Today’s digital atmosphere uses more and more AI. Want to leverage this tech more? Check out these top artificial intelligence applications for businesses.
We are living in the advent of technology. Nowadays, computers and applications perform many human tasks faster and with a higher success rate. From performing traditional daily tasks to industrial disruptions, we have embedded a touch of technology into many modern-day activities. And a lot of these technologies leverage the power of Artificial Intelligence (AI).
With the advantages of AI, businesses are incorporating this technology into their processes and products. But before we get into the applications of artificial intelligence, let’s have a quick refresher on AI itself.
What is Artificial Intelligence?
Artificial Intelligence (AI) is the technology that deals with computers and machines that perform tasks that would otherwise demand human intelligence. It is a broad domain in computer science that encompasses data science, deep learning, and machine learning.
To its core, the concept of artificial intelligence emulates the digital lifestyle that most people enjoy today. So, many businesses see this as an opportunity to explore markets that could benefit from AI. This discussion, now, brings us to the multiple AI applications for businesses.
Top 8 Artificial Intelligence Applications in Business
Whether it’s using artificial intelligence as a product or improving processes, this trend dominates multiple industries, especially in tech. Here are some common business areas where you can leverage the power of AI.
1. Hiring and Recruitment
Today’s recruitment market is saturated with applicants of all experience levels and specialties. As a result, it becomes tedious and time-consuming for recruiters to filter applicants who best match their requirements.
In this aspect, businesses are using artificial intelligence to categorize applicants based on qualifications. This streamlines the process when hiring new team members.
Digital transformation in business processes has allowed security management and data storage to move online. This increases potential risks for companies with cybersecurity threats. Making your business’s security practices an important area to utilize the power of artificial intelligence.
Using AI, companies can monitor unrecognized data, packets, and noise within their systems. This strategy provides the ability to track abnormal activities or behaviors to easily patch or mitigate the problem.
3. Stock Market Forecasting
The stock market is the most popular space for investors to flock to. That said, its volatile nature leads to instability and unpredictability.
Artificial intelligence, through machine learning, introduces a way to forecast the stock market trends. In this way, technology can learn and predict financial markets to produce valuable output and more favorable environments for investing.
4. Customer Analysis
To sustain growth, businesses should always put the needs of their customers at the forefront of their efforts. What makes this endeavor challenging is the fact that customers have different behaviors.
When artificial intelligence comes in, it is easier for businesses to gain customer feedback and analyze customer behaviors. Companies can perform surveys and run them through intelligent applications to categorize or profile a customer more accurately.
One example would be Spotify’s recommendations using a person’s streaming history. Through this, they can provide a personalized experience for their subscribers, which results in higher customer satisfaction and retention.
5. Finance Management such as Billing, Invoice, and Payroll
Artificial intelligence has made financial management easier and more efficient for companies.
In the past, businesses performed manual calculations when processing their inbound and outgoing cash flows. This old procedure would often lead to human errors and miscalculations, especially when dealing with loads of numerical data. And because money is essential in business, you can’t afford to make any mistakes.
Today, digital systems can provide ways to automate financial transactions and processes. Through these systems, companies can manage their cash flow faster and with little to no error.
6. Virtual Assistance
Nowadays, most people are glued to their mobile devices. Businesses that deliver software solutions should also provide a portal for customer support.
Accordingly, many websites and applications use AI in the guise of chatbots and natural language processors. Chatbots are preprogrammed and patterned to react to any query. This allows software systems to analyze customer input and provide instant feedback. Generally, these language processors analyze texts, patterns, or emotions in the user input.
7. Website and Social Media Analytics
Website and social media platforms have become some of the most effective channels for businesses to promote their products. Aside from broadcasting marketing content, you can leverage these platforms to collect important customer and engagement data.
And that is where AI comes in. Data analytics uses artificial intelligence to gather data and provide insights based on platform engagement. Through these analytics, businesses can track their position in the market and find ways to improve their strategies.
8. Workflow Automation
Processes are important in business operations. One particular area in business where workflows need to be seamless is in the communication and delegation of tasks. So, there is a need for businesses to utilize technology, especially AI, in their workflows.
Let’s use the recruitment and onboarding workflow as an example. There should be a system that automates the notifications for the different process owners. So when an applicant passes the resume assessment, the HR team can prompt an interview invitation to them. Then, proceed with the next steps in recruitment, such as exams, technical interviews, etc.
Build Your AI Technology Today
Artificial intelligence shows promise in the future of software development. Many businesses are already leveraging this tech trend to build better products and processes. As soon as you integrate the power of AI into your business, you will see significant increases in efficiencies for you and your customers.
One way to do that is to hire talented software development professionals for your team. And that is precisely the kind of service we provide here at Full Scale.
Hire Software Developers Today!
Are you planning to build your own AI project? Then you’d need the right software talent to do so. Here at Full Scale, we do all the heavy lifting in recruiting software developers, so you don’t have to.
We have a pool of talented experts ranging from software developers, development managers, quality assurance testers, and more. Our stringent recruitment process covers all technical assessments and interviews. So, you are sure to get qualified and outstanding team members. What are you waiting for?