Blog: The Incredible Benefits of AI to CANADIAN BUSINESSES
In the past years, Canada has become the center for research of Artificial Intelligence or commonly known as AI. The federal government and many huge companies are investing to further study and support this development.
Artificial Intelligence can make procedures smoother for businesses. These are the great benefits to be gained for business operations in terms of enforcing the use of Artificial Intelligence.
Efficiently handle big data
For any company, there are a huge amount of data that needs to be processed and organized. Some data gets outdated but by being connected to social media, mobile, cloud, or internet will help in updating the data necessary. This is commonly seen in a mobile application which asks access to customer’s public information.
Once automation is set up, the time required for processing is greatly lessened. Time is a great value that can be never be turned back, by implementing automation, tasks that take a long time to accomplish can be easily finished in a short time.
Analysis of data is one of the tasks that is required for any company. When the analysis is done by a person, the task itself can take a longer time period to accomplish compared to the analysis generated by technology. An example of this is the analysis that Netflix uses in providing suggestions for their customers. In opening an account in Netflix, customers are asked their preference which is in turn used to suggest shows that the customer is more likely to watch.
More accurate forecasting
Using all the data gained, the formulation of forecasting is more accurate compared to the forecast of a person. Once data is gained and analyzed, this can be turned to a forecast that conveniently saves time to prepare. For a salesperson, this is a big support in pursuing better prospects for a specific period of time.
Improve customer experience
Customers prefer to have a standard level of service when they interact with a company. They also want to have their issues resolved faster. Both of these are possible by administering AI on Customer Relationship Management.
Reduce operational time and costs
Menial tasks are decreased, making it easier for personnel to focus on more complex matters. Ultimately, this is one of the main goals of utilizing Artificial Intelligence for businesses.
These are just some of the benefits that can be gained by enterprises who incorporate the use of AI. However, handling Artificial Intelligence is not a simple task and companies should not blindly adopt the use of AI in their business, it is an important factor that they are aware of how the system works.
In terms of funding, the government and other big companies are already investing in research. Startup Canadian businesses can benefit from getting funds with the help of the government. Find out more funding opportunities for AI, IT and Software
There are more funds that are being allocated for the AI sector and one of which is Scientific Research and Experimental Development (SR&ED), the most generous R&D cash refund/tax incentive program.
The field of AI is further expanding and its existence has already helped people in many ways. Whether it is applied to work or in our daily lives, it will make the process of longer tasks shorter or even instantaneous. This great movement in the technological world is advantageous.
We are in the age where Artificial Intelligence is no longer a science fiction of the past, instead, it is currently growing amidst us. This is a gateway that will bring out unlimited possibilities for the future. Whether one is a part of that industry or presently integrating it to business, everyone will be reaping benefits in the long run. In order to gain the full potential of using AI, Canadian businesses must embrace the change.