The Artificial Intelligence was seen as the brainchild of the Hollywood movies. With the advancement in the technology, AI has taken a forefront in nearly every business house. According to recent surveys, AI is expected to take over half of the jobs of people across the globe. This is why it makes sense to constantly remain on top of the AI Developments Happening in the world!
Latest developments made in the Artificial Intelligence have made its way into the business models. The introduction of Virtual assistants and Chatbots in the business houses has taken the working to newer heights. The AI has become an integral part of the organization as it helps in many departments such as human resource development, marketing, E-Commerce Industry etc.
Significant Areas where AI will play a Vital Role
There are many areas in present-day entrepreneurship that needs to be concentrated well in order to run the business successfully. The seamless working of the AI technology will help business owners and employees focus on core competencies. The Companies will function in a better way and work will become less stressful with the Application of AI. Here are a few areas where this technology will work wonders.
Applicability of AI in Time Management
Time is one of the most crucial factors for the success of the company. Many businesses fail because they are not able to manage the right amount of time for the particular task. Studies show that the difference between failure to manage time or successful management of time accounts for 42%.
For this, the companies are looking forward to incorporating AI for time management. This will help in taking out exact predictions by looking at the presenting data. The focus of AI is to help businesses manage time in order to minimize their waste and maximize their resources. This will lead to a positive influence on the business.
Support Content Creation
The turning of Big Data into a humanized language form is in progress. The year 2018 will witness the progress in the NLP or Natural Language Processing. The AI will provide constructive support in framing content by
- Automatic updating the content by democratizing the Big Data and AI
- Usage of systems like Wordsmith created by Automated Insights, will help in turning of structured data into great narratives by business houses
- Helps in automated generation of content in fields like social media, marketing, financial reports, media outlets and much more
- Instant content creation with the help of AI will enable companies to respond to particular news or trends for their immediate audiences
Moreover, published brands like CBS, USA Today and Hearst are using AI to generate lucrative content. Even publishers can use tools like Wibbitz to create convincing videos from content within few minutes.
Seamless Integration with IoT
The integration of IoT with AI will bring in a boon for the companies. The industrial sector can experience its benefits in marketing. IoT helps in connecting people with people, things with the things and people with the things too.
It creates a marketing web where the business marketers can listen to the end consumers. According to research by Gartner, by the year 2020, there will be 85% customer interactions that won’t include human beings. IoT helps in carrying out following analysis in few areas with the successful incorporation with the AI:
- Conducting Total Customer Analysis
- Quick Response to Consumer behavior
- Easy and Instant Exchange of the Company’s sales data
- Notification to staff about the Expiry of any product
- Marketers can establish ‘Virtual Connection’ with the users and customers
Human Resource and Artificial Intelligence
The HR responsibilities include recruitment of employees, training and their development, looking after the monetary compensation and other related company’s responsibilities. The recruitment of the employees is both challenging and can take a long time to scrutinize each application.
In this scenario, AI works as a savior when thousand of applications roll in and the Human Resource manager has to select a competent and right person for the particular position. The use of Artificial Intelligence reduces the workload and helps the HR concentrate on the core selection process. Further, a study by Narrative Science, reveals that 80% executives believe that Artificial Intelligence will help in improving employees’ performance and creation of jobs.
Creation of Consumer Market through Social Media and AI
The biggest worry for entrepreneurs is creating a well-defined market for their products. Nowadays, the trend of using social media platforms is increasing as small and big companies are investing in the Social Media Marketing. By mingling this concept with AI, the companies can benefit in large numbers. Companies use the Social Media Marketing to understand the consumer behavior.
They can understand the ongoing trend and outlook of the people across the globe for the particular products. Although, the task involves a lot of efforts from the employers and employees side the introduction of AI has made it efficient and easier. The biggest example of usage of AI and Social Media marketing simultaneously is the online product stores. Even AI helps in analyzing the mindset of the customers and supports in the production of next content in the row on Social Media platforms.
The startups and the big companies across the globe are working towards the inclusion of AI in business setups. The entrepreneurs are investing greatly in this market to connect directly with their staff, marketers and end consumers. The AI will not only help business owners in changing the environment of their company but will help in minimizing the cost. The Entrepreneurs can work in coordination with their staff and focus on core competencies of the company. AI will shape the future so businesses must take a keen interest in investing in it and look forward to their development.