How are Business Enterprises Using Artificial Intelligence?

People have been talking about artificial intelligence for quite a few years. Science fiction books and movies are always an inspiration when it comes to technology from the future. From robots replacing humans to flying cars with no drivers, artificial intelligence was supposed to change the world. 

While some of it has happened, AI is still in the initial stages of research and development. It is being used to help humans find better solutions rather than replace humans entirely. Various enterprises in different industries are slowly adopting AI tools and software to give their businesses the required boost. With increasing competition, enterprises are looking at AI as a means to gain an edge over other brands in the market. 

This has led to much wider usage of AI, which resulted in a demand for AI development companies and experts. Being a relatively new concept, the existing talent pool in the enterprises may not have the required skills and experience to create and use AI software without outside support. 

By hiring the services of the best AI development company, enterprises can access the latest software and also train their employees to use it. While there are numerous ways to adopt AI in business, it depends on the nature of the business, the targets, and the long-term vision of the enterprise to find the appropriate area to implement AI. 

Adopting AI software throughout the enterprise at once is a costly process. Not all businesses are willing to invest as much in one go and also risk-taking up more than what they can handle. That’s the reason we see enterprises identifying key areas and departments that can be revamped with AI tools to improve the overall return on investment. The following are some of the departments where AI is widely used in most enterprises. 

Research & Development

While R&D needs a human mind, AI helps in collecting and processing huge amounts of data to create effective strategies that will minimize the risk of failed research. AI’s role in research and development is linked to the use of data science and big data. Simulation graphs, machine learning, recording the results and comparing them, etc. are some examples. 

Human Resources

Be it identifying and acquiring new talent or assessing the existing ones, AI helps the HR team in having a comprehensive idea about the employees in the enterprise. While automation is one aspect, using robots for the initial stages of interviews is another. Studying the career graph of employees, suggesting courses and certified exams based on the strength and weaknesses of the employee, and helping enterprises in building a diverse talent pool by providing real-time data based on data analytics and machine learning are other ways in which AI is used in enterprises. 

Marketing & Sales

Showing personalized ads to users on the internet, providing recommendations based on purchase history, identifying potential leads and closing them in less time, following up customers’ requests, identifying potential markets and target audience based on demographics, using data available on the internet in various forms to understand customers’ changing perspectives and needs, etc. are a few ways to using AI in marketing and sales. 

Finance & Accounts

Processing bills is a time-consuming task in many enterprises. The repetitive tasks made it a boring job, leaving employees with little time to work on higher-level activities. AI is used the finance and accounts department to automate recurring tasks (to save time and minimize errors) and also to assist employees in collecting and analyzing the intricacies of their investments and returns over time. Through NLP (Natural Language Processing), the real-time financial status of the enterprise can be monitored. Be it identifying frauds or simplifying payments, AI helps streamline the department to have better control over current and future investments.  

Manufacturing

From using AI-based machines to automate production to quality testing and control to identifying expenditure areas and optimizing the supply chain, AI plays various roles in the manufacturing sector. As the production increases, enterprises will find it easy to use AI-based machines for heavy lifting, speeding up the process of collecting, processing, and converting raw materials to finish goods. 

Customer Service

Whether it is personalized recommendations or attending to customers’ queries in less time, AI has made it possible for enterprises to keep their customers happier than before. Chatbots are being used to reduce the workload of the support staff by recording customers’ complaints and answering their queries with pre-set answers. The best AI development company offers customized software based on the kind of services an enterprise provides to its customers. 

Enterprises should first decide where they want to use AI and have in-depth meetings with the development companies. The enterprise and the company need to work together to implement AI in the business and get the expected returns.