How to Improve Business Relationships With AI

The business landscape continues to change very often. A few years ago, it was quite impossible to picture businesses using applications to facilitate services for their clients, let alone machine learning softwares. However, due to competition, companies are embracing faster and easier ways of communication and provision of services.

Currently, companies are embracing and adopting Artificial Intelligence at a rapid rate. In fact, both big and small companies are coming to the realization that AI is the “best friend” a company could ever ask for. That is because it is useful in facilitating several services such as the network, finances and overall structure of a company.

Here are just a few ways AI can help improve working relationships with companies.

1. Facilitation of Faster Communication and Foster Relationships in Workplaces

A company that lacks an elaborate system of communication is a failing company. That is because communication plays a pivotal role in the development of the company. A common communication system in any company is staff meeting. Staff meetings are meetings where all employees, regardless of their ranks, meet in boardrooms to discuss issues concerning the company.

They are important because they help in:

-- Bringing everyone on board

-- Solving conflicts that may exist

-- Identifying strengths of individuals

But with communication, it is not just about delivering the message. It is about using the shortest time possible. In fact, big companies that have faster and elaborate systems of communication tend to double their sales volume by the end of the year.

Now, any company can do it because of Artificial intelligence. What used to take minutes can be done within seconds when using AI. For instance, rather than having to call people to a central place say New York for an annual staff meeting, you can have them livestream the whole meeting.

In addition, teams can work on highly classified documents without the fear of leakages because most of their files are protected using Facial recognition software facilitated by AI. Team leads from different nations can have a video conferring call where they discuss and allocate responsibilities.

On the other hand, AI has proven to be an effective tool to HR advocates in tracking employee data. AI has reduced the amount of time it would take to gather employees data helping you decide on whether to fire or promote them, and with AI, you’re guaranteed of accuracy.

Also, tracing and reporting sexual harassment in workplaces has been made easier. Startups such as Botler.ai have come up with unique algorithms that scan and process workplace conversations and flag inappropriate content.

2. Improvement in Customer Relationships

One of the most celebrated aspects of AI for businesses and companies is its ability to foster customer relationships. Customers no longer have to worry about searching for things they’d want to buy online because companies, through AI systems, can use their predictive models to offer clients what they need.

For instance, Netflix uses AI to access past customer experiences and interactions to recommend suggestions based on your viewing history. That reduces the amount of time it would take you to go through each tab.

Sales volume for companies like Amazon or YouTube has increased drastically in the recent past. That is because AI personalizes ads. Therefore, clients end up getting ads about products they recently checked. Take Facebook for example: have you ever noticed that most of the ads you come across are of products you recently checked out?

In addition, machine learning software as Chatbots help keep the interaction between the client and the company going. Machine learning apps such as Alexa and Siri are useful as they provide detailed information concerning products you’d be interested in. This helps you make a wise decision.

3. Creation of a Strong Bond Between Vendors and the Company

A major weakness with most companies is their bond with vendors. At most times, they don’t see eye to eye because of unpaid, accumulated debts the company owes vendors. But even if the company does not have any unpaid debt, they end up, either knowingly or unknowingly, paying less than the agreed payment. This is because either the payment information was tampered with or the company recorded inaccurate figures.

Machine learning applications are making it easier to store such data. In fact, some come up with their own excel sheet once you recorded a certain payment, and this helps prevent scenarios where the company and vendors through tantrums at each other. Despite having little chances of inaccuracy, AI continues to help out companies as personal assistants reducing the time and increasing the level of transparency between the vendor and the company.

Another way of fostering productive relationships is to offer predictive analytics that helps in building media content to third parties companies. However, for the relationship to be maintained there has to be a continuous flow of information from vendors to the company and vice-versa.

A report from the MIT Management Review showed that companies like Airbus now use ai to combine several sets of data that help in improving the quality of products in development.

Also, AI programs can be used to identify problems in assembly line production for vehicles and airbuses. this reduces the time would you take to assemble an airbus or a vehicle meeting production needs faster as compared to the past.

Using this information, hiring companies can provide vendors with tangible results and therefore build trustworthy relationships.

4. Defining Quality Relationships with Investors

New companies often find it hard to build their relationship with new investors. This is usually because such companies have not done any kind of work as of yet. Alternatively, investors are also afraid to invest in a business that ends up to be a scam.

But, AI provides the best platform that allows investors to get a better sense of how their ventures are. In fact, startups like Alphasense are already using AI thus allowing their clients to get a clear picture of what they are investing into.

With AI, investors can simply know everything concerning the company and the background of its founders within a short period allowing them to make wise decisions.