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Top 5 ways to use artificial intelligence in business

artificial intelligence

In recent times, artificial intelligence (AI) and machine learning (ML), as its subset, have gained traction in every business landscape. Transportation, healthcare, logistics, e-commerce, real estate have opted for the use of AI-powered solutions to improve productivity, maximize performance and boost revenue. PwC reported artificial intelligence would make a contribution of 15.7 trillion U.S. dollars to the global economy by 2030. So companies can profit greatly on investments in AI-equipped solutions. What’s more, based on a recent report, 85% of executives believe that AI solutions will help their companies build a sustainable competitive position or increase it. Sounds impressive, right? That’s why here we are going to figure out AI use in practice for the companies of any sizes that can lead to a path of business growth and success.


#1: Add automation to boost sales pipeline

Undoubtedly, it is challenging for sales teams to determine who “best” clients are, what value they deliver. AI is here to help sales staff members are empowered to retrieve accurate insights. –°ondensing terabytes of data into actionable bits of information and interpreting sales figures, AI-fueled solutions allow the sales team to understand clients with depth perception, define which clients drive the bottom line value and which not. What's more, AI can speed up the sales cycle by automating the most time-consuming and labor-intensive processes that allow sales staff to concentrate more on interaction and engagement. 

#2: Use AI-based analytics to come to a data-driven business decision

Being the bedrock of business success in any industry, decision-making influences almost every aspect of company life, from investment to customer support. Decision-making is never an easy process whether you are choosing a place for a business lunch or aiming to create a new e-commerce solution. AI-equipped solutions promise a radical transformation of the company. Many forms of AI-based solutions, from simple decision support to self-guided systems, are coming into play across industries today. With AI-fueled solutions, companies can answer three key questions: How is the company performing? Why is it acting the way it is? And what should be done to make it perform better? Knowing the "why" allows them to understand what is driving performance and decide quickly and effectively on how to improve it. 

#3: Fight fraud and prevent cybercrimes with AI

The number of fraudulent transactions, massive data breaches, and instances of identity theft continue to rise as hackers and fraudsters are getting more careful in their attempts. In the latest report, security company McAfee estimates that cybercrime currently costs the global economy some 600 billion U.S. dollars. So what can you do about it? Companies started to rely on superior, faster-learning AI-powered solutions to detect and prevent fraudulent patterns or data breaches. AI-fueled solutions make it possible to accurately process, verify, and authenticate fraud at scale. Fraud solutions need to be more sophisticated to keep in pace with the fraudsters and react within the short time fraud attacks happen. 

#4: Shortening up the hiring window

AI-equipped solutions for recruiting are built to reduce or even remove labor-intensive and time-consuming activities. As an example, manually screening CVs still remains a challenging task. According to the recent statistics, 52% of talent acquisition leaders state the most complicated recruitment activity is identifying the right candidates from a large applicant pool, 56% mention that their hiring volume will increase this year while 66%of recruiting teams say it stays the same size.

Integrating AI-equipped solutions into many-stage recruitment processes will help companies get and make sure they’re delivering the right talents. These technologies promise to give you an edge over your competitors; just consider that 85% of executives in a survey reported by the MIT Sloan Management Review said they believed AI would help their companies sustain a competitive position. Astonishing, isn’t it? 

#5: Expand your business with self-driving technologies

Advances in driverless cars are dependent on artificial intelligence technology. According to a recent report, the self-driving industry will reach 42 billion U.S. dollars by 2025. Businesses that depend heavily on transporting products can use self-driving trucks to lessen costs and enhance reliability. Manufacturing and other sectors can use autonomous cars to improve their operational efficiency. In agriculture, tractors can be programmed to plow straight rows, set up to navigate an entire field or autonomously lay seeds in straight lines. 

Bottom line: Are you ready to capitalize on AI solutions?

Revolutionary AI technology is getting more popular among companies of all sizes. AI-powered solutions deliver a broad range of benefits for companies and fuel massive engine of economic activity. Whether it is increasing sales or speeding up the recruitment process, these are just a few of the many ways AI can be used. That’s why every business manager, entrepreneur, or business decision maker should investigate the benefits that AI-powered solutions can offer them and focus on implementing such robust and tremendous solutions to get more streamlined and productive.

The author of the article is Andrew Lozun, chief of innovation in Servreality. The given practice may assist to overcome the boundaries of the hi-tech.  [email protected]

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