Why is AI Important to Your Business? - Jibran Bashir Leadership Institute

Why is AI Important to Your Business?

In this digital era, everyone is looking into Artificial Intelligence (AI), Augmented Reality (AR), automation, and so on to ensure that businesses grow, and customer satisfaction enhances. One of the most amazing technological advancements that will drastically alter life in modern society is artificial intelligence. This technology provides significant development opportunities that many businesses and companies have already been fast to grab.

Before we explore the importance, let’s first understand what Artificial Intelligence is. Artificial Intelligence is the collective name for several technologies that enable machines to sense, learn, comprehend, and act in ways that complement human talents. Large-scale information that can be learned from and handled by Artificial Intelligence technology can successfully enhance and transform operations in a variety of industries. Artificial Intelligence can make decisions after studying data, in contrast to Business Intelligence Technology, which analyses data and leaves the decision-making to humans.

Since Artificial intelligence uses information to improve business performance, it can be designed for all types of businesses. Small businesses are more adaptive and can be streamlined more easily because they can move around their resources easily. Retailers may utilize Artificial intelligence to target their marketing campaigns, create a more effective supply chain, and determine prices for the best possible returns. Artificial intelligence will assist in forecasting client requirements and the proper workforce levels at retail businesses where humans currently perform the majority of the job.

 

So, here are the various ways in which Artificial Intelligence is important in business:

 

1.    AI Technology Enhances Efficiency & Productivity

Gains in productivity and efficiency are two of the most frequently mentioned advantages of integrating Artificial Intelligence in businesses. The pace and scale at which the technology completes tasks humans can’t match. Meanwhile, by removing such tasks from human workers’ responsibilities, Artificial Intelligence allows those workers to move to higher-value tasks that technology can’t do. This enables businesses to maximize the skills of their human resources while minimizing the costs involved with doing routine, recurring operations that can be handled by technology.

2.    Save Money & Time

Machines are more effective at their jobs than people are. Artificial Intelligence can work nonstop without getting bored and they are not required to sleep or take breaks. They are entirely reliable anytime you want to work with them. They can notify you about significant events at any time you want them to do that. Machines with artificial intelligence are also capable of quickly analyzing massive amounts of data. As long as they have access to relevant information, they often make decisions faster. As a result, this technology saves time and accomplishes tasks more efficiently than humans could.

3.    Generate Business Insights to Make Smart Decisions

Data is a priceless resource in today’s economy for any firm. However, your company data would be meaningless if you can’t understand it. Artificial Intelligence systems are effective at quickly analyzing data to generate relevant solutions to any questions that may arise in the workplace. They provide precise predictions and cater to clients’ demands based on what they learn. No human will ever be as quick and accurate as the Artificial Intelligence used in predictive analytics.

4.    Improving Customer Experience & Better Customer Service

Chatbots powered by Artificial Intelligence enable organizations to offer customer support services round-the-clock. Artificial Intelligence has made it possible for businesses to automate communications across phone calls, internet chats, and even emails. The benefit of Artificial Intelligence is that it can deal with numerous clients at once and efficiently address their inquiries on websites or apps.

5.    Better quality and reduction of human error

When adding Artificial Intelligence technology to processes, organizations can anticipate a decrease in errors and improved adherence to defined standards. Even while artificial intelligence makes mistakes, it is still much more accurate than humans. Mostly, the AI technology accuracy ranges from 99 to 100%. Without the involvement of a human, Artificial Intelligence technology can aid in improving forecasting accuracy for cash flow. Because of this, the company has a better chance of succeeding.

6.    Predictive Analytics

Artificial intelligence (AI) helps businesses find the competitive edge they’re seeking by extracting more value from data. By unifying and structuring this information across operations, Artificial intelligence has the power to embed innovation at the very heart of the business. Digitization, cross-functional collaboration, unification of datasets, speed, and agility are all stated as leading ways businesses have been improving their decisions on future outcomes.

 

 

How has Artificial Intelligence progressed in Pakistan in recent years?

Although Artificial Intelligence development has been slow in Pakistan, the digital age has come, and we are now beginning to witness some significant advancement in this area. The potential of utilizing artificial intelligence to analyze data and obtain a competitive advantage in sectors that are constantly evolving has been recognized by tech companies in Pakistan. This is the reason why the number of online companies and e-commerce websites in Pakistan has skyrocketed. Pakistan is now beginning to take it seriously and explore the opportunities presented by Artificial Intelligence.

As we know, Artificial Intelligence helped us in the past, when we were facing a pandemic. Artificial Intelligence had huge implications since it had been used by the healthcare system to deal with the load of the pandemic. However, to progress rapidly in the field of AI, Pakistan needs to develop programs specifically targeted at harnessing this potential. Even though Presidential Initiative for Artificial Intelligence & Computing (PIAIC) is a step in the right direction, Pakistan still has much to do to gain practical advantages through artificial intelligence, especially in healthcare and agriculture is an immediate need for technological advancement.

 

 



Author: Ms. Mariam
Head of Research & Communication

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