The impact of AI on companies’ operations is rising every day. With technological progress, AI has more and more to offer. It is, therefore, not surprising that many modern businesses decide to implement this technology. According to Grand View Research, in 2020 the global AI market size was $62 billion. From 2021 to 2028, expected to have an annual growth rate of 40.2%. Although it carries a lot of risks, it also brings many benefits.

Let’s see why modern companies need this technology these days.

COMPETITIVE ADVANTAGE

Today, many companies take up AI to save time or money, improve customer experience or increase revenue, and so on. This technology indeed offers many possibilities. So, if you don’t want your business to be left behind, you should get to know AI. The later you start working in this direction, the more chance you give your competition to potentially profit.

One of the possibilities of AI is a quick and better adjustment of services to customer needs. This improves the customer experience. And this, in turn, translates into loyalty and retention. This is one of the most obvious reasons why modern companies need AI.

GROW REVENUE

AI supports sales and thereby increases revenue. For example, a recommendation system. It consists of the fact that the system recommends to customers a product or service they are interested in. This solution increases the likelihood of making a purchase.

You can also use AI to analyze data about your customers and sales. You can use this data to create a system that will help you to predict sales results, as well as the needs of your customers. AI also enables effective marketing activities and the automation of many processes. As a result, you can save on expenses and increase revenue.

SECURITY

One of the use cases of artificial intelligence is to prevent threats and increase cybersecurity. AI-based systems analyze patterns of behavior. If the algorithm detects abnormal behavior, it sends a notification to the appropriate people in the team. What’s more, it also helps prevent attacks in the future.

AI also supports the use of biometric identification. Systems can streamline authentication processes, making them more convenient and reliable. The most popular solution is facial or fingerprint recognition technology. This method of authentication can be a secure alternative to passwords, which are easier for hackers to detect.

Customers will be able to trust you if they know that you have a strong security system.

INCREASED WORKPLACE PRODUCTIVITY 

Modern companies need AI because this technology makes teams more productive. This is possible primarily thanks to the automation of processes. Employees don’t have to perform tedious and repetitive tasks. Thus, they can focus on more important matters.

The implementation of intelligent automation also reduces the number of errors. After a few hours of working, humans feel tired, which can make a mistake when performing a task. The machine, on the other hand, doesn’t feel tired. A good example here may be chatbots that serve customers 24/7.

MORE SIGNIFICANT BUSINESS INSIGHTS

Last but not least, AI helps generate more meaningful business insights. By collecting and analyzing huge amounts of data, companies can better forecast their performance. What’s more, they can discover smarter ways to set prices, as well as gain more solid insights into consumer trends.

AI also influences decision-making. With AI systems, companies make decisions based on data, not emotions. In addition, organizations can make decisions much faster than in traditional conditions.

Conclusion

While many people believe that AI is a threat, this technology has many advantages. As we can see, its implementation can boost the company’s results. The above-mentioned advantages of AI show that modern companies should invest in this technology, especially if they don’t want to be left behind.

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