Benefits of artificial intelligence in business

benefits of artificial intelligence in business

AI benefits in Business: Artificial intelligence is an integration process in between cloud computing, network devices, robots, computer, and digital content production and in various business processes, systems, and daily life operations. Artificial intelligence computing was in past, today and will be in future.

Currently, we are using robots or artificial intelligence but we do not call this robotic operation or artificial intelligence application.  Such as when we get a notification about recommended friends, recommended videos, recommended products and recommended search results etc. and all recommendations are automatic through programs that use cookies and our search history when we use the internet.

 

When we use internet through browser and apps in that time our data is collected and manipulated with computer programs (application or apps) to create and send recommendations based on our interest and behaviours that are programmed in an application. This is the way machine learns.

Another example when in your mobile the data pack is finished it automatically starts sending you the notification and various offers to recharge again. In business, it’s customer retention process.

Companies have to focus on their values, brand position in market, goals and customer experience while trying to implement AI in their business process and system. AI applications and programs will create different process and system of works with high speed and accuracy. They need proper inputs (programs, code, class, function, and loops) from its users before performing any action.

Artificial intelligence method looks that it will make businesses successful when it’s implemented in each process and business operations from idea to production, branding to marketing, selling to feedbacks and even ITR/GST etc. TAX system.

I think that computer and machines in future will automatically repair themselves with only one command and one person. And each one of us will become more powerful with artificial technologies, machine learning and cloud computing in Business.

Related: How can artificial intelligence benefit humans?

How Artificial Intelligence benefits business?

Information Technologies impacted our life positively and negatively. Also, evolution in IT created search engines, responsive websites, apps, social media and many others and most of the IT tools are on the mobile devices. And might be Charles Babbage imagined the power of computers that we’re using these days.

1.  Automatic Process of electronics shopping and maintenance:

For example, Person A wants to buy a new computer or any machine: Now he/she need to use personal computer or mobile.

So how, what can be the process with Artificial Intelligence?

Person A – Command Computer (open website and order) -> Now Company receive the mail and deliver the product to the shipping address – Now Person A switch on the machine (input) –> Machine ask certain question (output) such as Your Credit Card Number, Your mobile number, personal chat room, and email id, placement address, operator Education or skills level, time zone etc.) –> Now all this data is stored in the machine –> after that machine again ask the person A – in which mode you want to operate me (Such as with internet – fully Automatic – Manual (control through apps or based on notification) etc. – Person A select the best option and now it’s done. And machine started working.

After 6 months machine sent notification to person A – I want to replace my abc part 3.4 or replace abc part 3.4 before 21/11/2017 else I will consume more energy and power – now person A get only 3 options Yes/No/Cancel and if he/she select Yes then machine automatically find the part, order to its’ supplier, use the credit card information that you saved earlier in the machine  and  in between that person A also get OTP or something to swap to confirm the order and manufacturers or dealer to send the part to the place where machine is located (I am sure that abc part 3.4 is delivered by drones) –> Now one person is there in that time (because he got notification that your product is delivered and you can also check where it is currently and in which time it is in front of your house), that movement will be VOW for person A.

 

Now person and insert the part 3.4 after reading the manual in the part and insert it. Then the machine will say, the part 3.4 is successfully installed, thanks for helping me.

That’s what I mean an automatic process that small business owners, companies, and any person can use with the help of artificial intelligence. This is not any movie script and it’s what I am thinking.

The current challenge in adapting Artificial intelligence is not how you use it? When to use it? We can learn that later.  But the biggest challenge now I think that how perfectly we can create products, applications, machines and all consumer products with the class integration of artificial intelligence in the program.

 

 Here are some useful links for you:

Amazon Machine Learning platform: Artificial Intelligence on AWS

And here the list of Top 20 Artificial Intelligence companies

 

2. An automatic TAX system in the country after the integration of Artificial intelligence, predictive analytics, and cloud computing.

For example, if any government or Indian government facing a problem of tax collection or I mean there are only 20% people those are paying tax, I mean file GST each month or third month. It’s big and complicated process for people so they ignore. There are others reasons too. But this tax collection system can be automated by artificial intelligence more effectively.

 

For example, Person B currently files Income Tax Return by collecting bills/banks statements/income and expenses and profits/ various other current and fixed assets reports etc. with the help of a lawyer and charted accountant.  It takes 2-3 days for a normal person to file ITR due to various reasons.

