Technology

How Artificial Intelligence Can Help Your Business

Artificial Intelligence (AI), often dubbed a part of radical technological developments such as robotics and space science, is past the days of growth solely for these futuristic purposes. In fact, AI has gradually been permeating many businesses in varying industries. From construction, medicine, and public relations, the capabilities offered by AI-powered systems are seemingly endless.

The Power of Artificial Intelligence in Business

  • Two main characteristics make AI powerful in making businesses profitable.
    Machine Learning — machine learning is the process where an AI-powered system can gather data from previous patterns and recreate the same process over again along different variables. A simple example of this is the photo-tagging picture found on websites such as Facebook. The AI-powered system can detect facial features by gathering patterns found in previously tagged photos. Once it compiles this data, the system will automatically suggest tagging the same person with the given facial features.
  • Automation of Processes — another power of AI systems is the automation micro-tasks. These include sending e-mail newsletters, having a 24/7 customer support, and other software applications that would otherwise be inefficient when given to human counterparts. Automated processes have minimal to zero downtime, highly efficient and responsive.

There are several ways to incorporate artificial intelligence into your business.

Here are five of them:
1. Auto-suggestions in e-commerce — If you have an online store and sales have been dismal, you can incorporate AI in the form of auto-suggestions. The system will work when a user types in some information on your website search bar or other search engines, after which some suggestions of products or services can pop up on the user’s screen. This use is also applicable when a customer already bought something in your e-commerce store. It can appear as a section called “People also bought” or “Other useful products” on your website.
2. Responsive customer support — Some businesses have a high demand for customer support. These include SaaS, applications, and online consultations. Due to the increasing need to respond to customers efficiently, businesses must sift through people with fundamental questions and attend to those with complex problems. The AI-powered system can help sort inquiries by showing an up-front helpdesk bot that appears like a human. This bot can answer some common questions, and other difficult ones can be forwarded later on to a human representative during regular working hours.
3. Email marketing — Most emails intended for marketing end up in the junk folder, especially when given a general format. These e-mails are impersonal and would often fail to catch the attention of the reader. With artificial intelligence, the content of emailed newsletters can be more personal. Using data such as GPS settings, search engine terms placed, and demographics, your business can send personalized newsletters that will engage your target market.
4. Data analysis — A lot of businesses are already incorporating AI in their data analysis. Data analysis can involve gathering information on customer trends, employee feedback, and other industry-specific insight that can prove to be useful to business growth. A strong example of this is the robot advisors who are available in online investment companies. These AI-powered advisors are analyzing trends on investments and give sound advice to customers on when to place their assets.
5. Administrative assistance — Administrative work can be pretty overwhelming when you are trying to scale your business growth. Administrators oversee duties in database management, marketing, and other internal tasks. Getting more clients means doing more of these administrative responsibilities and hiring more assistants. An AI-powered system can help lessen the extra cost of hiring more staff by filling in more work under the same amount of time and effort.

A lot of business owners have been considering integrating artificial intelligence to boost their growth. To gain a competitive edge, an entrepreneur must be highly adaptable to advances in technology.

 

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Telework as a Recruitment Tool

Employers in the US, Europe, Japan and numerous other countries are finding that one of most valuable tools for recruitment and retention is offering work options – compressed workweeks, flextime and telecommuting. More and more employees are working 9 day 80 hour 2 week schedules, changing their start or finish times from the usual rush-hour 7-9 am and 4-6 pm commute times, and working from home or satellite office locations.

Telecommuting is increasing exponentially, with an estimated 32 million US employees now teleworking, at least on a part time basis.
Why the popularity of telework? Employers consistently list retention as their number one reason, with recruitment a close second. There are a number of reasons why telework is a benefit for employer, employee and society as a whole. Let’s take a look at some of them:

