Top 11 Business Applications of Artificial Intelligence in 2022

Introduction

The motive of every business is to save time and optimize routine tasks to meet operational efficiencies. It is not surprising that AI technologies can help companies boost revenue, improve customer experience, and drive organizational growth.

This article will discuss the applications of artificial intelligence in various business aspects and the benefits of hiring AI engineers.

Let’s get started!

Top business applications of artificial intelligence

Artificial intelligence is one of the fastest-growing technologies. It simplifies several daily tasks in almost all fields, including customer support, sales, marketing, and more. If you want to streamline processes and increase organizational efficiency, this section will help you understand the applications of AI in business operations.

Sales

1. As per Harvard Business Review, companies employing AI technologies have reduced the total expenditure by 40–60%, increased productivity by more than 50%, and reduced the call time by 60–70%.

2. Implementing AI algorithms and hiring Salesforce developers can help automate the sales projection by analyzing client transactions and the history of sales reports.

3. AI-based services can help you prioritize customers by monitoring customer transaction history and media postings.

4. Most importantly, AI-powered chatbots can help increase sales since it simplifies the interaction with the target customers.

Marketing

1. AI-based services help you attain a deeper knowledge of your target customers, analyze their needs, and plan your marketing strategy. This reduces the considerable workload of your marketing team.

2. Intelligent personalization techniques provide your customers with a better user experience.

3. You can target customers with marketing ads by analyzing their geographic locations, website interactions, social media postings, and a lot more with the help of artificial intelligence.

4. AI algorithms can analyze millions of social media postings and filter the products and services to be marketed to the right audience.

5. Machine learning algorithms can also depict search volume and assist teams in coming up with better SEO tactics.

Customer support

1. AI-powered chatbots help you handle customer queries, communicate the solutions, and address the problems faster to scale your business.

2. Voicebots can help to save the workforce required for an organization, thus saving money and time. These voice bots listen to the customer, detect the problems (if any), and even interpret the mood of customers.

3. Like a chatbot, a voicebot responds to customer queries, ensures customers connect to the correct department, and improves call categorization.

Supply chain operations

1. To maintain a stable supply-demand cycle, AI can help optimize resources, eliminate inefficient processes, and improve demand forecasting.

2. Artificial intelligence can help you create well-optimized supply chains by eliminating overstocking and the risk of minimum in-transit goods.

Quality control & assurance

1. AI can help manufacturers improve accuracy by automatically detecting product defects.

2. More precise and improved quality control techniques help you set the quality rules and follow the same in your business processes.

3. Today, many industries are adding quality control software associated with deep learning techniques to assure 100% quality services.

Accounting

1. Artificial intelligence services can be used to upload massive files, read/write them, and categorize them based on feasible accounting codes.

2. There is no chance of human errors during the calculation, as AI-based applications never get tired, feel sleepy or make errors.

3. AI engineers can leverage the technology to record data, classify transactions, reconcile accounts, correct and correlate data, evaluate customer reports and even track price and inventory changes in your company.

4. Interestingly, AI minimizes complex processes like payroll services. According to a report, the global artificial intelligence in the HR market is expected to reach $17.61 billion by 2027.

Human resources

1. A wide range of diversity and inclusion factors have led to the development of AI-based services in the HR department.

2. AI can help automate the hiring processes, including sourcing and vetting, interviewing candidates, and more.

3. Also, artificial intelligence techniques help develop an organizational network.

Contact centers

1. Efficient customer service is necessary to retain your customers for a more extended period. If your business lacks this, all your customers will be pushed away to some other brands.

2. Since contact centers hold the wealth of your data, AI could implement tactics to deploy AI-based virtual agents.

3. AI can help you create a service that recognizes the most critical customer query among millions of conversations. If you train AI models to find the words that seem to be extremely important, you can prioritize customer queries and respond accordingly.

4. AI-powered voice bots can reach out to millions of audiences to introduce your offers, pass the sales query and respond to questions, which is not possible by a sales representative.

E-commerce

1. AI can help you detect fraud and protect your online transactions over the internet.

2. You can also use AI services to compare the price of commodities between e-commerce platforms, helping you make informed decisions.

3. AI algorithms can implement product recommendations and predictions for your e-commerce business.

4. It also provides dynamic price optimization techniques that help your business attain quicker profits within a short span.

Business management

1. You can use artificial intelligence techniques to filter spam content, categorize business emails, convert voice to text formats, automate processes, forecast business & sales, and more.

2. Smart devices like Siri, Cortana, and Google Now are perfect assistants for your personal and business routine as well.

3. You can develop technologies that automate all the insights of data-driven platforms like finance and e-commerce.

4. Security surveillance is another well-assisted feature of AI-powered technologies.

Operations

1. Applications of AI technologies in business operations (shortly named AIOps) assist the digital transformation of all your business tasks, demanding a big challenge for a human to win this competition.

2. Several software maintenance tasks can be improved by employing AI technologies in your IT processes. Possible cyber-attacks and threats can be identified at their earlier stage itself to keep things crystal clear.

3. You can actively adopt and digitize all the IT frictional tasks to manage operations better.

Conclusion

Artificial intelligence is changing how businesses operate and helping them optimize their resources by automating repetitive tasks and eliminating inefficiencies. Big tech companies such as Apple, Amazon, IBM, Microsoft, Facebook, etc., are utilizing AI to make informed decisions, increase productivity and boost operational efficiency.
It’s high time you leverage this disruptive technology and scale your business exponentially!

Dharani

Dharani’s blogs have received starred reviews in HBRP publications and International Journal for Research in Applied Science and Engineering Technology. She lives in South India with her family, an exceptionally perfect environment to write unlimited blogs and articles.