Artificial Intelligence for business purposes – how can it help your company?

Idego Idego • Jul 11
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More and more companies implement AI-based solutions for business. It is a big trend in many industries. Artificial intelligence can boost the efficiency of internal processes in your company and improve the quality of your customer service. Read this article to learn more about artificial intelligence uses in business. 

Artificial intelligence for business is an umbrella term that covers numerous AI applications. AI powers cybersecurity solutions, analytics tools, chatbots, mobile applications, advanced business software, and other programs. It seems like a lot, but it is quite certain that talented professionals will surely surprise us with new ideas for leveraging AI. There is a big need for AI technology in business – who wouldn’t like to run a company by making more data-driven decisions? Before you choose your AI-based solutions, however, learn more about the technology itself and its common applications.

AI in business – does your company need it? 

Artificial Intelligence allows machines to perform tasks that require human-like intelligence (understanding speech, making decisions, recognizing images, etc.). When discussing AI, you can distinguish three basic types: narrow AI, general AI, and artificial superintelligence. So far, scientists were only capable of achieving narrow AI, yet it still has great business potential. Narrow AI is not able to mimic actual human intelligence, but some bots can simulate human behavior quite well. Furthermore, current AI applications proved to be very useful for business and science (narrow AI is used in drug discovery and diagnostics). 

So, does your company need AI? Do you feel like your company doesn’t grow dynamically enough? Perhaps you think that some new software could help you cut expenses here and there or boost your sales? Or maybe you want to reduce the risks of your investments and day-to-day operation? If you answered “yes” to any of these questions, you could probably benefit from some AI-based software. 

AI for small businesses, medium companies, and enterprises may differ considerably. You have to choose the right type of artificial intelligence for your specific business needs. Each organization requires a different solution, so think carefully about your company’s goals and needs. 

Artificial Intelligence for small businesses and for large enterprises – what are the differences? 

More expensive programs usually offer more interesting and useful features than the less expensive ones. You should consider if you need all of those features and functionalities. Off-the-shelf products come with ready-to-use features. Large companies have big budgets while small businesses often can’t afford the same systems, but you need to remember that small and medium companies have different business needs. We could all use artificial intelligence business analytics, but will we use it the same way? No. Small companies produce fewer reports, and the reports may be less detailed than those generated daily by large enterprises. So, no matter what size your company is, just ask your chosen IT service provider about the things you need to consider – in Idego Group, we analyze our customer’s needs and business model to help them find the best AI-based solution. 

Use cases of artificial intelligence for business 

AI technology in business has multiple applications. In our other articles, you can find more details about how exactly AI can be used in manufacturing and many other industries. Below, we explain the AI solutions that will increase the efficiency of companies from any sector.  

Advantages of artificial intelligence business analytics 

As humans, we are very limited when it comes to making informed decisions. We cannot analyze hundreds of reports and datasets. It would not only take us a lot of time to read all of that data, but we would immediately forget a large part of what we have read. That is why we need machines and AI. Artificial intelligence is not only capable of analyzing enormous amounts of information, but also of making better business decisions than an actual person. 

How to apply artificial intelligence in business management? 

Managing the company is not a piece of cake. Even small company owners can have a lot on their plates sometimes. Because AI makes computers able to act similarly to humans, machines can take care of some tasks that steal your precious time every day. AI-based business management software can filter SPAM messages from your email inbox, make written notes from meetings or serve as your assistant. AI business management systems are usually equipped with many interesting features. 

AI assistant for business – what can it do for you and your customers? 

If you ever used Siri or Google’s voice assistant, you already know how much an AI assistant can do for you. Such applications allow you to search a phrase for you and read the results to you out loud, they are capable of writing text messages you dictated, starting a phone call or GPS inquiry, or opening other applications for you. Seems like a lot, right? Imagine all of those and additional features that could be even more useful when running a company. The advanced AI assistants for business can make your work a lot easier.

And what about customers? Chatbots and voice assistants are becoming very popular nowadays. Applications and websites have their chatbots that not only answer simple questions of the clients, but can also solve their problems (return the money if the order never arrived, or modify an order) and carry out sales. This way, your customers don’t have to wait for a customer service representative to answer their phone call. 

The future of AI in business 

Will we be able to experience more advanced AI in the future? The AI-based software providers are working on new systems all the time. Even if we can’t tell for sure if strong AI is achievable any time soon, we are certain that we’ll see more interesting applications of narrow AI and companies will continue to implement AI systems.

Adopting AI into business 

According to a Statista report from April 2021, AI is used for service operations and product and service development-related functions mostly in the high-tech (39%) and telecom (37%) industries. AI is a very important technology for the financial sector as well. Companies in this sector are using it for risk assessment and other purposes. Artificial Intelligence-based solutions are also getting more popular in supply chain management and marketing. 

AI business software development

You want to implement some AI solutions in your company, but you don’t know where to start? The AI system market is already quite extensive. It is expected that the AI software market will grow rapidly in the next few years and reach around 126 billion US dollars by 2025. If you want to stay competitive, you should get ready for new software with amazing features that will make your work easier, no matter what industry you work in. We can help you with that. See how to hire AI developers from Idego Group.

The use of AI in the business of any type 

As you can see, some AI applications can be valuable for all types of businesses, while there are of course many AI-based solutions that are meant for specific industries. We have created and implemented AI systems in companies representing various sectors of the economy. Allow us to accompany you on the journey through the world of the most advanced technologies. Contact us, if you need help with AI adoption.

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