We are increasingly surrounded by artificial intelligence. Advances in machine learning and explosive growth in the IT industry are having a dramatic impact on our lives. So many of our daily activities – from scrolling through customized news feeds to using smart home devices – involve AI. According to Statista.com, the artificial intelligence market is expected to increase 8-fold by the end of 2025.
Artificial intelligence can be used for performing business tasks, too. By eliminating routine tasks that slow you down, AI-based software can let your company become more efficient and productive. AI can also help you organize your human resources and tangible assets, thus ensuring positive changes in a short-term perspective.
Today, we will discuss the best applications of artificial intelligence in business.
1 Financial Analysis
According to IBM, financial analytics tend to use AI more frequently during their earning calls and presentations. Predicting financial outcomes and connecting them to specific business events can be the next step towards safer and more lucrative financial operations.
AI can be a real life savior for financial brokers and dealers. Being able to analyze your company’s balance sheet and assess its development potential, you’ll know exactly whether investing in a specific bond or derivative will make economic sense. Thanks to professional AI software, you’ll get to control your investments without resorting to the help of financial analysts who may charge a lot of money for their services.
2 Tasks Management
Nowadays, AI is being used for managing manufacturing processes at factories and plants. But if it can ensure uninterrupted operation of machines, why not let it handle managerial tasks as well?
Eventually, it can help managers manage their time more effectively and concentrate on more practical things, such as implementing new technologies and coming up with innovations.
3 Market Research
One of the most AI-friendly industries is marketing. By comparing previous consumer trends with the most recent ones you can predict what goods or services will be popular in the near future. And the best thing is that you’ll be able to do it in a matter of minutes and without hiring a team of marketing analysts.
However, predicting trends isn’t the only application of AI — you will most likely be able to choose from a variety of communication channels and configure them with your PC. For example, Marketing Artificial Intelligence Institute has recently published a guide on how to use artificial intelligence to automatize the engagement of potential customers (leads).
4 Partner Search
Artificial Intelligence can be a perfect tool for finding responsible partners for your business. Using a special algorithm, you can search through the register of companies and pick those of them that operate in your area of interest. You can also scour the Web for feedback and reviews about that company. Thanks to specific keywords and phrases, the machine will divide the results into positive and negative categories, thus giving you an exact profile of the company you might be working with.
According to Medium.com, a prototype of such an algorithm already exists. Betterhalf is a platform designed to help business owners find potential partners according to their needs and preferences. Despite the fact that the platform has been around for more than 2 years, its AI is still learning to analyze individuals’ behavior, their life goals, professional background, and work experience. It then uses the obtained data to match identical profiles.
You can also use such a service for checking the reliability of an enterprise and reviewing its background. For example, students can search for essay writing services such as bestcustomwriting.com.
5 Proposals Reviewal
When a manager receives a legal document or proposal from another company, they may spend a lot of time understanding its concept and evaluating the risks involved. AI can do it in a matter of seconds by analyzing the prices, contractor’s background and your company’s current status (e.g. cash flow, list of assets, portfolio risks, etc).
The only thing the manager should do then is review the details and observe some legal formalities, such as signing a contract. Thus, AI helps minimize time spent on decision-making, as well as reduce the human factors errors.