≡ Menu

4 Ways AI is changing business for the better

Artificial Intelligence is changing many of the ways that you can conduct your business. Many of these improvements focus on task management and evolving data collection.

AI is changing business for the better

Here are just a few of the ways that AI is changing the face of the business world, provided by Brooke Chaplan in collaboration with NetOwl.

1. Task management

Collecting vast amounts of data often meant that you needed to spend a lot of time compiling it into something that was useful. AI is improving how and where this information can be collected. It can compile data in a useful format so that you can extrapolate the items that you require. As machines learn about what you want, this makes this task easier to manage. You can simply pull up the data and use it to make more informed business decisions.

2. Identity verification

The identity verification of customers, potential employees, and suppliers is another way that AI can help you. Software packages with entity extraction are improving how you can go about verifying someone’s identity. The basic idea is that data can be pulled from each person that you want to verify from a variety of sources. Name recognition software in multiple languages is also used in order to help give you the most accurate information.

3. Customer service options

AI is changing business operations also through the use of customer service optimisation. This is because your AI can keep more up-to-date records of your customers by constantly renewing information. For example, if one of your customers was to relocate, the AI system could automatically capture this new information. Another means of improving customer service is to automate response times. Your customers will appreciate being more informed without you having to invest employee hours into keeping them so.

4. Financial controls

AI is better at keeping track of when your bills and invoices are due. Another common use is for lenders to use AI to improve their ability to take out business loans. A system can be implemented in order to remind your customers when they’re getting close to a due date or the fact that their loan is about to expire. Another common use of AI is in the compilation of financial data. It’s easier to get a grasp on the health of your business if you don’t need to waste time inputting all of your financials.

There are lots of uses of AI in the modern business world. As we see the technology advance, the ways we do business and approach customer satisfaction and record-keeping will also advance. Consider these ways that AI can be useful to your business efforts.

More AI in business and the benefits of implementing AI in business.

Top Articles

Do I need an accountant for my limited company?
Find out what a limited company accountant could do for you.

Mortgages for limited company directors and contractors Are you self-employed and looking at getting a mortgage?

How much limited company tax do I have to pay? Find out the latest tax information for limited company owners.

Company Bug Newsletter

Keep up to date with small business news and guides by signing up to the Company Bug newsletter.