The integration of AI has been a game-changer for businesses all over the world.
In fact, the number of businesses adopting artificial intelligence grew by 270% in from 2015 to 2019.
It's clear that many businesses see the potential of AI in growing their brands. But why hasn't every business adopted this technology?
Despite a promising future, AI is still relatively new and integrating it into your business presents some challenges.
We spoke to New York software developers, who explained that despite these challenges, we have reached a point where AI has become a necessity for businesses that want to stay competitive.
In this article, we'll explain how SaaS uses AI and share the advantages of AI for businesses. However, before we get into the details, let's review the basics of SaaS and AI.
What is SaaS?
Software as a Service (SaaS) is a cloud-based service that accesses an application through an internet browser instead of downloading software to your PC to run and update manually.
What is Artificial Intelligence?
Artificial intelligence is a technology that mimics the natural intelligence displayed by humans.
The purpose of AI is to understand the wants and needs of the user, based on how they would typically interact with another human as opposed to depending on direct device inputs.
How SaaS Uses AI
AI and SaaS make a powerful pair.
SaaS uses AI to:
- Enhance customer support: AI helps SaaS companies with automation. With the use of AI-powered chatbots, customers can get answers and solutions faster.
- Strengthen security: AI serves as a barrier for cyberattacks by monitoring abnormal online behaviors and assessing if the user is truly human. This is where an anti-spam tool such as CAPTCHA comes in handy.
7 Advantages of AI for Businesses
AI is an opportunity to grow your brand by increasing engagement. Let's look at some of the top advantages of AI for businesses.
#1: It boosts productivity and efficiency
AI manages tasks at a scale and pace humans can't match, making it extremely efficient.
Because of this, any task that AI can do allows more time for employees to maximize their skills and perform more important tasks.
It's a win-win for both your business and your employees.
#2: It automates processes
Digital and physical tasks in the workforce, such as financial and back-office activities, can be automated.
Using Robotic Process Automation (RPA), routine tasks such as updating customer files and records and extracting confidential information from documents can be done by "robots" or a code on a server.
Think of this technology as a human who inputs and consumes information from multiple IT systems.
#3: It enhances customer service through chatbots
A chatbot is a software application that replicates human conversations with users over websites, mobile apps, phones and other devices. It's an AI-powered assistant that communicates with people and is available 24/7.
A 2017 study found that 34% of customers are more comfortable getting customer service through an AI chatbot than a live customer service representative.
Due to our fast-paced lifestyle, people want a quick and convenient way to get in touch with customer service, anytime, anywhere.
With chatbots, users gain a genuine experience very similar to talking with a real person.
Chatbots are one of the most promising trends in user interface and customer experience.
#4: It makes work more human
Robots are not taking away your jobs, but rather, they are taking away your tasks.
Why?
It's because AI, machine learning and Robotic Process Automation (RPA) were created to handle tasks that are rule-based and routinary.
And once these menial tasks get out of the way, humans will have more productive time to do tasks that AI technology can never work on, such as filtering job candidates, teaching with a human touch and understanding complex laws.
#5: It helps secure your business from cyberattacks
According to a 2019 Cost of Cybercrime Study, 68% of business leaders feel their cybersecurity risks are increasing.
This is where AI steps in.
For example, credit card companies rely on AI to prevent billions of dollars in fraud each year.
Even so, cyberattacks don't pose threats to just the financial sector.
Businesses in different fields can face the following threats including:
- System infiltration
- Remote attacks on a website or on IT systems
- Account takeovers
AI solutions can help your business with phishing detection, behavioral analytics and network security.
Infographic created by Donnelley Financial Solutions, a data room provider
#6: It analyzes and interprets your business' algorithms
- AI has the ability for detecting patterns in large volumes of data which is helpful for your business because:
- It predicts your customers' purchasing preferences
- It identifies credit fraud and insurance claim fraud in real-time
- It inspects warranty data to identify quality or safety issues in the automobile and manufacturing fields
- It automates targeting for digital ads
#7: It measures customers' emotions
When you're able to gauge your customers' feelings, you can better identify their needs and preferences. AI makes this possible through sentiment analysis.
