Joseph-harmon – Artificial Intelligence is something that humans are afraid of on the one hand but also provides many benefits on the other hand. In everyday life and especially in the business world, artificial intelligence provides many advantages, as we will discuss later in this article.
Humans tend to be afraid of what they don’t understand, so let’s learn what artificial intelligence is. Then we will see how the application of artificial intelligence in the business world.
Definition of Artificial Intelligence
Artificial intelligence (Artificial Intelligence) is the ability of computers or machines to imitate human thinking abilities. A human-like intelligence is carried out by robots, computers, or machines. What learning capabilities does AI have? Some of the examples above are as follows.
- Recognize objects
- Understanding the language
- Learn from examples or experience,
- Estimating trends
- Predict the future
We already experience AI in everyday life. Some examples are when we do a search using a search engine. When typing the search engine will display any words that we will probably type next. Another example is when the map recommends the path we should take.
Benefits of AI in Business
Artificial Intelligence provides many benefits in the business world. Companies place their hopes on artificial intelligence to generate more sales, determine the most optimal marketing strategy, and also optimize the company’s internal performance.
Below, you can learn how some of your companies can leverage AI for their business development.
1. Personalize the customer’s shopping experience
When customers receive advertisements that match their needs and conditions at that time, they will be more willing to buy products from these advertisements. Personalized advertising will increase customer engagement with the brand, increase loyalty and ultimately increase sales. Providing accurate offers to customers is a highly sought-after artificial intelligence capability.
2. Automate customer interactions
Companies interact with customers through many channels and with AI all of these channels can be automated. Channels of e-mail, chat, social media, and even phone calls, currently require human involvement.
However, with AI, companies can automate answers to questions that are frequently asked by customers. First of all, the company needs to collect frequently asked questions from potential customers. Then categorize them. After that, the company prepares answers to all these questions.
Based on this data, AI technology will provide appropriate answers to every incoming question from potential customers. The more data the AI provides, the more precise the answers it will give. Now there are many AI chat bots. Artificial intelligence will interact with customers at any hour.
This artificial intelligence will most likely reduce the work of call centers, which often receive the same questions time and time again. Later call centers may only handle questions whose solutions require a lot of human intervention.
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3. Providing assistance in real-time and automation
In today’s online age, people interact with businesses 24/7. However, employees cannot work such hours. Even though there is a 24-hour shift system, of course the cost will be quite expensive.
The application of AI is very useful for business. Customers can continue to communicate with the company without the company having to add employees.
Map applications, and travel and hotel applications use artificial intelligence to communicate in real-time with customers. Based on the current road condition data, the application will suggest the fastest route that can be taken by the user to reach the destination.
Based on visiting data and searching for vacation spots, Artificial Intelligence will provide recommendations for hotels or attractions that customers might like.
4. Maximum data processing
With artificial intelligence, companies are more likely to make important discoveries for their business, such as, market trends, customer behavior, customer shopping tendencies, and many more. This information will help the company decide on the most profitable strategy.
5. Predicting trends
Another advantage of AI is being able to predict things that will become trends in the future. With social listening, customer behavior, and past trends, artificial intelligence can predict product trends that might be in demand in the future.
AI technology can also predict the number of products that will be sold in a certain period. It is estimated that in the next 10 years, artificial intelligence will be able to calculate the amount of stock that must be sold in a certain period. This predictability is not only useful in the retail industry. Artificial intelligence technology is also used in many other industries.
For example, in the banking industry, Artificial Intelligence can predict currency fluctuations and stock prices. In the healthcare industry, AI can predict infection outbreaks by analyzing people’s posts on social media.
Improve the Recruitment Process
In the HR industry, AI technology can help companies automate the recruitment of new employees. With recruitment applications that have artificial intelligence, companies can create intelligent recruitment systems. Artificial intelligence will automatically filter applications based on specifications set by the company.
This system is beneficial to save time, save recruitment costs and also help people. It can quickly screen applications, automatically rejecting those that do not meet company specifications.
The Examples of Artificial Intelligence Applied in Business
Nowadays many brands offer recommendations that are tailored to the preferences/characteristics of customers. In simple terms a personalized offer?
According to research conducted by the sales force in March – June 2017, customers who get personalized offers account for 26% of online store sales.
Here are the examples of companies using artificial intelligence for their business:
Starbucks
Starbuck brands use loyalty cards and mobile apps to collect data and analyze the data. Starbucks predicts the offers customers might like. The message will be automatically sent to the customer when the customer is close to the Starbucks store location. This recommendation will increase the average Rp value of sales.
Alibaba
Alibaba Company opens an artificial intelligence fashion store in Hong Kong. The goal that this store wants to achieve is to create a fashion shopping experience using Artificial Intelligence technology.
The company installed smart fabric tags that can detect when an item is touched by a customer. Then there is also a smart mirror that can suggest clothes that are suitable for the clothes that are being tried on by customers. The third strategy is integrating physical stores with virtual wardrobes so consumers can see again the outfits they have tried on in the store before.
Sephora
Sephora, a beauty brand that sells cosmetics uses artificial intelligence technology in the form of chatbots.
The chatbot can provide suggestions, making it easier for customers to choose the right product for them. This feature is especially important because customers have a large selection of beauty products. From the chatbot data, Sephora gets data about customers, which then uses this data to provide appropriate recommendations.
AI for Helping HR Procedure
How can companies use artificial intelligence for HR departments?
1. Mentoring Facilities
To have the best candidates, the company conducts recruitment, onboarding, and mentorship. But there are some problems encountered in mentorship. For example, the mentor’s work schedule determines which mentor has the appropriate skills and what topics are needed by the mentee.
There is an analysis report on the progress and continuity of the relationship between the mentor and mentee.
The result of using Ellen is that the mentee will have a wider network within the company, the company’s Employer NPS Score increases by 1.25, and the number of employees is increasingly clear with their career path increasing by 118%.
2. Succession and Employee Career Path Design
Companies have challenges, namely knowing what needs to be demanded from employees in the future. What skills are needed to enable them to face the business challenges of the future?
There are 2 solutions to this problem.
First, the company estimates the business development in the industry. Then estimate the skills needed, map the skills possessed by current employees, and see the gap between demand and availability. Determine who needs to be promoted or transferred, and design appropriate training for the employee concerned.
Second, the employees themselves estimate the skill needs in the future. This only applies to employees who know what their best skills are and have passion for their field of work.
But the problem is that employees who know about their passions don’t know the possible career paths within the company. Employees do not know their best skills because employee appraisal data is not open to the employee concerned.
This is so that the company does not lose a potential employee because the employee does not know that he has the opportunity to develop a career in the company.
Companies can make internal projects that are open to working on by internal employees. AI technology will recommend the project to employees who do have the skills to complete the job.
Read more : Improving Modern Vehicle Security with Artificial Intelligence
3. Screening of Prospective Employees
Growing companies will always be looking for employees, and there will always be work to find the right employees. When the number of applicants increases, Artificial Intelligence technology can facilitate the screening process for prospective employees.
The trick from Joseph-harmon.com is to check the resume and the minimum requirements for a job. The AI technology then provides the best recommendations based on this data. Because AI technology only filters based on the need for the job that needs to be filled, it will not be biased by things that cloud judgment like gender or race.