Artificial Intelligence (AI) is the next big thing. The technology is already being widely used across a wide range of industry sectors and as it becomes more affordable, its accessibility will ensure it is introduced into businesses of all sizes.
Many companies take out a loan that will allow them to invest in AI, although there are a number of things to consider before doing so. If successful in applying for credit, it can be used to support operations in a number of ways. Below we explain how AI helps businesses save money in the short and long-term.
With more focus being placed online, it means companies are exposed to a higher risk of falling victim to cybercrime. Only last year it was reported that 4 in 10 business are likely to fall victim to a cyber breach or attack of some kind. This can lead to the loss of valuable information, or result in the defrauding of the business. However, AI can be used to detect viruses and malware to protect the company and identify and prevent malicious behaviour that could harm their operations.
Scalable customer service
Automated customer service is already more common than many of us are aware of. And according to IBM, as many as 65% of millennials prefer talking to AI bots instead of humans. Using AI to support existing customer service departments online allows you to scale up or down as quickly as you need. This is particularly important for smaller businesses during busy periods of the year, when they are receiving more enquiries. Money is saved by not having to employ more staff while customer service levels and response times can be maintained.
In any supply chain, small incremental inefficiencies can have a huge effect on the overall outcome. The introduction of AI allows you identify potential disruptions and issues before they have started, as well as streamlining and optimising the work flow. This has an immediate impact on the company’s bottom line by cutting costs right across the supply chain, not only improving processes but also saving money at the same time.
Reduce staff costs
One of the major benefits of using AI is the cost cutting it offers to businesses when it comes to staff overheads. AI can perform the same task for as long as you need to a consistent level, without having to take a break, or leave to go home. The technology also doesn’t need to go on holiday and can be used 365 days a year. Sick leave can also be costly to smaller businesses, but AI helps to save on those costs as it will never feel under the weather or ask to for time off.
One of the biggest problems facing start-ups is finding the resources to not only maintain their business, but to expand without falling into heavy debt. The use of AI provides a practical and long-term solution as it can deliver operational support across multiple departments. Its scalability also means a company’s product or service can be increased to meet demand without a significant rise in costs, either in terms of production, or by employing more staff to support the growth.