Have you ever used a robot in your warehouse to lift and move heavy items around? How about adjusting the lighting via smartphone in your office and adjusting temperature to be more environmentally friendly? Congratulations, you’ve officially used Artificial Intelligence (AI) to make business operations easier. With the rise of AI usage in today’s world, there are many more ways a business can integrate it to improve efficiency.
“AI can take over many tasks in your business, making things run faster and ultimately can save you money,” says Danielle Bailey, VP, Commercial Banker at First Federal Lakewood. “AI can also make your supply chain better in many ways, like predicting changes in the market and making sure you have the right products in stock at the right time. It can also keep track of your inventory and sales to help you make better decisions and reduce waste.”
Smart Business spoke with Bailey about how she’s seen her clients streamline business operations using AI.
What are the key considerations when integrating AI into a business?
Once you determine what your objectives are and what business processes you want to improve, key considerations include determining how well AI integrates with existing systems and workflows; choosing the right tools like vendors and technology models; evaluating vendor support like training and troubleshooting; building a strategy for pilot testing, implementation and integration; as well as managing data privacy and security. Good support is key to getting the most out of AI and making sure it works well for your business.
Keep in mind that adding AI and new technology to your business usually has some costs associated with it, like buying the technology, setting it up and keeping it running. While the upfront cash may seem daunting, AI can help you save money and be more profitable in the long run.
Your business banker can be a good resource for AI suggestions as they may work with other clients who work in that space or work with a tool they found useful. They may also suggest other ways you can incorporate AI tools to help you reach your business goals.
How can businesses save time and money with AI?
It’s no secret that customers are the backbone of a business, and if you can make their experience with your business even better, then it may be worth considering AI tools. AI can help create happier customers with quicker responses via chatbots, which in turn frees up your time and the time of your employees.
If applicable to your business, utilizing chatbots can provide 24/7 support for quickly answering common questions and solving basic problems. Digital assistants can also suggest products based on what customers like and have bought before, making their shopping experience better. By interacting with customers in a timely and relevant way, AI can lead to higher satisfaction and more loyal customers.
Feedback is a crucial part of any business model. Survey tools, which are also created using AI, can help you get feedback from your customers so you can make improvements on your products based on what they say. While these tools aren’t a replacement for human customer service, they may aid in amplifying their overall experience.
AI can make your business safer from cyber threats. It can look at a lot of data very quickly to spot patterns and predict future dangers, helping you strengthen your defenses before any attacks happen. AI can also help with identity and access management, making sure only the right people have access to important information. It can also protect your devices from malware and other threats, find and stop phishing attempts, keep your data safe with encryption and quickly deal with any security issues that come up. Your business banker may suggest tools that can be beneficial, like treasury management services.
Adding AI to your business can bring many benefits, from better cybersecurity and automated tasks to more efficient supply chains and happier customers — and it all begins with having an open mind to explore the world of AI. ●
INSIGHTS Banking & Finance is brought to you by First Federal Lakewood.
