5 Ways Intelligent Business Leaders Utilize Artificial Intelligence

Artificial intelligence (AI) is now something business leaders cannot ignore. You may not even realize how far along it has come, and you are probably already using it. In fact, you use AI when you get in your car and turn on your GPS, perform a voice lookup on your smartphone, or use any chat app that has a chatbot.

The roles of certain positions are changing because AI can cut down on the work that they previously had to do manually. Now, some say that it’s a danger because people will lose jobs, but many businesses are looking to keep their human employees performing certain tasks while utilizing AI to do the work that previously took too much time. Here are five ways business leaders are utilizing AI.  

Health Care Screening and Advice

The healthcare field is one that is full of risks and has a large amount of data to manage. But, just think of how much better doctors and other professionals are able to recommend the right treatments or prescriptions thanks to how AI can be implemented. AI can be useful in the implementation of telemedicine as well.

Financial Processes

There’s a lot of heavy work that comes with analyzing finance and number data, but the financial industry is starting to see more process automation being used. RPA (Robotic Process Automation) is increasingly being looked into as a way to drive operational efficiency and execute excellence as it can greatly free up the time and energy of the workforce by streamlining the distribution, compiling, and compartmentalizing of data. For example, loan underwriting, accounts management, and different credit advisory services will be better streamlined by AI, which is also being employed to detect fraud. Think of how much more efficient accounts receivable management and financial statement arranging can be with advanced AI tools performing some of the tasks.

Inventory Management

In manufacturing, wholesale, and logistics, large shipments have to be tracked and checked for errors. Artificial intelligence has already proven itself quite useful in marking and tracking products and containers and making sure all shipments go to the proper destination. Even now, some companies are starting to use AI with robots to do the heavy lifting in their warehouses and docks.

Retail Purchasing Assistance

You’ve probably experienced situations where you tried to buy something either in-store or online and came across problems doing so. Maybe your credit card accidentally got charged too many times, or maybe the merchant gave you the message that your payment couldn’t be completed. AI virtual assistants and automated checkout apps are starting to be used to minimize customer complaints related to purchasing issues. Some retailers are also employing AI to help with customer service.

Marketing Predictive Analysis

Probably the biggest role businesses are finding for artificial intelligence is to track customer shopping patterns and figure out what kind of products they like. This gives merchants the ability to customize the shopping experience. AI can gather certain demographic data of a customer to deliver advertising that speaks directly to them. AI can also speed up product searching for the customer when they visit the business website.

The bottom line is nearly every business in every industry will have a way to benefit from artificial intelligence applications in different capacities. The way to stay ahead of your competitors is to have the right coders and developers who can make AI applications that represent your company well while minimizing risk. You just need to make sure your company itself is scalable and ready to use the AI that becomes available.
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