Artificial Intelligence is among the most popular topics nowadays, but not everyone understands the scale of its value for the business. Thus, the existing AI technology can increase the productivity of the business by 40%.

With the help of machine learning, Netflix uses automated personalized recommendations to make $1 billion annually. [2] When a company is using AI, 34% of customers spend more money on their products and services. Apart from this, 49% are thinking about buying something from the company more often in case it uses AI consulting.

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These facts should be enough to assure you that artificial intelligence can be very helpful. And in this article we want to introduce ways of how AI can improve efficiency, reduce costs, and make your business more successful.

5 ways of how AI can improve efficiency of your company

Minimizing the errors with AI

Errors can not only postpone the release date of your product, for instance — they can also cost your company a lot. However, AI improves the efficiency of your company by minimizing the number of errors. Here is an example for you.

Imagine that you own an e-commerce fashion website and cooperate with numerous suppliers. They offer a more or less similar range of products, but the quality is different. Therefore, from one of them you buy shoes, from the second one — bags, from the third one — dresses, and so on. Due to the number of suppliers, you have to pay a lot of attention to communication. You have to schedule calls and meetings, send them requests regarding the right products, etc. But what if you send a wrong request to a wrong supplier? Or arrange an important meeting with a vendor at the time of another arranged meeting?

minimizing errors

AI can help to minimize the mistakes and improve the efficiency of your company. For example, for the above-mentioned issue, you can use an AI personal assistant. It will schedule calls and meetings, send you reminders, and so on. The probability of a human error will be reduced significantly, which means that you won’t waste the budget on fixing mistakes.

Improving the production output

The second way of improving efficiency of your company is enhancing the production output. Automation and optimizations using AI are possible in many spheres of business, and production output is one of them. With the help of artificial intelligence, you can automate certain manufacturing processes. They won’t require human intervention — probably, only a bit of an oversight. By the way, the oversight itself can also be improved thanks to AI. In this way, AI can improve the efficiency of the manufacture, increase the production output and reduce costs on dealing with human mistakes.

Reducing operating costs

Another way of how AI improves the efficiency of a company is reducing operating costs. Operating (or operational) costs are expenses related to the core operations of your company. These costs depend on the type of business, but they can consist of the following components:

• Salary expenses
• Maintenance and repair costs
• Office rent
• Travel expenses
• Marketing costs
• Bank charges
• Office supply costs
• Costs of the production materials

reducing costs with AI

Obviously, some of them cannot be reduced with the help of artificial intelligence. For instance, bank charges — even the most efficient algorithms can’t make the banks change them. But some other expenses can still be cut, and salaries are the most obvious example here.

In some cases, software powered by artificial intelligence can partially or even fully replace certain employees. Their tasks will be automated, and you won’t have to include their salaries in your budget. This factor can be especially important if your company is a start-up. A one-time investment in AI software is likely to be less stressful for your budget than hiring a full-time worker. Apart from this, you can reduce costs with AI during the crisis — such savings can be crucial when your business is not facing the best time.

Better decision making with AI

More than half (54%) of company executives agree that artificial intelligence has a significant impact on improving the decision-making process. [1] Using AI for improving efficiency, you can also analyze data on customer behavior or market trends. It will allow you to make more informed and data-based business decisions.

Moreover, AI-based decisions can be made automatically by the system, supporting employees in their task. Companies can use AI not only for improving efficiency but also for predicting trends, optimizing logistics operations, setting prices and offering personalized promotions.

Dealing with the sticking points of customer service

Here are several interesting facts about customer service.

customer service

• 96% of consumers claim that customer service plays an important role when it comes to brand loyalty.
• 89% of clients tend to switch to the company’s competitors exactly because of bad customer service.
• 68% of customers think that a polite agent is key to really amazing customer service.
• 54% of consumers say that their customer service expectations have increased.

Actually, all these facts mean the same — if you haven’t implemented artificial intelligence yet, you should do this right now. It can significantly improve efficiency of your company, customer service and increase your brand loyalty. And, obviously, it will allow you to reduce expenses on service.

AI consulting as a way for reducing costs on the following sticking points of customer service

24/7 service

A lot of people think that a good company should provide customer service 24 hours a day, 7 days a week, regardless of the time zone and the size of the company itself. As for us, 24/7 service sounds great, but it leads to numerous challenges, such as hiring agents speaking different languages, training them and arranging their shifts. This requires a lot of money, and may be okay in case your company is a huge corporation with an endless budget. But if you are a start-up or a small local business, providing 24/7 service can be impossible for you.

AI chatbots can provide help at any time of the day, in diverse languages. Besides, you will also reduce expenses on the agents’ salaries — you won’t need an entire team working on you. You may only have a small department instead, which will work on specific customer inquiries.

Statistics show how AI can improve your efficiency and boost your business

how AI can improve efficiency

• 71% of marketers find AI could be useful for personalization.
• Artificial intelligence has the potential to boost employee productivity by 40% in 2035. [2]
• 52% of telecommunications organizations utilize chatbots to increase their overall productivity. [2]
• To maintain the accuracy of their data, 48% of businesses use machine learning, data analysis, and artificial intelligence tools.[2]
• Using artificial intelligence for sales increases leads by 50%, reduces call times by 60%, and results in overall cost reductions of up to 60%. [2]
• 41% of marketers agree that using artificial intelligence for email marketing generates higher market revenue. [2]

Ready to improve the efficiency of your company with investing in AI?

Don’t be afraid to invest in AI consulting — it brings numerous benefits and gives high ROI (Return on Investment). Moreover, implementing AI technology is virtually a must in the modern world. In case you don’t do this, it may be pretty difficult for your business to survive in an extremely competitive market. And by the way, if you still have any questions about artificial intelligence and its advantages, feel free to contact our AI experts..

[1] Pwc.com. AI Predictions 2021. URL: https://www.pwc.com/us/en/tech-effect/ai-analytics/ai-predictions.html. Accessed February 2, 2022.
[2] Explodingtopics.com. 80+ AI Statistics: Market Size, Growth & Business Use (2022). URL: https://explodingtopics.com/blog/ai-statistics. Accessed February 2, 2022.

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