7 business problems artificial intelligence helps you solve

In today's competitive world, entrepreneurs must make quick decisions and predict economic changes to succeed in business. To remedy their predicament, they turned to technical innovations, which turned out to be a blessing in disguise. However, among several new-age technologies, artificial intelligence has gained the lead.

According to the ‘IBM Global AI Adoption Index 2023’ conducted by Morning Consult on behalf of IBM, 59% of Indian enterprise-scale firms have actively used AI, the highest percentage among the countries polled. Hence, AI is no longer a futuristic dream; it has become a powerful tool that can be used to solve real-world business problems, paving the way for future success.

Let's look at 7 business challenges artificial intelligence can help you solve:

Enhance decision-making

Today, the modern business landscape is flooded with data. But what value does it hold if you cannot utilise it effectively? This is where AI, with its ability to analyse vast datasets and identify hidden patterns, comes to rescue. You can use AI in the form of a sophisticated data server to make data-driven decisions about marketing campaigns, product development, and resource allocation.

Strengthen customer service

The adage ‘customer is king’ holds more weight than ever. Thus, to target better customer experiences, businesses are actively leveraging the might of AI. According to the TIDIO survey, 63% of business owners believe AI enhances customer experience. And AI-driven chatbots are an excellent example of this. These chatbots answer basic questions, fix problems, and even make appointments, freeing up human agents to handle more complex business tasks.

Reduce operational costs

Businesses constantly strive to find ways to streamline operations and reduce costs. Here, AI offers a powerful solution by automating data entry, invoice processing and scheduling, allowing employees to focus on higher-value activities. A study by Valoir, a technology analyst firm, revealed that AI could potentially automate up to 40% of average work activities, leading to significant cost savings.

Boost market prediction

Staying ahead of the curve is paramount for every business. This is where AI comes in as a vital instrument, analysing market trends, competitor strategies, and economic indicators to predict future shifts. Armed with this knowledge, one can make informed decisions about product development, pricing strategies, and resource allocation. Thus, for organisations AI functions as a business oracle, providing insights into the changing market conditions.

Streamlining the hiring process

Recruiting and retaining top talent is essential for a company’s success. In this context, AI helps you streamline the process by automating resume screening and identifying qualified candidates based on specific skills and experience. However, AI's potential goes beyond just identifying talent. It can be used to personalise the employee experience by providing targeted training and development opportunities, ultimately boosting employee satisfaction and enhancing retention.

Cybersecurity issue

Regardless of their size, businesses are constantly concerned about cybersecurity threats. A study by Cloudflare has revealed that 83% of Indian organisations experienced at least one cyber security incident in the past year. This unpleasant revelation calls for the utilisation of AI as a formidable defence mechanism. By promptly identifying malicious activities, AI systems can scrutinise network traffic in real-time. Moreover, it can help prevent data breaches by monitoring data access patterns and flagging irregularities; thereby, protecting valuable business data.

Boost productivity

Repetitive tasks can take a toll on employee motivation and hinder productivity. The good news is that AI offers a constructive solution by automating monotonous tasks. With the assistance of AI, routine duties can be handled efficiently, allowing human resources to focus on more complex activities that require creativity and cognitive abilities. To emphasise this, a study by Accenture revealed that AI has the potential to increase business productivity by 40%.

From chaos to clarity: AI is doing everything possible!

According to IMARC, the Indian AI market is gaining traction and is expected to rise at 29.1% CAGR to reach $9,631.4 million by 2024-2032. Considering the pace at which AI is advancing, it is poised to become an indispensable asset for industries permeating various sectors. So, no matter what industry you work in, AI is a future-proof bet!