How Technology is Revolutionizing the Business Community
Technology has changed everything around us. The fingers that were used to write letters are now busy typing emails and messages. The phones that were invented to communicate are a place for your favorite apps. In short everything around us has changed. Technology has become an integral part of our life, and we cannot ignore its presence. Now technology has become a fundamental requirement of human life and business as well. In countries like Japan, Robots are replacing manpower. Though, this process is slow as of now but is gradually has made its way into every country. Artificial intelligence has entered the business communities, motivating them to adopt advanced technologies that are beyond imagination.
Since the dawn of technology, businesses are becoming more dependent on it, and with time, this dependency is increasing. Technology has a substantial impact on every department of a company and its work culture. Most of the business houses think how they can use the technology to make sales, marketing, HR and accounts more efficient and better. Internet of Things (IoT) and Artificial Intelligence in Business has helped them improve the efficiency of all its departments, are you left behind?
We all are very much aware of the changes that technology has brought to the business. But here we will look at a broader picture and find out how technology is revolutionizing the business community.
Role of Technology in Business Community
Technology has become a necessity for every business, and you cannot ignore its presence and importance. The traditional role of technology in the industry is not just limited to data storage, and security, its more than that. But here we are focusing on the use of AI in industry and its effects.
AI is still the future, however the business community has picked up this technology to improve its different functions. Artificial intelligence has been a fantasy for us, and we love the terminator and other robots with AI in movies. Now we have SIRI, though, she is not as visible as the terminators were in film, but it is one of the most used AI in today’s time. If we evaluate the role of AI in and other advanced technology in business then we will find that many companies have already implemented it and found them suitable for their business. Today’s business strategy is to get more by doing less, and AI is the best fit for it. So let’s dig a bit more to know about the role of Artificial intelligence in business.
Role Of Artificial intelligence in Business
A common belief about AI is that it’s so advanced that it will overtake the human resources, and soon the robots will replace men in manufacturing and other industries. But the fact is, AI is to improve the workforce. AI is already changing our world, but its effects on business and cubicles are more visible. Have a look at the critical roles of AI in Business.
AI and Help Desk
AI is dominating the customer support and services area. Unlike earlier, now as soon as you drop your query, you get a reply from the support. AI has made it faster and customer friendly. As improvements will be implemented, the AI will become better. The manpower working as help desk executive will become a talk of the past.
AI And HR Department
HR Department is a supporting department in a business, but it an important part that manages the human resources. The use of AI is reinventing the Human Resource Department. Though To AI or Not To AI is still a big question for many companies but in a survey of 2014 more than 50% CEO accepted that AI will improve the engagement of the employees.
AI can be used to provide answers to the queries of newly recruited employees, or the leave management work can be given to AI. This technology is not only for employees only, but it can help the HR executives too. Like in recruitment, a chatbot can do the preliminary analysis of a candidate by asking them basic questions.
The other benefit business community can get from AI in the HR department is by making the on-boarding process AI-based. The first three months are crucial for employees in a new company. In this case, AI can guide them by answering their query related to the job profile, salary and other general questions.
AI Optimizing Business Decisions
AI is getting smarter with the use of a new algorithm. The ML algorithm made Artificial intelligence smart enough that now it can power business decisions. In business, all the choice related to marketing or product launch or anything depends on the data and AI is best to be used for data analysis. AI understands the pattern of customer’s demand and choice. It’s already aware of the frequently asked question. AI is quicker and more accurate than human when it comes to calculation, and it can represent its analysis in figures quickly and easily. The AI generated data analysis can help humans to make better decisions in business based on the market trends and demands of customers.
AI In Finance
Business community can make use of AI for their salary and invoice process. However, AI is being used by financial companies for many purposes, one of them is CIBIL. AI is the technology used that quickly generates your CIBIL. In trading, the investment companies believe the data produce by AI is more reliable than human generated data, and thus prefer investing money as per the AI data. So, we can say that AI can be the future finance analyst for more finance firms and banks.
The Bottom Line
AI has a significant impact on different departments of business like HR, Finance, Marketing, Supply Chain Management, and many others. In the future, we can expect that more companies will use AI to make better use of data. Now machines are intelligence and even have power to make decision, are you using AI in your business?
