Businesses are adopting artificial intelligence to supplement the business workflow more efficiently. The reason why they are able to sense it at the earliest, not because of the latest buzz in the marketplace, but due to the benefits of AI in businesses.
But does AI actually benefit? How can the benefits influence business and streamline its operations to meet high results?
Facts about AI for business
High efficiency, high productivity
AI has replaced the human effort to a great extent. It has also become the reason for building high efficiency and high productivity in business.
For every business, efficiency and productivity are the two basic needs. And surprisingly, AI has proved to be the best in performing business operations with excellence.
Taking the responsibilities of every business operation, AI reduces the risk of downtime, improves safety and compliance, and brings an insight into the business. As a result, it has scaled up the efficiency factor, encouraging marketers to rely on them.
AI managing director of Deloitte has stated that “AI carries multiple business responsibilities. But the thing that has gained attention is, it functions more to produce more in less time and with limited resources.”
AI helps businesses to run faster. Machines are obviously more efficient than humans. But machines with AI technology are much better than machines drawn by humans.
AI provides round the clock service without any kind of tiring look. And as a result, are efficient enough in performing greater jobs in no time.
Studies have proved that AI has improved the business service by 21%. Its capability of handling a large amount of data and making a faster decision than humans have left the businesses astounded.
Deloitte officials have stated that even if AI is included in small-scale businesses, a 2-4% saving of time is explicit. For a medium-sized business, 13-15% of the time is saved. While for the large-sized business, 27-30% of time-saving is observed.
Reduction in error
AI is good at making an instant decision and instant data analysis. But does that mean AI results are full of error? Well, AI is not completely error-free. But it certainly reduces the man-made errors to a great extent.
In many systems like Google’s LYNA, the accuracy observed is around 99%. However, the accuracy range varies from 69-99% for sophisticated systems.
It is true that no AI perfectly accurate in its results. But it is also true that no business offers better results without AI, no matter how efficient the employees are.
Boost customer experience
AI is for both businesses and customers. By improving the business operations and providing promising results, it acquires the customer trust, gains more attention, and eventually generates a great volume of sales.
Recently, Zendesk’s study presented that there is a 42% hike in B2C business sales due to the great customer service experience. Whereas, 52% of buyers have boycotted the service of a company just because the enterprise offers bad customer support.
Amazon, the popular eCommerce brand, has experienced a 24% increase in sales because they offer good customer service.
These figures definitely speak about how effective AI is in reality. Isn’t it?
Reduction in operating costs
Artificial intelligence eliminates the human equation and performs the job in no time. This process of task automation has given rise to the reduction of 28% of operating costs.
Reducing the manual effort, AI has proved to be the better business operating solution in the market today. Many businesses have already witnessed significant results.
PWC, the international brand, has predicted that by the end of the year 2030, AI will contribute 15.7 trillion dollars to the global economy. As a consequence, there will be a spike of 14% in the global GDP.
As per the recent survey in 2019, the implementation of artificial intelligence in business has added a whopping increase of 63% in the business revenue. On the other hand, there is a 44% reduction in the overall cost due to the introduction of AI into the business.
Researchers have claimed that the rate of percentage will increase more in the upcoming years.