Advantages of AI in business

Nowadays, Artificial Intelligence (AI) is becoming more and more popular, and it is applied in many fields. Therefore, it is normal that enterprises will find huge resources when they exploit Artificial Intelligence appropriately.

First of all, Artificial Intelligence is often used for business intelligence. Actually, due to fierce competition in the current business environment, businesses tend to be pioneers in any business decision. Thanks to the sophistication of current analytical tools, business decisions are made more accurately, avoiding the risks of false or intuition-based speculation. In order to make business decisions effectively, businesses should track, collect business information and manage data as much as possible. While traditional business methods and tools are struggling to deal with large and diverse data volumes, it is an opportunity for AI to be practiced. Advanced algorithms are now used to manage large amounts of data, and they can make reports when businesses need at any time.

Secondly, another interesting development in Artificial Intelligence is to create the chatbot system. The development of natural language processing has allowed systems to handle and automatically respond to multiple business conversations. The widespread use of virtual assistants such as Apple’s Siri or Microsoft’s Cortana for regular jobs is a testament to what chatbot system can do. Added to this, chatbot can provide businesses with a level of automation and resource release that is often used to control the account management and regular business support functions. As a part of the general trend of the 4.0 industrial revolution, a lot of businesses have launched many comprehensive artificial intelligence platforms, which apply advanced technologies such as machine learning, natural language processing, computer vision and provide solutions to optimize business operations of businesses.

Furthermore, Artificial Intelligence helps much in localization or provision of user experiences for a specific market, and this has become a major concern for e-commerce today. Actually, enterprises which previously participated in cross-border e-commerce had lots of difficulties in language issues. It is clear that when goods go to a locality, you must translate all your product descriptions in the native language. If this issue is practiced on thousands of items, it will take a lot of time and cost, let alone the accuracy of the translations. However, current natural language processing of AI can easily create simple, accurate and quick translations, which help businesses a lot in accessing various markets.

Moreover, another way for businesses to provide an attractive customer experience is personalization. Thanks to Artificial Intelligence, personalization can now go further in setting up a web browser to collect user preferences. E-commerce can primarily provide recommendations based on users’ browsing history and shopping preferences. To be more specific, people can easily find this in Amazon suggestions. Proposals are reported to account for 35% of Amazon’s revenue and are considered as the key business technology of the company.  Businesses nowadays can implement their own algorithms to promote images, create customer tracking data systems, and provide purchase suggestions for users to increase revenue. 

Finally, enterprises that rely on production and logistics can improve their supply chain management through Artificial Intelligence by effectively managing inventory and streamlining operations. Especially, Artificial Intelligence can track the supply and demand in areas where a business serves; therefore, it can adjust its inventory, move inventory from low demand markets to high demand markets. Artificial Intelligence can also set prices for goods. Even more importantly, the current transport of goods has been improved by Artificial Intelligence; it is also used to map the best efficient cargo movement routes.

All in all, Artificial Intelligence (AI) is extremely beneficial to various fields in our modern life. Applying Artificial Intelligence in business brings enterprises many opportunities to develop now and in the future.

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