From banking to the world of work, via customized products and data analytics, here’s how artificial intelligence will change tomorrow’s businesses
So far, we’ve learned that artificial intelligence applied to the world of Industry 4.0 will bring huge benefits to small and medium-sized businesses. But in general it will revolutionize the world of entrepreneurship as we know it today.
The business sector will undergo a marked change with the advent of artificial intelligence. Both a positive and negative shift. Because while artificial intelligence will bring new employment opportunities, there is no denying that thanks to this system, many machines will replace human labor. The way machines have been developed, they allow for more efficient work, with less time and cost than the same task performed by a flesh and blood employee. However, automation will require very specific professional figures, and therefore there will be fewer redundancies within companies than expected.
Data Analysis and Use
The ability to have a lot of data available is not necessarily an advantage for companies. Managing this amount of information is not easy. And it is within this context that artificial intelligence fits. Machines will know how to not only collect but also analyze data. And the real value for SMEs will come from the analysis of this information. Machine learning will allow for predictive graphs in record time, diagrams on the consumption of the production phase and suggestions on how to improve efficiency. In the past, it took months of expert work with Excel spreadsheets, but now it may only take a few hours.
Budget estimates
Managing the budget within a business is never easy. Many SMBs make expense and revenue plans on a quarterly and annual basis, but are often forced to update their forecasts as they go because they’ve forgotten some overhead. Thanks to artificial intelligence, it will be easier to forecast expenses and revenue on a monthly and annual basis, this will help SMBs better manage capital for investment.
Product customization
Thanks to artificial intelligence, it will be easier to receive feedback from consumers. In this way, many companies could make customized products based on customer requirements. And in the future, personalization will be the key for many companies to be able to differentiate their services from their competitors. Artificial intelligence will also influence marketing through specific programs designed for targeted emails or personalized ads on social networks, apps or search engines.
Human Resources Management
The tools offered by artificial intelligence will also make it easier to understand which candidate, among a large number of possible employees, is the most suitable for our company. But that’s not all. AI will also help the distribution of rewards fairly distributed by goals achieved and missions completed.
Banks and Insurance
Every process within banks, insurance companies and even in the world of finance will be easier thanks to the use of artificial intelligence. Robot-advisors will emerge to guide people in investments and banking. And banks will use chatbots to help their customers around the clock.