Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

How AI Can Help Your Business

Artificial Intelligence (AI) is technology that is here to stay.  Most of us actually use some form of AI in our everyday lives and many of us do not even realize it.  Cortana, Siri, and Alexa are AI-driven virtual assistants that most consumers are familiar with.  Google translate and your banking app are other forms of AI used by most U.S. consumers. However, sources like Forbes are heralding the use of more complex AI like Evisort in our work lives.  Since it has become so prevalent in our personal lives, it is only logical that is becoming more and more common in the business world.

This article will explore just a few areas where AI can help your business by improving efficacy, boosting exposure and ultimately helping your bottom line.

1. Automate customer communication with a chatbot. Product and service-based businesses are using chatbots on their website to increase customer interaction.  This helps smaller companies who may not have a dedicated customer service team still make customers feel valued while helping direct them to the products or services they are looking for.

2. Apptus is based on machine learning and give recommendations to companies to boost their sales. The sales solution is designed to automate merchandising based on a predictive understanding of consumer behavior.  It combines machine learning with big data to determine which products will most appeal to a customer while they shop online.  This takes targeted marketing to an entirely new level.

3. Using AI for business insights, such as predicting repairs and upkeep of machinery. Programs that track maintenance in industry, as well as physical equipment being digitized and monitored by AI, are technologies that can help companies reduce downtime, schedule repairs to help prevent equipment failures.

4. Contract management software that uses an AI-based learning platform has changed the way legal firms and large corporations manage contracts. AI Evisort is one such software that can understand meaning and context in legal language.  This helps companies to track, manage, organize and understand their contracts with just a few keystrokes.  It is also a valuable tool to ensure contract compliance and it can alert users to problems within the contracts as well as notify them of deadlines and renewals.  This once labor-intensive job of contract management can now be accomplished almost solely with AI. The company keeps growing and hiring, so the market is definitely there.

5. One of the more controversial ways that AI is being used in businesses is to monitor employees. Digital data gathering tools can range from email and IM gathering to microphone chips on employee badges.  Companies defend this technology saying that it helps increase productivity and protects employees from bullying and sexual harassment in the workplace.

AI is often viewed with suspicion, but that is true of all great leaps in technology.  Instead of worrying about machines taking away jobs, and acting as a new “Big Brother,” businesses and consumers alike should view it as another tool to increase efficiency, decrease cost and make the workplace more productive.  AI can be a great tool for repetitive and mundane tasks.  This allows businesses to focus their employee resources on things like creative problem solving, team-building and improving skillsets.  Businesses who invest in AI should not be seeking to replace employees with machines, but instead focus on getting the best out of employees by allowing them to work on things that give much greater job satisfaction.  When that happens, productivity goes up, and the bottom line reflects having a more creative and focused work environment.  Whether you like AI or not, it is here and its capabilities are expanding every day.  Instead of fighting the inevitable change, embrace it and evaluate where your business could benefit from incorporating AI.  Before long, it will be a necessary tool to stay competitive in virtually any sector.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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