 But after artificial intelligence integration in GST, ITR submission application, what will be the process?

1). It’s mandatory to person B during the registration of business and company to get government-provided Unique Business Ids such as digital pen card or DIN or any kind of number Card. And person B has to list his/her business account number in the form or application and mobile number, email ID and UID number and address proof etc.

2.) Now, person B started working and after a 1-2-3 years/months, he/she got a message from the government of India that you have to pay 3oooo rupees income tax or GST.

Now person B have a choice do you want to pay now? YES/NO/Cancel. If he/she select YES, then selected bank automatically transfer payable tax money to the government. And he/she got the message within a second from Government that we received the amount, thank you, we do our best to provide best citizen services.

But he/she ignore the message, more than 10 times or duration to select the option than government no need to find him, even no need to check his/her business details manually.

His/Her bank business accounts are sealed and money is transferred to the government. Even government can take 5-10000 security amount before registering the business in India (according to the business nature), the UNIQ ID stopped working it means he/she not able to conduct business with another person. Even his business place water/internet/electricity connection cut and he/she never be able again to do the business or they have to complete certain formalities.

 

I know you have various questions? But the most important is how the government knows how much the person B has to pay the TAX amount. Just imagine, what you think how government can know before person B.

How does government know automatically how much he/she have to pay such amount of GST or Income tax etc. even before his/her report?

When anyone starts a business he/she will get a unique Business ID that is traceable and included all the business details in single code.

Each company, business owners or taxpayer got some instrument from the government after registering in this Artificial Intelligence method to collect and pay taxes.

 

These instruments are Artificial intelligence Application that worked only on one Unique Business ID, product code scanning machine. And business owners have to use mobile/ computer and high-speed permanent internet connection.

 

Each product during manufacturing process print code on the label that is scan-able later when ready to sell. It will be mandatory for each manufacturer to use government provide application and need to integrate with their production application or machines.

 

At the end, each retailer or shopkeeper is only able to sell the product after scanning the code, and that code is automatically added to the online application and government get the data about the total sells.

Even the code automatically find out the manufacture, GST (18%, 12%, 5%, 28%) no way of confusion.

 

  1. How Income Tax automatically calculated?

It’s easy with artificial intelligence method to calculate income, tax and pay directly without filing ITR. For example, each person has Aadhaar Card in this case bank details, insurance policies, RD, Fixed deposit and various other banking services used by a person is automatically saved in government data. It’s possible when all banking services and their application are integrated with government application so that it will automatically send notification and appropriate recommendations to authorities and people about the status.

When someone buys any product he/she provide his Aadhaar Card or Debit Card so the software at sellers end collects the details of the consumer.

 

Now after year government automatically have details about each individual income and expenses.

 

But what are the important things that are important to consider while implementing or integrating artificial intelligence in tax system application?

  1. It’s important that government provide free digital instrument to conduct business transparently. Such QR code or barcode or product code scanning machine, software etc.
  2. The government also needs to educate people while registering for the digital process.
  3. Government also needs to invest money to create artificial intelligence application to automate the tax system.
  4. For higher speed server or AI application speed they should use cloud computing and cloud hosting as well as cloud storage.
  5. All businesses and companies should integrate their business transactions or business operations details with Artificial intelligence application.

Benefits of implementation:

  1. Save million dollars of government and business owners from manual tax paying system, human operated infrastructure and from survey and research.
  2. Business system and process are transparent so there is very min. chance of corruption.
  3. It should be optional for businesses to choose manual tax system or automatic. So till they are not financial mentally and physically prepare for the system does not force them. But government can keep the check on those people not participating in automate system.
  4. Ease of doing business.
  5. Each business owners automatically collect business data and predictive analytics and they can take best decision.
  6. Even governments have data and they can create best policies for business owners.
  7. Predictive data analytics in application also help government and business to prepare for future challenges and socioeconomic factors.

 

Now here you can learn more:

How AI Impacts the Tax Function

 

3. More powerful IT Support & Services

For greatest customer experience it’s important to resolve customer complaints regarding installation, training, maintenance, upgrading etc.  effectively with speed. But that is challenging for customer support system and IT support technician to assist, care customer’s need by delivering technical help professionally and in low cost.

If it takes 5 people to resolve 1 customer problem within 12 hours, if customer service desk not able to understand the customer problem, if customer is not able communicate and connect with online support quickly and in real time then it’s important for companies to rethink about their customer support services and brand position in the market.

