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Artificial Intelligence (AI) is now an integral part of every company. Due to its high demand, global spending on AI is expected to reach up to $57.6 billion by 2021.
Within an organization, AI is serving various functions. Not only it is reorganizing business processes but is also helping to reach organizational goals proficiently.
From the improvement of employee and consumer relationship to pattern finding in bulk data volume to repetitive task performance, AI has, overall, a huge impact on businesses. It is being expected that AI will form the foundation of future technology trends for the new century.
Impact Of Artificial Intelligence On Business Management
Behind the scenes, artificial intelligence is playing a huge role in business. From handling, managing and assisting the regular functions of the business, AI can be of huge benefit.
1. Enabling Data-Driven Management
Artificial intelligence can identify patterns and can make data-driven decisions faster, as compared to humans.
Since AI can process a large amount of data in much lesser time and can provide actionable advice and accurate trend directions, it has proven to be of many benefits to the companies, especially to the managers looking for quantitative sustenance in their decision making.
Where human resource spends a bulk of their time in assembling, triaging, composing and reporting data to identify dangers, problems and status, AI can achieve all this in much lesser time and with greater accuracy, a reason why business automation is an essential need in this century.
For this reason, it is expected that companies will benefit from an increase in efficiency as a result of greater mechanization, which means that more revenue will be generated.
2. Improvising Product Line Up
Though AI has already taken over businesses and is impacting customers simultaneously, but it can be integrated more into the lives of the consumers through the products and services already offered.
For example, some car companies have teamed up with companies like Google and Apple to provide car commands that line up with the AI apps that are already in customer’s use.
The car companies are aware of the fact that this feature is advantageous to them, as it can convert more customers. According to a survey, around 54% of those executives who have implemented AI in their businesses have observed increased productivity.
3. Targeting Advertising
Artificial intelligence is advantageous for marketing and advertising operations, and its use can potentially transform your business. AI has eliminated the long and tedious process of buying and selling ads. It has transformed digital marketing into a simpler and automated one.
With the help of targeted advertisement, AI can reach potential customers by showing them ads that meet their interest. Through analyses of the user data from cookies of mobile applications and websites visited, AI can achieve a better understanding of the user’s online behaviour and preferences.
A good example of this targeted advertisement is Facebook ads. Through the use of data analytics, it allows marketers to target their ads.
4. Staffing And HRM
AI has a huge impact on business management and is likely to impact the future of hiring and staffing operations. Human resource departments are now using AI-based software for review of the applicant’s qualification. Through keyword functionality and information atlases, the software matches them up with minimum job requirements and determines the best candidate for the position.
This can also be utilized for online jobs, where a large number of users apply for job positions. Through AI-based software, HR managers can save their time by compiling the bulk of user data into one suitable location, which can then be scrutinized by the software for decision making analysis.
5. Improving Team Dynamics
With the help of Artificial intelligence, managers can improve team dynamics by giving more appropriate and timely feedback to team affiliates and thus improving team accountability.
According to a study, 72% of the employees think that corrective feedback from their managers can improve their performance.
For these reasons, managers can take the help of AI, which can easily identify the members needing feedbacks and coaching and prepares a personalized meeting schedule for the manager and the team member.
6. Changing Customer Relationship Management System
AI has reformed the manufacturer and customer relationship and has revolutionized marketing and sales. It can lessen the time spent by a sales representative on apprising and cleaning up the business’s customer relationship management (CRM) system.
AI can self-update and autocorrect the CRM system without any external help.
Moreover, AI can also improve customer relationship through chatbot, a software programmed with automated replies, which can help the management system to easily guide through the customer support procedure.
Customers at dissertation writing services approach through chatbots and usually find it much reliable.
Apart from chatbots, AI can also be used to scrutinize customer call data by analyzing the negative and positive interactions and ultimately providing a script with the most effective expressions that can be used during support calls.
In A Nutshell
In a nutshell, AI has impacted almost all areas of the business and has changed its dynamics. It can overall boost the intelligence of managers and leaders.
With the use of artificial intelligence in business management, companies can run more smoothly, proficiently and can increase their ability to streamline their operations.
Amanda Jerelyn is currently working as a marketing manager at Crowd Writer. She has a keen interest in writing articles, blogs, and columns. Her writing style is easy to understand for readers because of using simple language and common words.