We live in a consumer’s world where everything is fast and precise ─ powered by Artificial Intelligence ─ and businesses have embraced the enhanced technology.
Today, when trying to interact with your favorite brand, it`s possible that your first contact is an AI chatbot. Even in banking, chatbots are the ones who are giving you reports, predictions and financial advice.
We have all witnessed how Artificial Intelligence has changed the travel sector, and now here are 7 ways AI will improve business finance:
1. Trading in Stock Exchange
Wall Street has always been the primary headliner for most of the exchanges that take place in the world. There, people can be seen waving their hands trying to get a better deal and cut their losses.
Today, by using algorithms, Artificial Intelligence is helping in trading and in making better decisions ─ and using hand signals to buy and sell is now viewed as outdated and inefficient.
In fact, if you are thinking of investing, next time there is a good chance that your broker may be an AI powered computer that uses algorithms and gives you the best solution in investing your money.
2. AI Invoice Payments
It happens from time to time when sending in payments ─ people add incorrect amounts or combine multiple invoices into a single check, which gives accountants a hard time when trying to sort them.
AI and algorithms can help to resolve these issues and find the invoice that you are looking for in just a few minutes.
3. Risk Management
When designing projects, finance teams are usually asked to evaluate each project. They have to include the complexity of the products that will be added, an overall assessment, and all the rules that are needed for the project to have a minimum risk.
This can take up to several months while machine learning can help you access all the data that’s within your company and use data and algorithms to come up with a better, lower-risk proposal.
4. Efficiency at Lower Costs
Many companies are using Artificial Intelligence and algorithms to guide their employees to work more efficiently.
To be more efficient, companies are adding AI chatbots as first interactions with customers to answer questions and help customers to find better solutions.
On the other hand, AI can free up human employees to focus on other tasks while chatbots are interacting with customer support tickets.
5. AI Powered Farming
Yes, you heard me right. AI has the efficiency to help our current farming methods to increase production and reduce wastage without affecting the environment.
Artificial Intelligence can be implemented in any sector of the business and agriculture is embracing it.
With using drones to capture real time images of the soil and machines powered by AI to plant in more informed and precise ways, AI can reduce the usage of chemicals and help with increasing productivity.
6. Artificial Intelligence Recruiter
Companies spend thousands of dollars while recruiting new employees. They are not only risking their money, but they are risking their reputation with every new employee.
In today’s business world, being efficient and acting fast usually means that you win the war. Therefore, big companies reduce human error and costs using AI for recruiting new employees.
Additionally, using algorithms and data, AI-powered machines report on the best candidates reducing human error in the selection process.
7. Retail Sector
More and more businesses use AI chatbots and computer reasoning to learn consumers’ behaviors and make their interactions better.
AI powered chatbots are the first contact with all the big named companies, helping consumers from food ordering to clothes shopping, from basic communication to complex solutions.
Posted by Maya S.