  • Ecological advantages such as reduction of air pollution and gas consumption
  • Reduction in governmental expenses for infrastructure and road maintenance
  • Competitive advantage in attraction of employees, especially high-tech
  • Increases in employee satisfaction, resulting in increased employee retention
  • Reduction in facility costs for expansion and new real estate
  • Reduced parking requirements
  • Expansion of the labor pool
  • Reduction of non-productive (water cooler) office time
  • Expansion of service hours
  • Improved productivity
  • Improved work quality through faster processing, fewer errors, and shorter response time for communications
  • Reduction of absenteeism and tardiness
  • Enhanced peak performance due to telecommuters working during their most productive hours
  • Maximizing potential by broadening responsibilities
  • Work accomplished with fewer interruptions
  • Assistance in compliance with clean air, ADA and other statutes
  • Reduction in traffic congestion
  • Increased electronic communication with decrease of paper consumption
  • Reduced business disruptions due to natural disaster, bad weather, power outages, transit strikes and other unforeseen events
  • Reduction in traffic accidents
  • Reduction in health insurance costs due to reduction in traffic and stress
  • Safer communities due to more people at home during the day
  • Enhanced rural development
  • Better balance of economic activity between rural and urban areas, bringing economic revival, employment and population stability to remote and rural communities, including to tribal areas
  • Economically struggling former manufacturing areas such as the Mid-Atlantic United States or seasonal/resort areas might be able to retain or attract numerous year round residents and some of their tax base formerly lost to high-tech or service industry areas
  • Reduction of juvenile crime

 

While telework is not for everyone – many employers affirming that those who are continually tardy, not sufficiently self-motivated, or needing the constant interaction of their peers are not well suited for this option – job seekers and employees continually mention that a firm offering this and other work/family options goes to the ‘head of the line’ when they are job searching. Telework can also be a great tool for widening your pool of candidates, not only geographically, but also by being able to include the homebound disabled.

As one employer put it, “This is the way the world is going. If you’re not offering telework, you are losing candidates to me.”

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Top 5 Industries that offer you the best opportunities to grow

Most of us when we search for a job, we do so because of the stories that we have heard about people who started their career from nothing, but turned out to be something in their field in a very short span of time. Everyone who joins a job or applies for a job, before they think about anything else, they think about achieving something great in the field they are about to join. But most of the time, the reality turns out to be something different, because several months down the line you realize that there in not much scope for your own personal growth and moreover whatever great that could possibly be achieved with the available resources, more or less, already has been achieved. So once that castle of dreams comes crashing down to the ground, you start thinking about “is there something related to your area of interest, that provides you with a good income, and at the same time offers you an opportunity to grow?” Well realistically speaking, there might, and maybe you are still not familiar with those opportunity, because you didn’t do your research well. In any case, you are just several months down the line and you still have enough time to make a switch. So if you are at that point when you are about to make that switch, then you should know about some of the industries that offer you an opportunity to grow.

  1. Technology

Even by 2017 estimates, technology is still the field which offers you the best opportunities to grow. The reason behind this is the new developments or innovations that keep happening in this field. With every new development there is one new area of service, under this one umbrella term, that opens up offering you a job that best suits your goals. So if you are a related to the field of technology, you should not be disheartened as there is still a lot unexplored avenues for you to grow in.

  1. Health Care

Health care is another industry which might never run of opportunities to grow. With the ever increasing rate of privatization of healthcare, new areas of services are opening up that are directly related to health care or that supports the health care needs of the people. Even if doesn’t involve you directly into the niche industry, there are still a lot of opportunities to be found when it comes to providing supporting services to health care, especially related to demand and supply of the products and tools related to the industry. Like technology, healthcare also provides you with an opportunity to continue your research in the various new areas that keep cropping up with the passage of time.

  1. Manufacturing

Though you might feel that this area of the job market is already very saturated, you will be very happy to know that, it’s still running short on talented individuals, who can provide companies with the much needed efficiency. Though most of the big wigs related to manufacturing have shifted to automated systems that has increased their productivity many times over. There is still a lot left in the industry that needs the presence of the human factor very much. Even if you are not interested in working for any particular industry, you can go ahead and think about investing your time and money in setting up your own little manufacturing venture which helps in aiding the larger industry.

  1. Tourism and Hospitality

This is one industry which is catching up the rage all of sudden, especially since last two decades. With the increase in the spending capacity of individuals, and countries welcoming such individuals to get a taste of their history and culture, the tourism and hospitality industry has some exciting opportunities to offer. Not only can you create new products out of thin air to provide a unique experience to the consumers. You can also be rest assured that you are going to find individuals willing to take an interest in what you have to offer. Even if you are not willing to start up something of your own, you can still get into the industry through traditional channels, in order to secure jobs for yourself that offer you amazing money, as well an opportunity to grow depending on your interests and skills.

  1. Media and Communication

This is one industry that encompasses all of the above. Since the growth of the internet, people and business, in order to beat their competition have been engaged in, increasing their brand presence as far as possible. With media and communications industry offering opportunities for digital marketing, journalism, advertising, promotions and research, among others, the opportunities of growth in the industry are endless. Not only can you get amazing job opportunities that promise you growth and income, but there’s a lot that you can do on your own if you are related to media and communication.

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