Sentiment analysis is an automated process that gives machines and computer software the ability to understand the emotions of the user.
Using sentiment analysis, you can detect the opinions expressed by your customers and measure feedback in millions of web pages, reviews, and forums.
#8: It monitors what your competitors do
AI allows your business to stay ahead of the competition by monitoring what your competitors do through competitive intelligence.
Competitive intelligence collects and analyzes information about your current and potential competitors, along with your industry and business environment.
You'll be a step ahead of your competition by tracking and understanding what they are doing.
#9: It can enhance your social media ads
Social media advertising has the power to micro-target audiences. Once you add AI to the mix, it becomes an even more effective marketing tool.
AI increases the value of social media ads by targeting users who are most likely to engage with the ads or be interested in the specific product or service.
This ensures that ads are reaching the right people at the right time.
Industry Insights About Artificial Intelligence
There is no question that AI will only become more popular in the coming years. The numbers say it all:
- A 2021 report estimated that the AI market will grow by 33% on a global scale between 2020 and 2027.
- According to a 2018 study, 54% of businesses have reported a boost in productivity after AI implementation.
- 62% of customers are prepared to use AI to improve their customer experience.
- A 2019 study by McKinsey reported that 44% of businesses worldwide reported cost savings because of AI implementation.
- 48% of companies use AI tools to fix data quality issues.
- 75% of C-level executives fear going bankrupt if they don't upgrade to AI.
- A study by Gartner found that 58% of consumers use AI to save time, and 56% said they'd use it to save money.
- 37% of businesses have integrated AI in some form.
- 21% of sales teams currently use AI in their everyday work.
Uses for Artificial Intelligence
With the increasing popularity of AI, industries around the globe have seen an uptick in the demand and implementation of this technology.
Industries that rely heavily on AI include:
1. Banks and financial institutions
AI in the banking industry is used to help prevent fraud and identify suspicious behavior.
How?
AI has the ability to recognize potential fraud behavior by learning from previous fraud patterns.
This suggests that when it comes to the speed of information processing, AI algorithms have it right off the bat compared to humans.
2. Healthcare
The healthcare sector is constantly evolving in terms of technological advancements to provide the best services for patients and healthcare workers alike.
AI integration in healthcare includes:
- AI-powered applications such as robotic surgeries, virtual nursing assistants and chatbots for booking appointments
- Expanding medical care access to those living in remote regions by using telecommunications technology
3. Retail
In the retail industry, AI helps customers have a more personalized experience through its ability to forecast by learning algorithms.
Retail applications display potential products that the user may be interested in based on the user's previous search results.
AI also helps retail brands by automating their inventory management. Staff members can easily identify out-of-stock items, misplaced items and pricing issues.
Not only does AI help retail stores run more seamlessly, but it also gives employees an opportunity to improve the customer experience by working on more productive tasks that AI can't perform.
4. Manufacturing
In manufacturing, AI can assist with quality control to guarantee that facilities and plants run efficiently.
AI can be used to create more accurate demand forecasts, optimize manufacturing processes, keep track of inventory and more.
Wrap Up on Why AI for Businesses Is One of the Hottest SaaS Trends
If you haven't integrated AI into your business yet, it's time to start.
AI can replace mundane human tasks and allow your employees to focus on more productive work, and also make communication with your customers a more streamlined and simplified experience.
Benefits of AI for your business include:
- It boosts productivity and efficiency
- It enhances customer service through chatbots
- It makes work more human
- It secures your business from cyberattacks
- It measures customers' emotions
- It monitors what your competitors do
- It can enhance your social media ads
Author bio
Rick Seidl is a digital marketing specialist with a bachelor’s degree in Digital Media and Communications, based in Portland, Oregon. With a burning passion for digital marketing, social media, small business development and establishing its presence in a digital world, currently quenching his thirst through writing about digital marketing and business strategies for DigitalStrategyOne.
Also read: https://www.businesstechworld.com/2021/10/how-to-prepare-for-the-cloud-engineer.html