Insights on Using AI To Gain A Competitive Advantage in Business

Artificial intelligence plays a key role in transforming, reframing, and strengthening industries worldwide. Increasingly more companies are realizing the potential of AI in areas like speeding operations, automating processes, and ultimately, gaining an advantage over their main competitors. In fact, nearly 20% of businesses are already using artificial intelligence to automate mundane tasks like contract validation and invoicing. Further research points out that 54% of leaders mentioned a significant increase in productivity since adopting AI. In the following lines we will dig deeper into some of the benefits of the technology for the modern organization. 

User need anticipation via predictive analytics 

Artificial intelligence enables businesses to predict the needs of their users and customers via predictive analytics; a branch of AI that encompasses sophisticated data mining techniques, statistical modelling, and machine learning technology. Companies can use the technology to determine purchase probability and buying behavior based on past data. Simply put, predictive analytics gives businesses a competitive advantage because it can help them provide customized products and services to customers and prospects.

AI-powered manufacturing, design, and development 

Industry players such as Siemens are already tapping into the power of AI to introduce drones into the manufacturing industry. In engineering, certain software already include AI-based design features to help engineers specify precise cost parameters like performance or weight. Automating tasks and improving performance pave the way to a bright future of artificial intelligence in manufacturing. Crafting better, faster designs is critical in competitive markets where increasingly more buyers want access to personalized products. In light of the recent pandemic, supply chain breakdowns are accelerating the need for automation as consumers have gotten used to placing orders online to maintain social distancing. 

Using AI to fight financial fraud 

Modern consumers today acknowledge the utility of owning a physical debit or a credit card. However, very few understand the underlying mechanisms to keep their accounts safe when using their cards to make purchases. Billions of transactions are processed daily, meaning that the risk of a cyberattack is now more acute than ever. Artificial intelligence can be used to enhance the customer experience by strengthening security via tracking systems that can find hackers in real time. Mastercard, for example, recently developed a platform that uses 13 AI-based technologies to optimize transactions, provide speedier transfers, and help customers use their cards safely when travelling abroad. 

Smarter financial decisions 

From a business perspective, making financial decisions has always been challenging. When it all comes down to profits and losses, organizations of all shapes and sizes must assess their options carefully. With artificial intelligence, companies can leverage automated machines to get insights into their performance levels. They can analyze objectives, make projections, and manage risk. AI software can also be used to identify problems in advance by predicting financial discrepancies or by pinpointing human errors that need to be fixed in strategy planning, for example. The end goal is to help businesses achieve their goals without making mistakes that could cost them a fortune in the long-term.  

AI-powered marketing & advertising for improved online visibility 

Nowadays, having a strong online presence matters just as much as having a website or an offline store. In fact, since today’s customers are fully connected to the internet and the majority use a smartphone, building an online brand is critical to preserve competitive advantage. There are numerous AI-based tools that companies can use to stay afloat. From CRMs and chatbots all the way to monitoring and tracking tools, it pays to know that social media automation is the key to increasing your brand awareness and ultimately, your ROI. 

Bottom line is, organizations worldwide should become more aware of how valuable artificial intelligence technology can be in a business context. The secret to using AI for business advantage is to get to know the technology better, acknowledge what tools and systems are suitable for your strategy, and ultimately partner with a trusted provider of AI-based software to help you get started.  

Looking for Artificial Intelligence (AI)  Experts? Reach out to App Maisters today.

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