It is becoming common knowledge now that artificial intelligence can benefit a business. In fact, 79% of business leaders are expecting efficiency improvements by 25% according to a survey from My Company. That is a large jump in efficiency and can help a business smash its profit goals for 2024.
It can also help with reducing overall costs for a business. The question is, how will it help this large growth? How will AI make a business far more efficient than what it already is? Let’s take a look at how AI can benefit your business in the new year and help grow your business even more.
Builds Processes Much Quicker
One of the first benefits of AI is that it is capable of building processes much quicker. The AI does this by the user adding in the requirements of what they want the final product to do. These are implemented using existing process data.
Here is an example for you. An IT team has been tasked to complete an approval process for a procurement team. The IT team or users, will tell the AI what needs to happen for the process. This includes all of the rules to make the process. Once the AI has all of the data required, it can go and complete the task which has been given, helping to design a far more efficient and structured process.
Using AI helps reduce the difficulties the IT team faces when building the process from scratch. This means that the IT team which was originally working on this task can work on something else meaning two jobs are being completed at once. This is great for a business and helps the company become far more efficient and effective.
Helps Drive More Data Decisions
We all know that making business decisions can be risky and time-consuming. This is something which AI is ridiculously good at. Decision-making can be done in a matter of minutes or seconds thanks to AI.
A company relies on data-driven decisions to complete the business plan. This is where AI will step in. Artificial intelligence will be capable of reducing the distance between analysing data and access to data.
Additionally, AI is capable of making data analysis more in-depth. This is something that can help improve those business decisions. AI can spot trends such as a new style of utility trousers. This is something that they are using in their business model to reduce production costs for trial and error. It can also spot anomalies in data and find out what caused this blip in data.
Help Improve A User’s Experience
The final benefit of AI is that it is capable of improving a user’s experience. We already know that many retail sites are showing users personalised shopping products because of a recent item which they viewed/ bought. For example, a consumer could buy something in a tracksuit sale so you can start to show them other relevant products. All of this helps save time and drive more revenue to a business which is what will help you grow in 2024.