Unlocking Business Advantage through the Power of AI
With the capabilities of artificial intelligence, or AI technology, which has been continuously developed over the past 3–4 years and has become an increasingly important and intriguing facet of the business sector, many companies are using AI to enhance their work efficiency, reduce repetitive tasks, and improve their competitive edge. However, at the same time, some companies have found that despite their efforts to implement AI, they have not achieved the desired efficiency or results. This may be due to these organizations not fully understanding the scope and potential of AI or failing to define clear business problems to address with AI.
In this article, I would like to discuss the key benefits of AI that most companies can leverage. This can serve as a guideline for many businesses that are considering implementing AI within their organizations and help them use AI in a targeted and effective manner.
The key capabilities of AI that promote business management include:
1. Data Analysis and Decision Making, involving various forms of data analysis, such as Descriptive Analytics, which presents data in a statistical format that is easy to understand to further make business decisions. Next is Diagnostic Analytics, a type of analysis that explains causes, factors, or variables related to events. It can deal with marketing and sales activities to help make decisions with the most appropriate strategy and direction. Predictive Analytics, a form of analysis that forecasts the trends or occurrences of events based on past data. For example, it can predict future sales by comparing them to past sales during the same time frame. Moreover, Prescriptive Analysis is a way to anticipate situations by specifying the advantages, disadvantages, outcomes, and causes of what will happen. This includes providing suitable alternative recommendations for making accurate and informed decisions.
2. Automation Tasks, AI has the ability to teach the machine and make them memorize operational procedures automatically. This is particularly useful for managing tasks that require issuing repetitive or standardized commands. It is well-suited for creating automated chatbot systems, factory management systems, or marketing automation. For example, it can assist in sending emails, posting content on social media, or creating advertisements that cater to customer interests. Automation can greatly increase the speed and efficiency of work.
3. Enhanced Customer Experience, AI plays a part in fostering research and development in products and services by leveraging its powerful data analysis capabilities. It helps enable businesses to benefit from in-depth research to develop products or services tailored to the individual needs of each customer. AI assists in fine-tuning marketing strategies on a personalized level to enhance customer engagement and deliver services that go above and beyond their expectations.
4. Human Resources Management, AI plays a significant role in helping organizations improve the efficiency of their recruitment process by identifying suitable candidates for each position according to the organization's strategy. It begins with the initial screening of a large pool of applicants, comparing the desired qualifications, and identifying those with the appropriate attributes without bias, thus streamlining the subsequent steps of arranging interviews and conducting assessments. Additionally, AI aids in evaluating the abilities of employees and designing personalized training courses for their development. It can also analyze trends in employee turnover, allowing for problem identification and solution-seeking collaboratively. Furthermore, it contributes to enhancing employee engagement within the organization.
It can be seen that AI has significantly contributed to various aspects of businesses, enhancing operations, analyzing organizational data, and improving products and services to meet customer demands. If an organization is considering the integration of AI into its management and operation, it can begin by experimenting with AI to address repetitive and small-scale issues within the organization. This can be followed by an expansion of AI implementation, ensuring that the workforce can adapt and utilize AI effectively, resulting in tangible and efficient outcomes.