How AI Can Save Your Time and Money!
As the saying goes, “time is money”, and when running a business, time is a luxury that is quite difficult to obtain. So, how can you use Artificial Intelligence and Machine Learning to save both your time and your money?
The central driving force of a business is the people working for it. Without people, a business will not be able to function, and hiring them requires both an investment of time and money. The many features of AI allow the automation of many processes—which are done with more efficiency and accuracy than us humans—, valuable insights that can be used to help the company, and other idiosyncrasies that aid in its running.
For example, AI can create a personalized shopping experience for every customer, by collecting data from their shopping habits, to their preferred products. This leads to better customer satisfaction, as the algorithm utilized by the AI recommends items that it thinks the customer would be interested in, causing them to return when shopping. This is one of the best methods for product discovery. Another niche use could be for clothing retailers: AI can now construct models of different body types, poses, and ethnicities, to allow potential customers to view how exactly they would look in the clothing. With this, you can also save money by not hiring models and photographers for products (a big plus for the eCommerce industry).
On the administrative side of things, Artificial Intelligence can be used to devise timetables and assign tasks to workers, whilst taking all factors into account. This would save the administration a lot of time, allowing them to do other, less menial tasks.
Sure, the initial setup of AI can be relatively expensive, this is one of the main reasons why many CEOs and business owners are not willing to use it. However, in the long run, it will definitely run you less money, due to the fact that you do not have to spend more money on employees. In addition, it can be used in a business’ marketing channels (which saves time and makes it more personalized), to increase your customer impressions and engagement.
This is just a drop in the bucket, AI still has so much potential and room to evolve. Businesses (both large corporations, and small companies) can benefit so much from the implementation of Artificial Intelligence. It is a key player in the “technological evolution” of the industry.