Competitive Advantages Of Applying AI Into Your Business

Artificial Intelligence (AI) was once regarded as science fiction. However, it has gradually become a reality and has successfully gained momentum in so many industries, such as telecommunications, transportation, energy, logistics, healthcare, manufacturing, and a host of others.

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AI-based applications are used in these industries to improve the level of productivity, efficiency, and performance. Furthermore, when implemented and used properly, AI could significantly reduce the overall costs of running a business.

According to the infographic below, the projected growth of AI software market is estimated to be about $59.8 billion by 2025. This simply means that businesses and governments all over the world are ready to invest immensely in AI in the years to come.

According to a 2017 research, more than 85% of business executives believe that AI will help businesses to grow better and sustain competitive advantage.

Below are some of the competitive advantages of applying AI into your business.

Better Business Decisions

Due to the massive improvements in the technology of networking and storage, we have been ushered in the age of big data. However, the data can’t be utilized unless there is proper analysis.

It only takes the help of AI to analyze such enormous data, thanks to its faculties of deep learning and machine learning. We need this technology because the human mind is not capable of carrying out such analyses.

As a result, it is believed that businesses will have more precise data to build their operations on.

Taking Marketing And Sales To The Next Level

AI-based applications can greatly help in the world of marketing and sales, as they can handle routine tasks such as customizing marketing and sales data for consumers.

Chatbots are AI-based applications designed to help business owners and customers by responding to requests about dissatisfaction, improvements, recommendations, etc.
AI Can Help Make Inventory And Supply Chain Management

Machine learning algorithms can help retail and other businesses better manage their inventory. They can automate refilling requests and optimize supply chains. You can safely hand over your inventory management and supply chain decisions to AI-based applications.

Maintain Equipment

The maintenance of equipment can greatly be improved with the application of AI, especially in the telecommunications, transportation, and manufacturing sector, by simply improving their maintenance schedules.

A perfect example can be seen in aviation, as AI is used to predict weather forecast, as well as the wear and tear on the mechanical parts of the aircraft, helping thus to prevent or control downtimes.

Conclusion

Other competitive advantages of applying AI to your business includes recruiting new talented staff, fighting fraud and cyber crimes, finding hidden business opportunities, and expanding businesses with self-driving technologies.