company to scale its automation efforts intelligently in an attempt to boost the operational efficiency.

4. It Enhances Customer Experience

Enhancing the experiences of your esteemed customers translates to being more available to assist them when they need you.

Nonetheless, human beings are incapable of single-handedly being available 24/7.

Running an operation that involves numerous employees with multiple work shifts can be considerably expensive, primarily if your enterprise is in its inception stage.

Nevertheless, chatbots can aid in enhancing your customer experience and amplifying your workforce.

For instance, you can utilize chatbots in improving your customer service.

SEE MORE: AI Chatbots: Reality Check

These AI-driven software algorithms can be available to respond to frequently asked questions (FAQs) as well as handle tasks when human operators cannot.

In fact, chatbots help travel booking entities like Expedia to boost their customer experience in the course of the booking process.

For example, these companies can use machine learning in analyzing the browsing patterns of customers and, in turn, have the chatbots recommend destinations to book for travel, especially when human operators are unavailable.

By doing so, chatbots help in providing customers with the required support when they need it by responding to customer questions immediately as well as adding value that assists in improving their experiences with the enterprise.

You can also develop voice assistants to assist in improving the lives of your customers through augmenting audio search and making it easy for them to locate the desired answers without the need to search or read a menu.

5. It Minimizes the Probability of Errors

Human errors can paralyze any business operation.

However, the power of artificial intelligence (AI) can help in reducing the probability of human error.

You can develop AI-driven software apps that are not only aimed at reducing human errors but also improving accuracy, especially when inputting data, reviewing documents, and carrying out other administrative activities.

For example, the legal team at JPMorgan has been able to harness the power of artificial intelligence in reducing human errors while taking a few seconds to go through large volumes of documents.

When you minimize the time taken to review massive data sets or even complete some activities, you can easily save money over time.

6. It Promotes Creativity

If you want your business to have and maintain a competitive edge over other companies, being innovative is paramount.

For you to achieve innovation, creativity is necessary.

For instance, you can leverage robot process automation (RPA) in getting rid of repetitive or mundane activities from human operators such as analyzing inventory management or even creating and running reports.

In turn, this effort helps in saving time for your employees in a bid to allow them to devote additional time to creative activities.

7. It Allows you to Increase your Return on Investment (ROI)

You can leverage the potential of artificial intelligence in increasing your return on investment (ROI).

What’s more, you can gain an improved return on investment when your business is running efficiently, and your workforce can concentrate on vital tasks that contribute directly to your company’s revenue and enhance productivity such as strategic design and planning.

You end up boosting both efficiency and productivity when you can enhance customers’ experiences, workflow management and support accuracy that often lead to increased revenue and retention.

Looking at such benefits, it is safe to say that both leaders and businesses have a lot to gain from leveraging the power of artificial intelligence (AI).

As such, there is a need for leaders to learn more about AI and its major sub-fields such as machine learning, robotics, natural language processing (NLP) among others in a bid to know what suits their business operations.

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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