Artificial intelligence is the talk of the town nowadays, and companies are pumping billions of dollars into it to participate in the rat race. Even though there’s a controversial debate as to whether AI is our helper or destroyer, we can’t ignore the fact that it’s a powerful tool to utilize in 2024. There are many advantages to AI, and it’s a technology we haven’t had before.
Whether you’re a small business or a multi-million dollar company, artificial intelligence can play a key role in optimizing your operations. Here are some perks of jumping on the AI bandwagon and leveraging this powerful tech.
1. Better Decision Making
One of AI’s most valuable use cases is that it makes the decision-making process faster and more accurate. This technology allows you to analyze vast amounts of data and make informed decisions. Provided the AI is given access to the right dataset, it can sift through past information and come up with possible future outcomes. Some of the patterns and trends it will identify can be missed by humans, which makes it more precise.
A great example is how AI is being used in the healthcare sector to help doctors with diagnosis. Because of its high level of accuracy, AI can detect early signs of cancer or similar conditions and help provide timely treatment.
2. Improved Customer Experience
The rise of artificial intelligence led to the invention of AI chatbots and virtual assistants. Features like Siri and Alexa are a great example of how AI virtual assistants work. They’ll schedule your appointments, set up your meetings, play your favorite music, and even remind you of something in case you forget.
Companies are adopting AI chatbots to improve their customer service experience. Seeing that the average person is only productive for 3 to 4 hours per day, AI chatbots come in to optimize the customer assistance experience 24/7. They’ll respond promptly and offer help round the clock, so there’s no downtime.
3. Detects and Prevents Fraud
Thanks to its machine learning capabilities, AI can quickly detect irregular patterns which can be a possibility of fraud, especially in the finance industry. With every new data it gets, AI will learn and update its pattern recognition algorithm to always detect the latest scams and fraud tactics.
Whether in a financial institution or a gaming site like a casino, AI will first detect unusual behavior, flag it as suspicious, and raise the alarm, prompting the people concerned to act. Some large banks using AI will even notify a cardholder if there are irregular transactions with their credit card to confirm if they authorized them.
4. Personalized Customer Experience
For business owners, AI is a game changer in how customers experience your service or product. That’s why many companies in the US are incorporating AI into their product design and marketing strategies. When you look at the stats, more than 50% of American companies with over 5,000 employees have adopted AI.
The online gaming industry is the perfect example to paint this picture. Some of the top online casinos in the US use AI to provide a gaming experience that’s meant just for you. The site will recommend games you usually play and display bonuses you often claim. So, if you enjoy playing Greek mythology-themed slots, you’ll get a notification that the Thunderstruck series has released a new title for you to challenge the gods of Olympus.
5. Reduces Human Risks
Artificial intelligence has led to the creation of robots which have played a big role in manufacturing, mining, exploration, military, and other hazardous sectors. Having a robot instead of a human in dangerous situations like defusing a bomb or exploring the deep sea reduces the possibility of loss of life or injury.
Most production lines in many manufacturing companies have become fully automated to help reduce human error and avoid workplace injuries. Because of their hard metallic casing, robots are more resilient and can work in hostile environments. They also take a long time to wear out and work optimally.
This Is Just the Beginning
According to tech experts, this is just the beginning of realizing the full potential of AI. In fact, what we have currently is said to be “weak AI”, which are systems that can only work on one task. More advanced AI systems are predicted to emerge in the future, with significantly enhanced capabilities. It’s safe to say that artificial intelligence is here to stay and is a powerful tool that you can use, not only in 2024 but also in the coming years.
