5 Ways Artificial Intelligence Can Directly Benefit your Business

Presently, Artificial Intelligence AI is readily one of the fastest-growing online technologies in the world. This is largely due to its versatility of use in many fields of human endeavor. Business owners now hugely depend on AI because of its proven capabilities to automate some business processes fully and some partially. AI directly helps businesses to stimulate growth and to stay competitive and that helps to increase its popularity among business owners. Behind this growing popularity is the efficiency of AI in helping to push businesses towards their optimum performance in growth rate and volume of business. AI helps businesses to make better operational decisions by automating many essential business processes and predictive analytics. This way, AI is presently directly responsible for changing the way businesses work and how business owners run their businesses.

Discussed below are some direct benefits of AI which entrepreneurs and small businesses in particular find especially useful.

1. Enhanced Cyber Security

If you do business online, no matter the size of the business, cyber-attacks are always a clear and present danger to the business. Daily, cyber criminals are becoming bolder and more and more sophisticated. What most of these criminals are usually after is to steal data, lock the data to ask for ransom, or to corrupt the data to simply ruin the business. If you run a small business online, a single cyber-attack is capable if wiping you out of business completely. That is why you need to have in place good cyber security measures to protect your business round the clock. This is exactly where AI comes in very handy. With AI, many cyber-attacks can be recognized, predicted, and countered in good time before they do any damage to your business. AI helps to automatically upgrade cyber security systems regularly to equip them with the capability to counter any attacks if and whenever they occur. AI can regularly scan system health by keeping watch on hardware and software systems to predict any kind of failures that might end up becoming the gateway for cyber attackers. That protection is round the clock 24/7.

2. Smarter Supply Chain Management

Supply Chain Management is at times a complicated business activity which AI can help make simpler and smarter. Business owners now pair up modern supply chain management processes with AI for better efficiency. From smarter inventory management systems to smarter warehousing, tracking and shipping, AI is very handy throughout multiple stages of the supply chain. Many businesses do find use for AI in customer service to collect data related to target markets while others are applying AI algorithms to their handling and shipping processes. With the help of predictive analytics through AI, it has also become easier for many businesses to predict accurate delivery duration and deadlines.

3. Predicting Outcomes

AI helps business owners to make better operational decisions. If you want to make better operational decisions, it is crucial to take possible outcomes into account before making any decision at all. This is exactly where AI plays very crucial roles by way of machine learning. Machine learning using historical data can help in identifying possible outcomes of an operational step. With its smart algorithms, machine learning can use events that have already happened in the past as references to learn and compare patterns. That way, these algorithms can assist business owners to predict with fair accuracy, possible outcomes in the future.

4. Better Ads Targeting

Effective ads online are ads that are well targeted. AI helps business owners to better target ads for effectiveness. With AI, it becomes easier for businesses to reach the right users directly. In this era of digitization, AI is one of the ways of making better performing digital ad strategies. AI can suggest the right target markets, average internet speed, average user income, and more vital user information based on the quantitative data collected through different surveys and sources in the past. AI can also provide useful suggestions, including the right steps to take to make digital ads more effective. In addition, modern SEO techniques effectively use AI to filter the right content/blogs and display them on the first page of the SERPs of search engines. That translates to good organic traffic for the business. The icing on the cake is that AI algorithms get automatically updated regularly and are thus always equal to the task of helping businesses to develop the right growth strategies.

5. Business Cost Reduction

AI engenders better and more efficient business processes. That tells on the cost of operating a business. Anything that helps a business to save costs is crucial for its growth. For instance, using AI for customer service is one of the most efficient ways to reduce the costs of running the business. Some research evidence suggests that AI is capable of solving 70% of customer queries on its own if paired with chatbots. That hugely helps to reduce costs on customer service operations. The good thing is that when most chatbots are uploaded on cloud servers, they do not require regular maintenance. That together with their effectiveness in customer service greatly helps to reduce costs for a business. It goes to show that AI generally is a major key to reducing the overall costs of running a business online.

Summary

If well deployed, AI has proven to be one technology that is capable of helping small businesses to grow rapidly online. This it does by helping businesses to reduce their cost of operation as well as helping to bring the best out of the businesses. When that happens, growth is inevitable. AI also helps businesses to keep a close eye on evolving strategies/trends as well effectively spy on competition. When businesses manage to keep cost of operation low and evolve workable strategies, they grow faster. AI is hugely useful for that growth.