Five Top Uses for AI in Business
The global AI market is forecast to grow by 33.2% between 2020 and 2027. As consumers, we're used to ‘Conversational AI’ like Siri and Alexa in our daily lives. But what is the potential for AI in business?
What is AI?
Artificial Intelligence or AI is a branch of computer science, and its purpose is to simulate human intelligence via machine learning. From marketing to recruitment, and media to healthcare, AI is used across multiple industries in almost every business function.
Five Top Uses for AI in Business
1. Marketing
Customer references are changing every day. It can be hard to market products that align with these needs at the right times. AI collects data from browsing histories and uses predictive analysis to forecast future trends. It uses a combination of algorithms and machine learning to do this.
For example, if you recently purchased a book on Amazon, you’ll see more titles by the same author the next time you log in. This kind of personalised marketing powered by AI can boost sales and enhance user experience.
Netflix spends a cool $1 billion annually on its AI-powered recommendation engine!
2. Recruitment
According to a Gartner report, 38% of companies use AI for recruitment. From applicant sourcing and screening to scheduling interviews, multiple administrative tasks can be automated with AI.
AI-powered chatbots can also answer large volumes of applicant queries on the company website in a fraction of the time it would take a hiring manager.
Interestingly, AI facilitates diversity in hiring. Automated applicant tracking systems can be set up to ignore data like gender, age, and ethnicity. This removes the possibility of any subconscious biases.
3. Social Media
According to a survey by Markets and Markets, the AI in social media market is estimated to grow to over $2.1 billion by 2023. From automating your business postings on social media to tracking the performance of individual campaigns, AI streamlines social media management.
Example – LinkedIn uses machine learning to study user preferences to recommend new jobs, connections and display tailored content.
Facebook uses AI to display content based on your browsing history. So, if you liked a recipe video, Facebook’s analytics will use that data to show you related videos in future.
4. Finance and Accounting
AI in finance and accounting is expected to register a CAGR of 30% between 2022 and 2027. AI can be used to automate the processing and authorisation of tasks like procurement, invoicing, expense reports, and more.
RPA in accounting facilitates compliance with state, federal, and industry laws by reviewing documents and automatically raising alerts. AI can also scan large volumes of data to check for fraud. Automation reduces the risk of human error and can potentially prevent loss of revenue.
5. CRM
Customer Relationship Management (CRM) is the way businesses engage with customers. According to a report by PWC, 32% of US customers stop engaging with a company after just one bad experience. So, quality customer experience has become a top priority for businesses.
Companies can use AI in their CRM programmes for more meaningful engagement with customers. Chatbots and VAs can address large volumes of FAQs in seconds. This helps customers to ‘self-serve’ and creates an enhanced CX.
AI is the future. AI automates a high volume of admin tasks and provides an unprecedented level of granular consumer data. Businesses can use this data to optimise the way they engage with customers. This boosts their potential for conversions and ultimately their revenue.
To find out more about what an RPA Developer can do for your company, check out FDM’s RPA Consultant Services.
This article was originally authored by FDM Group. Original blog may be read in full here.