A recent global study by MIT Sloan Management Review and the Boston Consulting Group (BCG) found that more than 80% of organisations see artificial intelligence (AI) as a strategic opportunity for their business. The study surveyed companies from 21 industries in 112 countries, highlighting the fact that AI can serve multiple sectors, and is not just limited to a handful of business segments.
What is AI?
The term ‘artificial intelligence’ was actually coined way back in the 1950s, and since then its definition has broadened widely as technology becomes smarter, data becomes more prolific, and analytics become more nuanced. At its most basic level, AI refers to a system that is capable of learning from data. As more data is inputted, the system gets smarter and is able to take more action on its own, accomplishing what only humans could do previously, but in a much shorter timeframe and with increasing accuracy.
Data has become the new business currency, and, thanks to new technologies, companies have access to more data than ever before. But the business differentiator is not who has the most data but what they do with the information. And this is where AI comes in. AI essentially unlocks the power of data. Through the use of AI, systems can process massive amounts of data and transform this data into knowledge – knowledge about everything from customers and staff to procedures and time management.
Getting to know your customers
The better you know your consumers, the better you are able to give them more personalised brand experiences that will turn them into loyal customers. AI is an extremely useful tool to learn more about your clients’ preferences and buying habits. It is already being used extensively in ecommerce, where customers’ ‘Wish Lists’ and previous purchases can provide insight into their interests, likes and spending patterns. One of AI’s key benefits is that this data is available in real time, so online retailers can act on this information immediately. The insurance industry is also using AI to get to know its clients’ driving behaviour, which not only results in lower premiums for safe drivers, but also gives insurers more information about their clients that could be used for future company innovations that will address a glaring need they would otherwise not be aware of.
Optimising employee performance
Of course, your customers are not the only people important to your business. The advantages of AI are not solely externally focused but can also turn inward to put the spotlight on the individuals who make your business happen. AI can be used effectively in many HR processes, such as the hiring of new staff and performance reviews. In addition, it can assist in detecting potential staff issues, such as regular absenteeism, before they become problems, and even point to possible causes. AI is also an incredibly useful tool for compiling staff schedules and allocating resources on certain projects, in order to optimise productivity, augment outcomes and reduce costs.
Enhancing business operations
Whatever your business, AI can enhance how you run things. In manufacturing, for example, AI can be used to quickly resolve issues on the floor by accessing data on how similar problems were addressed in the past. In sales, cold calling can become a thing of the past as AI can help to generate more accurate leads. Delivery companies can use AI to manage and monitor their fleets, and more accurately assign tasks and achieve quicker deliveries. Across industries, AI can assist in driving down costs, optimising time management, compiling accurate reports and better serving customers. Real-time processing of data ensures businesses keep up to date with better information, better recommendations and more insightful predictive power, to optimise business decisions.
AI on your phone: the businessperson’s virtual assistant
Cellphones have been vital business tools for almost two decades now, and their importance has only accelerated as the idea of the flexible workforce starts to take shape. Smartphones are also becoming increasingly intelligent as AI is being integrated more and more into their systems and applications. However, AI has also been known to slow down phone performance considerably, drain battery life, as well as open users up to privacy problems – none of which are good for business.
As the first and only phone with on-device AI, the new Huawei Mate 10 Pro is able to address all these issues. Because the artificial intelligence is on the phone, all your information stays on the device, and you do not need a network to use traditionally data-draining apps. In addition, the Huawei Mate 10 is built to avoid battery waste, manage abnormal power consumption and maximise battery usage. This makes the phone an ideal business companion, as you will never be let down by a dying battery, even in the case of excessive usage.
Because it is an AI-enabled device, the Huawei Mate 10 Pro is also able to learn your cellphone habits and preferences, so over time it can become more intuitive and give you a more personalised experience. This kind of intelligence goes well beyond what Siri and other voice-activated assistants can do.
The Huawei Mate 10 Pro is giving people a taste of what artificial intelligence can do for business, especially in terms of having a more customised consumer experience. AI is undeniably the future of business, and companies that use it wisely will have a definite competitive advantage, or risk getting left far behind.