Four Areas Where AI Can Transform Your Business Growth: Image via Pexels
Artificial Intelligence, or AI, technologies are the future of every single industry. From looking after our health, managing our transport and processing our orders to predicting our behaviour and directing our workflow, the applications are literally endless. In fact, AI is set to be the critical factor between companies with huge growth potential and those who stall and fall by the wayside. It has been predicted that by 2030, AI will contribute $15.7 trillion to the global economy. We know the theory – but how can you explore the practical applications for AI in your particular area of business?
Better Business Strategy
Harnessing the power of big data analytics is a key area in which you can gain a competitive advantage. But with so much you can measure, it’s very easy to end up in a state of paralysis. Be sure of your purpose in collecting data – just because you can harvest it, doesn’t mean you should. You could have all the knowledge about your customers and no idea of how to apply it. Machine learning is only effective if you feed it with your goals and aims, and use it to help make data-driven decisions about the steering of your business. Make it a fundamental part of your business strategy and allow it to shape your decisions, and it can be your greatest ally.
More Powerful Equipment
Any area of your company where you use machines and mechanical processes stands to benefit enormously from a technology-led approach. You can use data modelling to predict wear and tear for instance and reduce operating downtime. You could also consider embedded systems to improve the accuracy and reduce the wastage in any mechanical process, which in turn boosts your bottom line. When it comes to maintenance or safety, AI is your best friend for optimising and scaling industrial applications.
Smarter Hiring Decisions
Despite the impact of robotic intelligence, no business has a more important resource than it’s staff. But here again is an area where AI can really help you out. Hiring is an intense and time-consuming process where technology can really help to streamline, from providing psychometric testing to facial recognition applications which read emotional cues to evaluate interview performance. Candidates can interview using a video app which takes in data and provides pointers to recruiters on next steps. This technology can be ideal for businesses with high turnovers who are constantly needing to recruit entry-level positions and can drastically reduce time and costly hiring errors.
The threat of fraud and data theft is absolutely huge. It’s one of the biggest issues facing any business today. As fraud detection is a matter of pattern recognition it’s the ideal task for AI to support with. Companies like DeepSense have developed machine learning techniques. These can help your company better detect fraudulent transactions and other types of cybercrime. A process which could quite literally save your business in its hour of need. It also protects your reputation with customers into the bargain.