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Weighing the pros and cons of AI is a thing of the past. Most organizations are already making use of AI for business growth. Chances are that your competitors are also using AI to their advantage.

To get ahead of the competition, it’s time to jump on the bandwagon if you haven’t already. Here are a few ways your competitors may be using artificial intelligence and you can too.

Using AI-based analytics to make improved business decisions

With advancements in the Internet of Things (IoT) and better data storage facilities, we have welcomed the era of big data. However, a collection of data is of no use, unless you use it for analysis. Analysing big data is beyond the capabilities of human intelligence. That’s why firms just like yours are making use of machine learning and deep learning algorithms to make better business decisions.

AI tools help to streamline enterprise decisions. Deep learning software and applications can make live decisions and draw conclusions entirely on their own. These can significantly enhance the efficiency of business operations.

Across the world, large supply chain, financial, legal, retail and technology companies are benefiting from AI-based technologies. If you haven’t taken this step yet, perhaps now is the right time to do so.

Competitive Intelligence Services to monitor your competitors’ activities

What better way would there be to learn about your competitors’ performance, than by using artificial intelligence?

The key focus of ‘competitive intelligence’ is to record the actions of your competitors. Then use them for your gain. This AI-based system analyses the collected data, draws conclusions and makes future predictions. You can use these to devise a clever marketing strategy for your business.

Competitive intelligence services have a futuristic approach. They can plan strategies for over 5 years. They not only record market trends but can also monitor the demand and supply cycle for your company.

AI-augmented automated workflow

Most businesses are harnessing artificial intelligence to automate tedious, time-consuming tasks. This means that their employees can focus their energies on more creative work. Automating administrative work is only one of the many ways AI can speed up processes at your workplace.

AI-based facial recognition tools can help your HR team. They test the candidates’ performance by using emotional signs. This makes picking the top candidates a breeze. And can streamline the hiring process, tremendously.

Major AI players like IBM are also investing heavily in using artificial intelligence for supply chain management.  Businesses are using AI-based applications to automate order management and fulfilment. Other applications that use machine learning and Internet of Things (IoT) let you predict supply chain movements.

These are only a few ways AI-based systems can improve the efficiency of business operations. Artificial intelligence is progressively evolving to become a vital part of modern applications.

How can you use AI to get ahead of your competitors?

Thanks to the internet, it’s easy to learn how your competitors are using AI for business growth. Based on this, and with the above mentioned applications of AI, you can analyze what AI can do for your company.

Are you looking for improved staff productivity? Reducing expenses? Better customer services? Keeping in mind your firm’s budget and the return on investment (ROI) of each, prioritize your goals.

It’s hard to realize the full potential of artificial intelligence without actually implementing it. So, our advice to you would be to not miss out on the opportunity and embrace AI sooner rather than later. 

About the author

Ben Weeks

Ben Weeks

Ben is the CEO of KnowAll and has a passion for artificial intelligence and cloud technologies.

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