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Tata Capital > Blog > Loan for Business > How are Businesses Using Artificial Intelligence to Progress?

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How are Businesses Using Artificial Intelligence to Progress?

How are Businesses Using Artificial Intelligence to Progress?

For the past few years, Artificial Intelligence, or AI as commonly called, has been leading the innovation space and how! Science fiction is playing out right in front of our eyes. From marketing performance to customer service and IT operations, there's no area untouched by this rising sea of technology.

So if you've been wondering how best to use AI for your business, you're in the right place. Let’s see how companies are using Artificial Intelligence for business growth, and so can you!

1. To improve customer experience and support

Many big and small businesses are using AI-enabled solutions like chatbots and recommendation engines to drive customer-centred operations. With the help of chatbots, companies can understand customer concerns and offer relevant answers in only a matter of seconds. At the same time, they're using recommendation engines to suggest products that customers will most likely be interested in. This directly translates into better customer engagement and higher sales.

2. Targeted marketing

Many brands are using AI technology for strategic Ad placements in both the virtual and real world. They are closely monitoring the behaviour of customers online and buying patterns to select the right advertisements. To give you an example, if a user has recently purchased a dress, they might be targeted with ads of dresses or complementary products like accessories or footwear. With such personalised targeting, they're able to convert idle internet surfers into actual sales.

Unfortunately, such future-forward tech usually comes at a higher cost, so you may need to take the help of a business loan to invest in one.

Additional Read: Common Hurdles to Tackle While Availing Business Loan

3. Quality control and assurance

For most companies, quality control was a process that consumed a lot of time and was also cost-intensive. Thankfully, AI has changed the scenario for the better. Quality control experts no longer need to manually enter rules for the machine vision system to follow.

Instead of that, they're using AI and its deep learning capabilities to learn which aspects of the software or product are more in demand. Then, based on the findings, they are determining the features and quality of the final product. This is one of the most compelling Artificial Intelligence benefits you shouldn't miss out on.

4. Automate tedious HR tasks

Last but not least, you can save a lot of time spent on recruiting and hiring processes with AI tools. Instead of having a person scan the resumes of prospective candidates, you can rely on AI-enabled tech to scan and shortlist talent based on your preferred qualities. This can reduce the recruiting time considerably and allow you to hire better-qualified candidates. 

Additional Read: Must Follow Rules before applying for a business loan in 2021

To sum up

Given the broad range of benefits that AI tools and technologies provide, they can assuredly take your business to the next level. Need some help financing the new-age tech and tools? Don't worry, simply get an SME loanfrom Tata Capital! Now you can initiate your loan journey on WhatsApp by simply saving 7506756060as a contact.

So, why wait? Check our business loan eligibility criteria.

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