Revealed: 6 Unique Ways AI Is Future-Proofing Businesses
Running a business can be challenging at the best of times, and it’s always a race to keep up with the competition and stay ahead of it by continually evolving and innovating.
The boom in AI or Artificial Intelligence is making headlines in the business world nowadays as it gives entrepreneurs a new weapon in their arsenal to stay ahead of the curve and remain market leaders.
Embracing AI isn’t just about keeping up with the times – it’s about future-proofing your business. You might not know it, but several unique ways exist where AI can help companies to be more efficient and productive in all kinds of exciting ways.
Keep reading to learn more about the top six ways AI can help future-proof businesses with cutting-edge tech and grow any brand without boundaries and limitations:
1. Forecasting
It’s a well-known fact that forecasting is both essential and valuable for helping businesses determine their market share and make informed decisions that will shape their brands.
AI can play a part in forecasting and automate some of its associated tasks. For example, tools like IBM Watson can help manufacturers optimize their process design, and insurance companies automate underwriting through data-driven decision-making.
2. Data-Driven Negotiating
When striking deals with new and existing clients, businesses must make data-driven decisions before putting any offers on the table. They must know how long a project will take to complete, realistic costs, and any legal and regulatory challenges they must overcome.
For instance, employment agencies could utilize solutions like Synapse AI to help with legal contract analysis and negotiation, whereas tools like Bullhorn can find candidates that add value for each employer and automate specific HR negotiation processes.
3. Supply Chain Optimization
A constant challenge for established and emerging brands is supply chain management. Businesses must overcome issues related to customers, suppliers, local and foreign governments, and logistical problems like transport delays.
Ai can assist with supply chain optimization in many ways, such as:
- Forecasting seasonal demand;
- Optimizing transport routes by using the quickest and best value options.
4. Customer Sentiment Analysis
One way that any business can grow is by successfully gauging consumer perception of their products and services. Knowing what customers like and dislike about a brand will help it make the right changes and increase their market share.
AI-driven customer sentiment analysis tools that perform online opinion mining can help any business address issues they might not have otherwise known.
5. Automated HR Screening
When an organization advertises a vacancy, it will likely receive applications from hundreds of people. Sifting through application forms and resumes is hugely time-consuming, plus issues like unconscious bias can cause headaches for HR managers.
Through the magic of machine learning, AI screening tools like Vervoe can automate those tasks and highlight the best candidates that hiring managers can consider for interviews.
6. Fraud Detection and Prevention
One final but fundamental way that AI can help future-proof businesses is through tools that can identify trends for fraud detection and prevention purposes.
For every fraudulent dollar spent in an online or in-store retail transaction, businesses must spend almost $4 to deal with the consequences. Solutions like DataDome can help companies spot and prevent fake online account creation and payment card fraud.
