Today’s businesses collect large amounts of raw data that require processing and proper analysis for prudent decision-making. The scale of this amount of data exceeds what human capacity can handle and it is almost impossible for businesses, especially the big ones, to be able to offer services efficiently and to keep up with competitors without deploying technology like AI to complement their business processes.
But like any technology before it, AI too has its advantages and disadvantages. This article highlights them for your consideration when you decide to deploy them in your business.
Advantages
Below are some of the advantages of artificial intelligence in business.
- Eliminates mistakes due to human error. AI helps companies avoid problems associated with human error which can turn out to be very costly. By deploying the technology the company can now commit their human resource to other business processes.
- Takes over repetitive tasks. For many businesses repetitive tasks like data entry can be monotonous and routine. AI assists in automating these repetitive tasks and in the process frees employees to engage in other tasks.
- Simplifies the handling of large amounts of data. The amount of data handled by AI cannot simply be handled by humans. By deploying the technology, the acquisition, extraction, and processing of data is greatly simplified.
- Increases the speed with which decisions can be made. By processing data from its raw form to information that can be clearly understood, AI simplifies the process of decision-making by managers and other decision-makers because they have clear insights that they can work with.
- Works as a digital assistant. AI is used to power digital assistants like chatbots and voice bots that companies deploy to assist in customer service operations like inquiries. The customer service staff can then concentrate on other areas of offering support to clients.
- Greatly assists in pattern identification. Companies can use AI in identifying patterns in their clients like, preferences, and what goods are purchased together. This can then inform their marketing strategies in a bid to increase sales.
An example of a pattern can be like a trend when a customer purchases a bed, they tend to also purchase a bed stand with it. These trends provide important insights that companies can use to their advantage.
- Improves effectiveness. Deploying AI automatically results in improved work efficiency and effectiveness in business processes. Due to increased efficiency, which is a major pillar for the success of a business, the business realizes growth, and with growth comes more profits.
- Used in treatment. The deployment of AI in healthcare has largely increased the accuracy of ailment diagnoses which is a major milestone in the provision of healthcare. It has also enabled treatment to be more personalized by reshaping patient monitoring.
- Available throughout. As opposed to humans, AI can work 24 hrs a day seven days a week without needing a break. They can do lots more than humans would hence, increasing productivity greatly.
Disadvantages
Despite all the advantages, AI systems have shortcomings too, below are some of them.
- Likely to lead to an increase in laziness. One of the dangers of AI is dependence on it which can result in laziness which may greatly affect productivity if not checked. If not constructively used, future generations may be greatly affected.
- It’s expensive. Deploying and Maintaining AI is an expensive affair that will take a sizable amount of any business’s expenditure.
- Cannot be used in tasks that demand creativity. Since AI is dependent on algorithms, it is not suited for situations that demand creativity and innovation.
- Cannot understand emotions. Emotions play a big part in customer care and marketing. AI will perform the tasks it’s programmed to effectively but won’t be able to read a customer’s emotions and react to the situation at hand. This lack of empathy may have a negative effect if a customer doesn’t feel satisfied with the service rendered.
Conclusion
Change is constant. The world is changing with every passing second. If you are in business sooner or later you will have to deploy AI to stay ahead of your competition or to improve efficiency in your business processes. The earlier the better for you to stay ahead of the pack.
Tesla, the car manufacturer, is one example of a business that embraced AI earlier than other car manufacturers and is now ahead of the rest in the manufacture of autonomous cars, giving them a big advantage in the business.
Although other car manufacturers like Toyota and Jeep are also now making autonomous cars, the mention of autonomous cars has most people thinking of Tesla. This can be your business too if you embrace it early enough.
It will be expensive at first but with time you will reap the benefits as people will begin appreciating your services like they have done with Tesla. Right now, autonomous and semi-autonomous cars are among the most in-demand cars for rental in the USA according to recent statistics. To get an autonomous Tesla or a semi-autonomous Jeep rental from popular car rental companies like Rental24h, you now have to book early due to demand. Which is just unbelievable. Deploy AI and your business too can be part of the success stories.
