How to Leverage Artificial Intelligence for Your Business?

Artificial Intelligence (AI) is a path-breaking technology that has been slowly becoming a significant part of our lives. We have been utilising AI...

  • How to Leverage Artificial Intelligence for Your Business?
    Lucas Nguyen Image Lucas Nguyen

    How to Leverage Artificial Intelligence for Your Business?

    • Updated: Friday 28th of August 2020
    • Strategy

    Artificial Intelligence (AI) is a path-breaking technology that has been slowly becoming a significant part of our lives. We have been utilising AI every day in the form of voice-based searches made using iPhone’s Siri, Microsoft’s Cortana and Amazon’s Alexa. It is the latest technological advancement that is all set to become the next big thing.

    It allows machines to utilise previous data to analyse their surroundings and make decisions without human intervention. It is a step towards humanising machines and making them respond to situations in the same manner as a human being. Thus machines use their intelligence to solve problems and can be programmed to learn. For instance, face recognition technology used by Facebook for photos uploaded on their social networking site.

    AI is the future, and it is the right time for businesses to adopt it and gain a competitive edge. If you are planning to purchase a business for sale in Melbourne, then you should be aware of the ways of leveraging the technology to make an impact in the market. So here is how you can make it happen without any hassles.

    1. Automating The Tedious Tasks

    The biggest challenge of any small business is the scarcity of time and human resource for completing various humungous tasks. AI can help in this respect through the automation of processes, such as administrative, financial and data-entry work, e-invoicing, etc. The technology can aid in updating financial records and customer databases in real-time. It reduces the dependency of the business on the workforce for the completion of these duties and helps in saving time, energy and costs.

    Some of these activities consumed a lot of time earlier, and now the same employees can be utilised in other crucial aspects of developing the business. AI assists in creating a smart organisation which leverages technology to cut down costs and improve efficiency. It eliminates the chances of human errors.

    2. Analysing and Interpreting Data

    It can take you months to identify people who are competent in analysing streams of data. Also, it takes a lot of time to manually look through all the documents and reports and gather inferences to present your findings. With AI and machine learning tools, an entrepreneur can get the bulk of the work done in minutes. Machine learning offers the advantage of cognitive insight which allows the system to identify patterns in data and interpret them for the development of the business.

    It can help in analysing customer behaviour over the past few years, determining quality changes in the offered goods and services, and offering detailed analysis and detecting frauds. It gives power to the entrepreneur in Melbourne to make informed decisions based on the analysis and innovate in their field.

    3. Boosting Employee Productivity

    With most of the tasks getting automated and becoming error-free, employees get access to accurate and up-to-date data. They get all the inferences and deductions without spending time on crunching numbers and going through scores of documents.

    Thus they have ample free time to operate in an organised and streamlined manner, which increases their productivity. They are better equipped with high-quality information that enhances the value of their work and helps them to operate without any technical challenges. All the manual labour goes out of the window, and the workforce is able to utilise its intellectual ability to add value to the existing processes.

    4. Enhancing Customer Service

    Social media engagement has become the most significant touch point for interacting with customers. Businesses have started promoting their brands through this platform to attract a large customer base. It has also become the most common space for venting anger against brands and expressing annoyance over careless customer service.

    However, it can also be utilised by businesses to pacify disgruntled customers by promptly replying to their grievances. AI can help in this regard by providing automated answers to queries. The advantage of using AI is that they do not simply give pre-fed answers but understand the intention of the query and respond accordingly in natural language. It helps in improving relationships with customers. Plus, it saves the cost of hiring a support team which is available all through the day.

    5. Optimum Inventory Management

    Businesses in Melbourne should always have sufficient inventory to manage production. The workforce operating in the supply chain and stocking department can commit mistakes, which can lead to a delay in production and dissatisfaction among the customers. To avoid such circumstances, you can rely on AI to keep track of the inventory levels at all times.

    For instance, IBM’s Watson has been working on automating the supply chain process, which allows recording of all the orders and their fulfilment. It gives the owner a clear account of the available stock and predicts future demand. It can even forecast the scarcity of stock in coming months due to higher sales or notify about a dry spell that can lead to a surplus. Thus the management can reduce deterioration of raw materials due to long storage.

    6. Reducing Downtime

    AI helps in tracking the efficiency of the equipment and the machines being used by the business. It reminds the technical team about the upcoming maintenance needs and helps in forecasting wear and tear of machines. It aids in preventing downtime due to technical disruption. It can also be utilised to determine security threats to the paperless data saved by the business on its server and systems.

    AI identifies pattern anomalies and detects frauds that can prove financially distressing for the organisation. It makes sure that the business doesn’t suffer due to unforeseen outages and keeps its systems optimised with regular maintenance. It is highly beneficial for businesses using IT systems, in-house manufacturing machines, and a fleet of automobiles for transportation. It enhances output and improves the infrastructure of the organisation.

    7. Optimising Recruitments

    Finding the best talent in the industry is an overwhelming task for the human resource department, and it can sometimes take months to fill a position. AI can reduce this duration by interviewing and reviewing candidates for the preliminary rounds. It can eliminate applicants who are not eligible due to insufficient experience and educational qualifications.

    Some of the multi-national corporations in Melbourne are already utilising AI tools to hire employees. It involves giving an interview through an app on the Smartphone. The app utilises the data captured during the interview for analysis and then offers recommendations regarding approval and disapproval for the next round.

    Conclusion

    AI and machine learning have been changing the commercial landscape with new technologies making their way into the systems. Thus entrepreneurs looking for businesses for sale in Melbourne should adopt these advancements to promote productivity and competence.

  • Author Info Lucas Nguyen

    Lucas Nguyen is an immigration expert with loads of experience of working in public sector and as an in-house lawyer. Lucas graduated with a Bachelor of Law and Master of Law in Global Business Law from La Trobe University. His sole aim is to provide best legal services, to his clients, on complex Australian Immigration Laws and commercial transactions. His association with Business2Sell is not new, and we welcome him as our guest author.