The concept of artificial intelligence (AI) was first discussed as far back as 1956. However, the idea was decidedly more fiction than fact at this time. All of this has now changed due to exponential leaps in computing power and a better understanding of how these systems can be integrated into the modern world. As the notions of artificial intelligence and open source intelligence are now realities, what benefits can these approaches offer to your business and why are artificial intelligence and the adoption of open source intelligence strategies so important within this competitive landscape?
1. Automated (and Effective) Customer Service
One of the issues that many companies face is the ability to address the demands of a growing client base. There can be times when human customer service centers lack the manpower to deal with a high incoming call volume. This is why we have seen the evolution of what is commonly referred to as the “chat bot”. Chat bots are automated widgets which are able to interpret human queries in a real-time scenario. Not only can these systems address large amounts of inbound traffic, but they can expedite the ways in which a client is directed towards his or her human customer service counterpart.
2. The Importance of Big Data
Understanding the importance of very large data sets is critical in today’s business world. Without a thorough and fundamental appreciation of such metrics, critical marketing and sales decisions may be incorrect. Analyzing big data was extremely challenging and time consuming in the past. Thus, many enterprises chose to forego such an essential step at their own expense. Artificial intelligence has taken the guesswork out of such a task. Modern algorithms and software systems are now able to interpret literally billions of data points within seconds. The end result is a better understanding of industry trends and the ways in which a company can capitalize on these trends.
3. In-House Automation
Many of processes which were once performed by humans will soon be able to be tackled by artificial intelligence systems. To be clear, we are not necessarily talking about replacing human employees within the workplace. On the contrary, mundane and often repetitive processes can be supervised and completed by AI architecture. Some examples can include:
- Collating large amounts of related data.
- Interpreting financial figures and entering them into the required fields.
- Analyzing and producing financial ROI reports.
Ultimately, this ability will enable a company and its employees to place a greater emphasis upon core competencies such as marketing and product development.
4. Understanding the Consumer
It has always been challenging to understand the personality of an individual consumer. Artificial intelligence may be able to provide the edge that many companies have been searching for. Algorithms can help to determine the rationale and desires of each client and therefore, he or she can be paired with a representative that possess the same personality traits.
These are four ways in which artificial intelligence benefits and is set to transform the business community. Many business investors are starting to invest more in AI. The future looks very bright indeed.
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