But now you can automate your IT support and customer support thorough artificial intelligence. Customer support and software, apps or chat application learn customer problems and communicate in real time with customers.

AI based customer service CRM applications help businesses to improve the productivity of support team and resolve customer problem in real time. It’s under development and but it’s going faster around the world to automate customer support that improves effective customer experience.

Chat bots with AI capabilities transforming businesses to new level. In which applications automatically respond customer when they face any technical problem. The simplest example is when you drag mouse pointer to a sign out option in application then you see a tool tip such (SIGN OUT) or when you hover mouse on B option in Microsoft word it says BOLD. And even when you press F1 in desktop application it will open help window.

Similar to F1 help, through artificial intelligence it will be more powerful with chat option, FAQ according to user and recommendation based on application work history.

And customer support teams needs to acquire skills to predict, analyze, and create auto responder and problem solving method through artificial intelligence.

For example after adding the power of artificial intelligence in an application the results will be like this:

  1. Customer A call and Support Member A start communicating with customer, understanding problem, adding features or resolving issues whatever it is, but now application is learning about both customer and support member what they are talking about, what options they are selecting and customer feedback and reviews.
  2. Now Customer B call and application automatically learn, if customer B problem is the same as customer A then the application automatically resolved the problem without transferring the call to Support Member A.

It’s tough but it’s on the way and that transforming the consumer’s life to effective products and services experiences.

Here are some important tools and example that help you to understand how artificial intelligence improving customer experience in low cost.

Here you can learn more: 10 reasons why AI-powered, automated customer service is the future

AI for customer support AnswerIQ

4. Effective Sales Management Process and AI marketing automation

It’s important for all kind of businesses and companies to create practical sales management system that monitors the team performance, build sales techniques and management of customer database etc.

That’s why sales managers, sales teams need writing skills, negotiating skills, communication skills, planning and execution skills and organizational skills to work in any condition and keep the work environment healthy, productive and motivated.

 

But it’s not easy for businesses to manage sales people or team effectively, the creation of sales strategies, sales training and to create effective sales process.

That’s why artificial intelligence, machine learning, and predictive analytics are in the demand to create sales management tools and effective B2C, B2B sales process that force automation pipeline.

For example, how do I know (human) in a second that you interested to buy Air purifier, how do I know that you’re interested to do take IT consultancy services etc.  It’s tough for humans to predict the user behaviors accurately without any tools (even with tools), without communication, without our connection the analysis not be accurate.

But this is possible and 90% times it’s accurate with the help of machine learning, artificial intelligence, and business intelligence applications.

 

When you search on Google for any product or when you’re interested to buy something and you talk about that on the internet or  chat application (even with your friend), you get promotional emails within hour in your inbox automatically, wherever you go on Facebook, Twitter and search on Google, you get recommendations.

 

It’s because the applications are integrated with each other through API and we (user) is providing access to data and information history on the internet.

 

That’s how the customer’s data and behaviors are copied into sales management database. And AI based sales management tools and the software automatically inform sales teams to call person A on 12 PM on Thursday, call Person B within an Hour or Send this Product 2.0 promotional emails to these emails ID (It’s because these emails IDs are active right now on the internet.

 

Following are some examples and tools that promise effective AI based sales management process:

Hyper-personalized pitch creation system: contiq

How AI is changing the Day-to-Day Work of Sales Teams

AI based Sales Forecasting

 

There are lots of examples and transformation going through artificial intelligence business system and processes in developed countries and big companies. Now small business owners have to start using trial versions of Artificial Intelligence-based sales, marketing, support, and management tools to understand how it will impact on their business positively and negatively.

Top 12 Examples, How Technology Has Changed Our Lives

Every day comes with new challenges and opportunities. But it’s important for humans how to transform difficult challenge into an opportunity. This is the way to live Technological Life.

What do you think about artificial intelligence impact in business? 

#artificialintelligence #machinelearning #predictiveanalytics

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Vijay Kumar is an Entrepreneur and the founder of www.klientsolutech.com blog website that is aimed to help students, entrepreneurs in career and business development.

Currently Digital Marketing Freelancer at Upwork and so far have completed 100+ digital marketing projects successfully for online and offline clients.

In past worked in many institutes and educated more than 1500 + Students basic practical IT skills offline. Working in the IT field since 2007.
You can follow/connect/communicate here: 

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