(ThyBlackMan.com) From a business buzzword to a necessity, Artificial intelligence (AI) has successfully convinced businesses of all sizes to take advantage of it. With enterprise budget for AI investment is expected to go over $47 billion in a year, companies should start building their strategies. Below are some suggestions on how to do it.
Know what AI can do for your business
While not well understood by all, artificial intelligence has been present for many years. Today, technology enablers have brought AI to mainstream and AI applications can now utilize the greater levels of computational power to simplify the business process for companies around the world.
With AI, businesses have got a highly potent combination of innovation and technologies. More than 75 percent of C-level 
executives and engineers say that they want to implement AI in their organization. But before you join the bandwagon, it is important to understand what AI can do for your business and how relevant it is in your industry.
You should take advantage of the wealth of information available online so that you can learn and understand the basic concepts of artificial intelligence. The possibilities are unlimited and in the world of AI, there are many ways to achieve desired results. For a quick overview, have a look at the benefits of AI for your business.
You can use AI for data collection, data analysis and you can also use it to predict outcomes. You can hire talent with AI and you can also automate the backend process to make it more efficient. Businesses can also build AI-powered marketing platforms and automate customer interactions, by achieving operational automation with AI.
Identify the Problems You Want to Solve
Managing a business is about solving problems. Not everyone is good at it despite having excellent academic records. The good thing is, entrepreneurs and marketers can learn problem-solving. All they need is to take time to identify and define the problems they face. Challenging the problems and questioning the process is the key to identifying problems.
Today’s businesses face challenges on many fronts. Whether it is customer service or generating more revenue from available resources, creating a startup or managing an existing business is not easy. When it comes to identifying opportunities for AI in business, companies need to define challenges and prioritize solutions.
A study found that more than 60% of consumers stop giving business to companies after having a bad experience with the service or support team. Customer service is the most important part of any business and today when people have a very short attention span, they do not want to go through multiple pages of your business website or brochure. People prefer quick information and to help them access information quickly, chatbots can be a better solution.
Through seamless live chat, AI-powered chatbots can transform your customer experience and make the buyer’s journey smooth. Your support team needs sleep, but a chatbot can help your customers 24×7 without making mistakes. Another interesting thing about AI is that it can help businesses automate some part of the business process.
From manual data entry to suggesting services and products to customers and value prediction, AI can do this without putting a burden on the company. If your team is struggling in financial analysis or you need a better approach for customer segmentation, AI is the answer.
If your team is struggling to avoid inaccuracy and duplication of data, machines learning algorithms can improve the situation. If you manage a business that sells products or services online and offline, detecting spam is probably one of the challenges that you face every day. Give artificial intelligence a shot and see how supervised learning capabilities of machines and software applications can make your order, inventory, and product management easy.
Identifying opportunities in a large volume of data is not easy. Manual work can also affect accuracy. Analyzing historical data against the latest information can be time-consuming. With the right system, your decision-making abilities can be improved and AI can cut the guesswork out of the process while persuading the customer to engage and convert early.
How to Incorporate AI into Your Business
When you know the problem, you can easily find its root cause and eliminate it. The more you delay, the higher the cost. Your goal should be to deal with all the problems immediately, at least most of them should be address. Implementation of AI and machine learning requires a certain set of skills. To make it work for your business, there are two options – do it yourself or take the help of professionals.
There are hundreds of tools available which can be implemented right away. Look for those readymade solutions or if you want to address a specific challenge but couldn’t find a solution, build it or get it built by someone. Success is often defined by your company’s ability to save time, money, and give a better customer experience every time. Artificial intelligence has a significant impact on many businesses. Take time to incorporate AI into your business and put your company in a stronger position.
Staff Writer; Corey Shaw
Have any Tech Tips? News? Hit up our Tech Guru at; CoreyS@ThyBlackMan.com