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If You Have a Business, You Need Artificial Intelligence

Artificial intelligence can help virtually any business step up its game to improve productivity and efficiency. Let's take a closer look at what artificial intelligence is and how it can help your business.

Artificial intelligence can help virtually any business step up its game to improve productivity and efficiency. It is one of the most beneficial advancements to our modern society that will see effects for years to come. Businesses around the world have been fast to adopt this because of the unique development opportunities it provides. Before we get into how it can help your growing business, let’s discuss what artificial intelligence is.

What is Artificial Intelligence?

Artificial intelligence, or AI, is a combination of multiple technologies that allow a machine to learn, sense, adapt, and develop human-like capabilities. AI is very efficient in that it can handle large amounts of information all at once. After some time of handling this data, it can start to utilize machine learning and predict potential outcomes and future projections. These expert systems can help you make decisions for your company that can greatly influence its success.

Artificial intelligence can help your employees

One of the biggest misconceptions about artificial intelligence is that it replaces employees and diminishes your workforce. Rather than replace employees, this helpful work of engineering frees up space for employees to be more productive and more creative in the workplace. For example, by transitioning some routine customer service tasks to automated processes (such as customer support calls), you are then able to have your employees work on more impactful tasks. These more complicated tasks can include escalating customer issues, conversations about the dialogue that should be used, or fixing customer complaints before they even make a call.

Business data to make better decisions

Insightful data is important for any business to make smart decisions. Obtaining this information in an efficient manner and being able to interpret it quickly is invaluable for managers to make smart decisions for their company’s health and to compete with the competition.

AI machines are fast to learn the answers to customer questions as well as those from business executives. The machine learning algorithms are able to predict the necessities of your customer’s needs and your potential business financial demands.

In our blog, Automating your business tax system, we outline how automated tax systems can greatly increase your productivity while reducing errors and stress. Tools such as these help your business reach impactful decisions in a fraction of the time it would take for your human employees to reach them by themselves. Frankly, humans stand little chance in catching up to the predictive analytics that machine learning offers.

Challenges of AI

Most artificial intelligence technologies are compatible with the platforms that businesses already employ. These systems allow for businesses to access large amounts of information at minimal cost, and many are simple to use so executives feel secure in their use of these new technologies. While AI may seem daunting to implement by yourself, with KPMG Spark we simplify the process of managed accounting.

At KPMG Spark, we have created an innovative system that uses machine learning and AI to record and categorize transactions so you get vital reports in real-time for your business. Our proprietary and automated technology platform runs in the background so you can spend less time on administrative and accounting tasks. This gives you the freedom to work on important business activities that focus on increasing revenue and attracting new customers. Give us a call at 1-855-777-7696 to schedule a free consult and see how our online accounting software can help your business.

 

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

Ben AsplundApril 22, 2021Posted In: Business Tips

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