7 Business Functions That Are Ready To Use Artificial Intelligence

With technology-driven companies ruling the commercial world, the key to progress lies in adapting. The competitive market demands the survival of the fittest, and it is time to take the leap. As stated by experts and industry moguls, artificial intelligence or AI is the future, and thus, it is necessary for businesses to adopt the technology as fast as they can. The futuristic science has been proving beneficial for entities that have employed automation, machine learning, and robotics.

From Amazon, Google and Apple to Facebook and Microsoft, every tech giant is working on leveraging AI to gain the upper hand in the global market. Thus, if you are planning to purchase a business for sale in Australia, you need to be aware of the utilisation of AI for your venture. So here is a list of seven business functions that are ready for revolutionary technology.

1. Developing a Marketing Strategy

A marketing strategy is based on the data and information collected from the target audience, industry trends, and competitors. AI helps in this regard by collating all the data required to prepare a winning marketing program that promotes your business in the right way. The data can be analysed by the machines and the inferences can be utilised to select the right marketing channels and language to communicate with the audience.

For example, AI can gather information related to the browsing history of the customers so that the marketer can target ads accordingly. Thus, it makes targeting and engagement effortless and reduces the workload of the marketing team. The manual function of data collection and processing is taken over by machines that complete the task quickly and without any errors.

2. Influencing Online Shoppers

Online shopping has grown exponentially in Australia post-pandemic. Marketers are using AI to make online buyers act by helping them find similar products, recommending products according to their search, and influencing their choice with the help of previous search data. Machine learning helps in customising the shopping experience for the buyers and personalising email marketing to prompt them to make the purchase.

Also, AI supports the marketer with inventory management that helps them to keep track of the stock. It predicts the demand for the upcoming season and helps in procuring the required inventory. Also, automation of the business function ensures that there is no delay in the supply chain and the right levels of stock are always maintained.

3. Improving Productivity

A lot of tasks in the organisation are labour-intensive and less attractive. These can be automated to reduce the burden on the employees and increase the swiftness of the process. Business functions that can be automated include bookkeeping, financial reporting, invoicing, payroll management, data analysis, administrative work, cold calling, recruitment, etc.

These initiatives can be completed at lightning speed, and there is no personal prejudice of the employees involved in the process, which makes it factual and accurate. Since manual work is no longer associated with these functions, there are no issues of boredom, exhaustion, long breaks, delays, etc. Thus, the company becomes more productive and efficient, and the employees are also happy and stress-free, which makes them motivated.

4. Smarter Cybersecurity

AIgoes through scores of data to improve its knowledge database and identify data threats. It takes only a few seconds for AI to recognise malicious files that can lead to data breaches, and it can alert the cybersecurity team on time. Machine learning is also beneficial in analysing risks and puts the security firewalls in place to avoid any thefts.

With businesses relying on cloud storage to work remotely, the security of confidential data has become extensively significant. Thus, AI helps businesses by proactively identifying suspicious IP addresses and provides the experts with actionable insights to overcome a crisis.

5. Enhancing Customer Service

Businesses thrive when they offer an outstanding experience to their customers. It helps in the acquisition as well as retention of buyers who enjoy the smooth and streamlined buying process. AI can make this function work well for your business through the use of chatbots that offer superlative support. It eliminates the need of hiring an extensive support team to handle customer queries and address their grievances. The use of machines ensures that the needs of the customers are met on time, and there is no delay in response.

Also, AI helps in collecting data related to consumer purchase behaviour and demographics, which aids in developing customised programs for loyal customers. It also benefits in improving customer experience by understanding their desires and offering the same. Automated invoicing and virtual assistants further make the buying process hassle-free and convenient for the customers.

6. Modernising Manufacturing

If your business is involved in manufacturing or you own a manufacturing unit, collaborative robots are the thing you need. The cobots work with the staff to complete the repetitive and tedious activities. They reduce downtime by predicting hurdles and supporting tasks like heavy lifting. In addition, AI offers the advantage of predictive maintenance that helps in forecasting service and repair needs of equipment so that they do not break down in the middle of an urgent requirement.

Many large businesses rely on AI to forecast the demand and this helps them to manage the manufacturing accordingly. It ensures that only the required amount is produced by the business to make the desired profits. Machine learning also helps with the handling of the supply chain orders and finding anomalies in the system that aids in expediting the function.

7. Ensuring Sustainability

Climate change and the pandemic have made it imperative to create workplaces that are sustainable, healthy, and safe. AI works wonders in making the office space energy efficient by handling the switching on and off of the HVAC system and lights. AI uses sensors and computer vision to keep a check on the office building and understand its energy requirements.

It adjusts the lights and heating or cooling systems according to the workforce present in the building and avoids any wastage of the resources. It also controls the surveillance system installed in the office to make sure that the security systems are in place wherever required.

Conclusion

AI is the way forward, and businesses can benefit enormously from this technical advancement. Thus, if you are looking at businesses for sale in Australia, you need to be aware of the uses of AI to make the most of it.