As artificial intelligence (AI) continues to enhance, its role in business as a supporting tool continues to elevate and impact daily decision-making. Automation only touches the surface of what AI is doing for modern businesses, and keeping up with AI business integration is necessary for companies to remain competitive.
Revenue-based financing firm Everest Business Funding provides a funding platform for businesses to grow and keep up with the competition, including the integration of artificial intelligence in business processes. In this article, Everest Business Funding covers exactly what roles artificial intelligence can play in business to help automate processes and scale organizational development.
Fraud Detection through Machine Learning
AI can provide businesses with cognitive insight by monitoring massive amounts of data and identifying patterns to then analyze the meaning. The combination of machine learning and AI can aid businesses in detecting fraud and quicken responses to threats of fraud. Machine learning can be commonly found in systems that collect large amounts of data. When working to detect and prevent online fraud, machine learning does the job efficiently through its collection of trained AI algorithms alongside a business’ historical risk rules data.
Cybersecurity is also enhanced with the help of AI. Weaknesses in a computer network’s defense can be monitored through AI in addition to AI identifying cyberattacks and other cyber threats. AI can do all of the above by monitoring data input and recognizing patterns. Once a threat is found, AI backtracks through all data collected to discover the source and learn through experience how to prevent future threats.
Customer Service and Chatbots
The use of AI has allowed businesses to streamline customer service through website additions such as a chatbot. A chatbot is a prime example of direct consumer interaction with AI in relation to business. Customer service representatives are given more time to focus on more personalized consumer situations, while a chatbot can easily tend to common customer needs. Adding a chatbot to a website also allows for customer service to be available 24/7. Smaller businesses integrating a chatbot for the first time should consider loyal and returning customers who might not like the new addition and continue to offer in-person help via phone as an option.
Forecasting with Predictive Analytics
Forecasting is essential preparation for future operations that a business should be consistently engaging with regardless of a market’s status. This prediction technique can be better executed with the help of AI through predictive analytics. Data is collected from previous years, and this historical data, alongside analytics techniques, is utilized to make predictions about future outcomes.
Landing the right candidate for a job can be tricky for businesses and even time-wasting and expensive if the right fit does not work out in the first round. AI has decreased the time businesses spend finding the right talent when recruiting for a role. Before AI, companies were participating in the traditional recruitment process that included a job post, reviewing resumes, and scheduling interviews. Now, AI helps recruiters find talent by recommending ideal candidates and decreasing screening procedure times.
About Everest Business Funding
Everest Business Funding is a small business owner’s trusted partner. They support entrepreneurs by providing them with working capital to expand their business and operations. The entire application, approval, and funding process is completed in record time. When you need cash for equipment, staff, renovations, inventory, marketing, or anything else, Everest Business Funding can help.