Artificial Intelligence (AI) is a replica of the human intellect through complex technological processes and systems. Thanks to technological advances, it is now possible to extrapolate some of the human brain’s unique characteristics and capabilities to technology. We can apply technology to any field, and, therefore, it is possible to nurture inert beings with human thought.
Giving life to any entity has its advantages. The most important is that the properly human intellectual effort can be complemented and added a plus through technology that will allow us to save time. We already know that time is money. The machines that emerged in industrialization are based on mechanical processes. However, the implementation of Artificial Intelligence allows them to solve problems and make decisions for themselves.
All of this is possible, thanks to the four pillars on which AI is based:
- Genetic algorithms (machine learning).
- Artificial neural networks (deep learning).
- Logical reasoning (intelligent data discovery).
- Search for the requested status (predictive analysis).
ARTIFICIAL INTELLIGENCE AND PROFIT MAXIMIZATION
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The technology applies to any field that is of interest to human beings. One of them is the company. If we analyze where the most time is wasted as an entrepreneur, it is in business management. The margin of error cannot exist. Resource optimization is where all efforts should be concentrated to maximize the benefits that AI brings to a business structure.
More and more business management has become more complex and the massive volume of data generated day by day by each individual is greater. Technology has had a lot to do with this and, to simplify processes, a great opportunity has been identified to enhance business development and management: Artificial Intelligence.
Having access to so much data, we must understand that they all have their function and utility. Losing them along the way results in a loss of information and, therefore, productivity and money. Analyzing them and making decisions based on this data is a crucial factor depending on its activities.
REQUIREMENTS TO BE ABLE TO IMPLEMENT AI IN THE COMPANY
Business management seeks to increase the productivity of the company. Artificial Intelligence also watches over it, and for it to be implemented in a process, it must have these four requirements:
Data: the greater the volume of data, the greater the probability of obtaining a more significant number of connections. This translates into an improvement in the precision of ideas and, therefore, increasing the detection of patterns and behaviors, making sound recommendations and suggestions to users.
Computing capacity: is one that manages to consume, store, and analyze data. The phenomenon of cloud storage has managed to give access to valuable information at the user’s request that is part of it. In computing, knowledge is power.
The science of data is essential to know how to manage, clean, integrate, and transform information. To all the data extracted, statistical procedures must be applied to obtain user behavior patterns. We are talking about intellectual property in computing (IP), recognizing exclusive rights to use algorithms and models created based on large volumes of data.
Time: the first to implement an algorithm, the result of laborious research and development, has an advantage. These algorithms present a long learning period for the data they handle. On the other hand, we must not forget that once they are optimized, they will simplify decision-making as much as possible, both for the company that applies it and for its customers.
THE OPTIMIZATION OF BUSINESS MANAGEMENT DEPENDS ON ARTIFICIAL INTELLIGENCE
If decision making is simplified thanks to AI, it can be affirmed that sound business management depends directly on the introduction of Artificial Intelligence in its structure. These are the four factors that make it up:
- Planning: Identify how these goals will be achieved through strategies and resources (technical, financial, or human).
- Organization: Who will carry out each of the activities? Once you have the answer, an estimated timing and action procedures must be established.
- Address: Motivate the employees in charge. Make sure that all activities are carried out optimally through assertiveness and empathy.
- Control: Monitor the work that is being done to detect problems early.
- Data collection to facilitate decision-making and correct measures to avoid putting the company at risk.
Therefore, business management is made up of four functions that allow us to identify its strengths and weaknesses. After being detected, ideas are proposed to reduce the risk of the company’s activity.
ARTIFICIAL INTELLIGENCE AS A PROCESS SIMPLIFIER
Every department of a company is subordinate to business management that guarantees its proper functioning. In all, the optimization of resources in the shortest possible time is rewarded, ensuring benefits maximization. The accelerator that allows this goal to be reached earlier is Artificial Intelligence.
AI improves all the variables that directly affect business management functions: productivity, workers, customers, products, and the labor market.
THE POSITIVE IMPACT OF AI ON BUSINESS MANAGEMENT VARIABLES
- Productivity: increased performance and productive capacity of companies. The machines will handle routine processes like real-time troubleshooting. This is possible thanks to the ability to exchange information and the analysis of unstructured data.
- Workers: Artificial Intelligence has led to the liberation of employees from the most mechanical activities. Your efforts can now be focused on working on your emotions, creativity, imagination, or intuition.
- Customers: AI algorithms enable automated responses to customer needs. This is due to a better understanding of their behavior thanks to the technology used. It also allows a tight design of loyalty strategies according to the identified target.
- Products: allows you to know in real-time all the details of each of the items offered. Due to e-commerce, it is essential to know everything about its storage, distribution, and sale.
- Labor market: workers will have to be updated to fill new jobs that will emerge, compared to others that will disappear. However, the number of employees will be the same; neither will it decrease, nor will it increase. Age and training will be vital to securing a contract.
ARTIFICIAL INTELLIGENCE AS A PROCESS SIMPLIFIER
Every department of a company is subordinate to business management that guarantees its proper functioning. In all, the optimization of resources in the shortest possible time is rewarded, ensuring benefits maximization. The accelerator that allows this goal to be reached earlier is Artificial Intelligence.
Next, examples will be presented for each department that makes up the organizational structure of companies. Here the following is demonstrated: why the democratization of the use of Artificial Intelligence in companies should be ensured.
ADVANTAGES OF AI IN THE SALES DEPARTMENT
Automatically fill, monitor, and update activities related to the company’s CRM database.
Recommend the best response to a customer via email.
You will closely monitor each phase of the funnel to determine the likelihood of converting to a sale. It will identify why the user did not finish making the purchase.
ADVANTAGES OF AI IN THE CUSTOMER SERVICE DEPARTMENT
Automatic segmentation of the type of need that the contacting customer has. It prevents the agent from wasting his time if it is not necessary in that case.
Optimize the service since the system locates the operator who can best solve the customer’s problem.
Suggest the best solution to solve the problem presented. It reduces the time of decision making but increases the quality of the service.
Save the customer the call to the call center through self-service—for example, a chatbot.
ADVANTAGES OF AI IN THE MARKETING DEPARTMENT
Automatically predict what the rate of opening an email will be, as well as the subscription rate to a newsletter.
Send recommended products exclusively for each user, based on recent purchases. The items with a high purchase and conversion rate according to the target’s automatic segmentation by the algorithm.
Prepare messages at the right time, after prior learning of how and when the customer buys (purchase cycle or buyer journey), identify when they will be most vulnerable to the purchase.
Final Words
Artificial Intelligence in business management presents a very positive growth trend. Although its introduction is not being as fast as companies would like, very hard work is being done on the areas that will most affect business management: reasoning, understanding, and interaction.
