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Before we start exploring the benefits of AI (Artificial Intelligence) we must first establish what AI is. Here is a simple definition according to mckinsey.com “Artificial intelligence is a machine’s ability to perform the cognitive functions we usually associate with human minds” 

In an in-depth definition mckinsey.com defines it as  “Machine learning is a form of artificial intelligence based on algorithms that are trained on data. These algorithms can detect patterns and learn how to make predictions and recommendations by processing data and experiences, rather than by receiving explicit programming instruction. The algorithms also adapt in response to new data and experiences to improve their efficacy over time. The volume and complexity of data that is now being generated, too vast for humans to reasonably reckon with, has increased the potential of machine learning, as well as the need for it. In the years since its widespread deployment, which began in the 1970s, machine learning has had an impact in a number of industries, including achievements in medical-imaging analysis and high-resolution weather forecasting.

In other words Artificial intelligence (AI) has slowly, but surely, seeped into both our personal and professional lives. If you have any doubts just ask Siri, Alexa, or ChatGPT what they think about it.  AI is here to stay and its contribution to the workplace will be tremendous and here are some of the benefits we will reap:

1)  Super Increased Productivity

One of the benefits of AI for business is that it handles repetitive tasks across an organization so that employees can focus on creative solutions, complex problem-solving, and impactful work. One example of that is chatbots, AI-powered chatbots became a must for teams that have daily, direct interactions with customers and rely on fast, accurate, and timely customer support.

Although chatbots still don’t quite have that human touch, they are getting better at natural-sounding conversations every day. 

 

2) Making the Complex – Easy

It’s impossible to run a competitive business without data. And even if you obtain it, hiring someone to read all of that data and provide valuable insights is even harder. Good data scientists are almost impossible to find in today’s market but one of the benefits of AI is that it can help companies decipher their data and gain valuable insights from it without a data scientist on staff.

This unlocks a lot of potential from employees that can be used to improve customer service and make smarter business decisions.

3) Increased Data And Information Security 

Data security breaches are leaking a substantial amount of personal information and, most of the time, the company that has the breach is unaware of it. AI can help change that.

AI-based solutions are able to analyze large quantities of risk data and identify potential threats in real-time, which enables cybersecurity professionals to respond to threats more quickly and prevent them from causing damage . Additionally, AI algorithms can learn from new data and identify new patterns that indicate potential threats, providing better protection against new and unknown threats than traditional antivirus software. Overall, AI provides much-needed analysis and threat identification that can be acted upon by cybersecurity professionals to reduce breach risk and improve security posture

 

4) Empowered employees

AI can tackle mundane activities while employees spend time on more fulfilling high-value tasks. By fundamentally changing the way work is done and reinforcing the role of people to drive growth, AI is projected to boost labor productivity. Using AI can also unlock the incredible potential of talent with disabilities, while helping all workers thrive.

5) Superior customer service

Continuous machine learning provides a steady flow of customer insights for hyper personalization. From 24/7 chatbots to faster help desk routing, businesses can use AI to curate information in real time and provide high-touch experiences that drive growth, retention and overall satisfaction.

Artificial intelligence applied to real-world problems—has serious implications for the business world. By using artificial intelligence, companies have the potential to make business more efficient and profitable. But ultimately, the value of artificial intelligence isn’t in the systems themselves but in how companies use those systems to assist humans and their ability to explain to shareholders and the public what those systems do in a way that builds and earns trust. For more information about artificial intelligence make sure to check our  blog article named: How can small businesses benefit from Artificial Intelligence?

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