For Smart Advice on Time Efficiencies, Look to Artificial Intelligence

By Anita Campbell
SBA blog | Originally Published August 6, 2018

When you think of artificial intelligence, your mind might conjure images of futuristic robots or computers that are able to act as humans do. But AI isn’t just an idea for the future. It’s making a real impact on businesses today and could factor even larger in the years to come.

An Accenture Research study found that AI has the potential to boost profitability by an average of 38 percent across select industries. It could also lead to a $14 trillion economic boost in additional gross value added by 2035.

So how do businesses most effectively take advantage of this technology to facilitate growth and efficiency? It’s not as complicated as you might think. There are several areas where you can implement AI today. Here are some tips for making the most of it for your own business.

Reduce Time When Recruiting

Growing a team is one of the most important functions of any business. However, sifting through dozens or hundreds of resumes manually can be time consuming. AI can sift through and screen resumes or applications, and match qualifications with the job requirements. In the end, you and your team will be making a human decision on candidates to interview and ultimately hire. But AI-powered recruiting software efficiently narrows down the candidate pool in the beginning.

Make Faster and Better Decisions From Your Data

Analytics for measuring things like your website traffic or marketing campaigns are ubiquitous today. The volume of data grows every year, and the challenge now is not in getting data, but in making sense of it for business decisions. Basic analytic tools can still leave you with raw data that you must then decipher.

However, as Becoming Human explains, there are different levels of analytics available today thanks to artificial intelligence.

• Descriptive analytics simply gives you the raw data. (Minimal AI)
• Diagnostic analytics can indicate some of the reasons behind the numbers.
• Predictive analytics makes predictions about what could happen in the future based on the data.
• Prescriptive analytics offers real world solutions.
• Cognitive analytics actually automates the solution. (High AI)

As the above progression illustrates, the more AI is involved, the less manual time and effort that’s needed for analysis and problem solving.

Answer Customer Questions Automatically

You can’t automate all of your interactions with customers — even online. But in certain circumstances, AI can help you answer customers’ questions on…[MORE]

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