Unless you’ve been living under a rock for the last couple of years, you’ve most likely heard of Artificial Intelligence (AI). This newer technology, which is rapidly evolving every day, offers development opportunities that many businesses have already leveraged to streamline their operations. AI is a set of multiple technologies that work collectively to let machines sense, learn, comprehend and act to mimic human activities. Unlike humans who need lunch breaks, AI works 24/7 with consistent and quick solutions. From digital assistants to helpful chatbots, here are four ways that AI can improve your workflow and the positive impact this technology has on business.
Automating the Simple Tasks
Often, employees spend an abundance of time on administrative tasks that aren’t utilizing their skills to the fullest potential. These simple tasks provide little value to the workplace or business’s success. A recent study by AtTask and Harris Interactive shows that employees in the U.S. spend over 40% of their time fulfilling their primary tasks, meaning they waste most of their time on menial tasks rather than the tasks that matter. That’s where AI for businesses can be beneficial! AI can take care of those routine tasks, so your employees can spend more time on the ones that matter the most.
AI Predicting the Future?
Because AI can predict outcomes based on data analysis, it allows employers to improve their strategies and increase their effectiveness. For example, artificial intelligence can gather data to help predict whether the products left in inventory are likely to sell and in what volumes, or what the demand is for merchandise, so you know how much capital to distribute throughout resources, labor, and time. Additionally, AI is also being used in banking to predict currency and stock price fluctuations. The benefits a company can reap from utilizing AI for businesses to predict outcomes include:
- More effective use of time
- Improved targeted advertising
- Predict price fluctuations and customer trends
- Better appropriated resources
- Improvements in internal business operations
Reduce Error
Not only will your company have an upper hand in understanding your competitors and insight into the future of your business, but AI is also essentially error-free. In most cases, AI is much more accurate than humans, and the precision of correctness is around 99%. While AI is free of opinions and emotions, depending on the type of data the system processes, it can be machine biased. However, artificial intelligence is still less biased and more accurate than humans, with mistakes being much simpler to fix than the mistakes of a person. It’s worth mentioning that machine bias is the result of human judgment or error.
Improve the Recruitment Process
AI is making the recruitment process for small businesses easy and more efficient. Numerous AI programs are saving time spent on screening and researching prospective candidates. Not only can AI quickly sift through applications and automatically reject those who don’t meet the company’s needs, but it can also rank candidates and provide a synopsis of their best attributes. Thanks to AI, small business owners are saving time and money, all while eliminating discrimination and bias during the process.
The Positive Impact of Technology on Business
While AI is a helpful additive for companies of all sizes, business coaching is a crucial component that all professions need to succeed. Whether you need to strengthen leadership skills, improve time management, enhance business clarity, or implement better communication styles, the #1 local business strategist, FocalPoint, is the best way to accomplish it all! Contact us today to schedule your appointment.