By Steve Morland, Specialist Tech Lead, Leighton
Artificial intelligence (AI) and machine learning (ML) have been big news in the tech world recently, with huge leaps in natural language processing leading to the development of advanced chatbots like ChatGPT. The likes of Microsoft and Google see huge potential and are working to incorporate the technology into search engines in the hopes of creating a more human interface.
Adopting AI used to be more prominent in large corporations with huge research budgets, but today AI and ML have the potential to revolutionise businesses of all sizes as it becomes more accessible. As with all advances in technology, more casual benefits can be felt by anyone.
From automating repetitive tasks to providing personalised experiences to customers, the benefits of AI and ML are numerous. In this article, we’ll explore how these technologies can help your business.
1. Increase efficiency
AI and ML can automate a variety of repetitive and time-consuming tasks, freeing up time and resources. If you work in a business that deals with thousands of documents, or perhaps needs to classify documents, this could be hugely labour-intensive. ML algorithms can be used to automate data entry, generate reports, and perform quality control checks. This not only saves time but also reduces the risk of errors and improves the overall efficiency of business operations.
2. Improve customer experience
With the help of AI and ML, businesses can provide a more personalised and streamlined experience to customers. Chatbots can be used to answer customer queries, provide support, and even make recommendations based on a customer’s browsing history. You could also use AI to detect keywords and trends in correspondence, helping you detect negative feedback and do something about it quickly. This not only improves customer satisfaction but also saves businesses time and resources by reducing the need for human customer support.
3. Improved analysis & informed decisionmaking
ML algorithms can analyse vast amounts of data and provide insights that may not be apparent to humans. This can help businesses make informed decisions that are backed by data. Predictive analytics can help businesses anticipate demand for products and services, optimise pricing, and identify trends that may impact operations. ML algorithms can be used to analyse competitor data, identify market trends, and provide insights into customer behaviour such as detecting sentiment in reviews or certain keywords and phrases. This can help businesses stay ahead of the curve and make informed decisions.
4. Cost savings
Implementing AI and ML can help businesses save costs in various ways. For example, automating tasks reduces the need for manual labour, which can save on staffing costs. Predictive analytics can also help businesses optimise inventory management, reducing the costs associated with overstocking or understocking. Additionally, AI and ML can help businesses identify inefficiencies and areas for improvement, which can lead to cost savings in the long run.
AI and ML can be useful to any business and can return real benefits to you and your customers. Integrating it with your current applications and IT infrastructure may not be as complicated as you think. The pace of innovation in AI and ML shows no signs of slowing down, and it will be fascinating to see what breakthroughs and applications emerge over the next few years.
