Top 15 Business Benefits of Adopting AI in Your Mobile App
If you are a die-hard Star Wars fan, you would know that Artificial Intelligence isn’t a new notion or concept. The idea of machines with human-like intelligence dates back to the 1800s when Erewhon (a book that was considered the Utopia of its time) was released. It talks about a society dominated by machine intelligence.
However, it took a long time for the intelligence to spread like wildfire. Even now, the fire is spreading in a controlled form owing to several reasons. However, just like mobile app development, Artificial Intelligence is the facilitator of digital transformation.
This blog will look at the benefits of Artificial Intelligence Development Services in your mobile applications.
The State of Artificial Intelligence Adoption
Artificial Intelligence is facilitating numerous opportunities and leveraging intelligent machines for better engagement. The real question is if businesses have made headway with AI adoption.
- 13% more companies are likely to adopt AI in 2022 than in 2021.
- 53% of IT professionals claim they have accelerated the AI rollouts in the past 2 years.
- 43% of companies believe AI adoption has increased due to the Covid-19 pandemic.
- Labour and skill shortage has led to increasing in AI-led companies (IBM).
- More companies believe that increased AI adoption will increase customer satisfaction by 25% in 2023.
- 20% more companies will add to their AI budgets in 2022 (Gartner).
Owing to the large-scale risks and vulnerabilities within companies, businesses are likely to prioritize using AI in cybersecurity, compliance and personal privacy before other aspects.
Here’s a look at how voice assistants and chatbots perform in the real world.
- 40% of adults use voice assistants daily. 50% of searches resulted from voice search(Tech Jury).
- 69% of businesses reported reduced operational costs with chatbots
- At least 62% of customers prefer interacting with bots rather than waiting for human agents to answer their requests (chatbot.com).
AI should be part of your next mobile app with diverse use cases and many opportunities. If you are still contemplating the benefits, let’s look at the list.
Top 15 Reasons Why You Should Include AI in your Mobile App
Check out all the benefits of implementing Artificial Intelligence Development Services in mobile apps.
1. Can Detect Fraud to Mitigate Risks
Imagine a situation where you add card details to a particular application. Owing to data breaches or issues with the app, the card details are leaked, and someone gets a chance to use the card. In a minute, you could be robbed of your money.
However, Artificial Intelligence can help minimize these risks of fraud. If there is a discrepancy, AI will detect it and prevent the transaction.
- If you spend a certain amount regularly, the machine will take notes.
- The algorithm would have prepared datasets and algorithms to match these transactions.
- Whenever there is an anomaly in the transaction (higher spending in this case), it will be detected by the machine immediately.
2. Helps Reduce Paperwork
Let’s take the example of a lender. When someone comes to the bank to seek a loan, a lot of paperwork goes into completing the process. The individual needing a loan must go through several processes before they get the money.
They will need to submit their personal details, fill out forms, and offer collateral details. However, with Artificial Intelligence at the core, machines can replace humans. You can automate the process of gathering the details from various sources by building the right algorithm.
The system will fetch your records, auto-fill your forms, and streamline the process. The other workaround, in this case, is the voice assistant. AI can help reduce paperwork and make the process instant.
3. Provides Businesses with Greater Accuracy
As the data sets are finely scrutinized by Artificial Intelligence, the accuracy levels are high. It offers a better understanding of your data, thus reducing risks.
We can take an example of a lender who does a background check before sanctioning the loan. There are too many documents and aspects that the lender needs to study before they understand the borrower well.
With Artificial Intelligence, more importantly, Machine Learning, at the core, it becomes easier for the lender to understand the borrower, detail their capabilities, and assess their credit. It fast-tracks disbursals and reduces the chances of human error.
4. Promising Forecasting Capabilities
Whether you hold a sales front or marketing, forecasting is the key to conversions in business. If you can tell beforehand what would sell like hotcakes, your business will flourish.
That’s where Artificial Intelligence capabilities can help brands. For example, if you are running a retail store. You have been noticing a hike in the sales of lip balm during winter. Based on the data, you can forecast your inventory that will likely be sold out and ensure you have enough stock.
Artificial intelligence can help with demand forecasting and price forecasting, which is an excellent virtue.
5. Improves Decision-Making Abilities
Imagine sniffing through the different data sets to find the insight that helps you make the right decision. It seems tough, doesn’t it?
Artificial Intelligence can make it easy for you. Reading through millions of data sets in seconds (even milli or nanoseconds) can give you a complete view of your shop floor activities.
Eventually, it helps you look in the right direction and take the decision that will benefit your business.
6. Automates the Mundane Jobs
Imagine being behind the desk to read through data to make insights. Reading through data can be tough and challenging, most of the time. It can become mundane after a point.
Artificial Intelligence automates most of the mundane tasks. For instance, segmenting your customers into different clusters can be automated with AI technology. Similarly, you can automate lead scoring.
7. Improves Overall Productivity
Artificial Intelligence can help you enhance productivity within your business by freeing up your resources from laborious jobs.
For example, chatbots are aimed at helping customer support executives. They can handle the calls or chats till someone from the team is free. In some cases, most of the conversation is handled by the bots. This allows the customer support executive to be more friendly, foster better methodologies, and improve the support system.
8. Interactions that Impress Customers
No one likes waiting for their turn to connect with a customer support executive. It can be frustrating, especially if you have some critical issue that needs immediate resolution.
The chatbots come in handy at this point. It can easily interact with the customers, offer them immediate support and talk to them about the solutions.
As a result, it enhances customer experiences. You will note that customers feel more connected to your brand as they meet a resolution without waiting too long.
9. Better Control and Visibility
We have always heard how AI can lead to loss of control. It is claimed that with AI, machines can become smarter than humans, which can lead to more issues.
However, including AI in your business app can help you add more visibility and control. You are more aware of the real-time sales trends, price fluctuations, and other aspects. The machine learning algorithm will study the data to offer insights that give you better hold on your shop floor.
10. Match Footsteps with Demand
We talked about how AI can benefit in forecasting price and demand. Let’s discuss how AI can help businesses match their footsteps with demand.
AI-driven machines can offer better output than regular ones. It can optimize the results to meet the new demands. It will optimize the demand cycle and enable better energy load distribution.
As a result, your machines can handle the new load with better abilities.
11. Builds Relations for Intelligent Marketing
People have always believed marketing to be uncompassionate on several occasions. The core of marketing lies in a good network and sound relationships. Marketing your product is easier if you have an excellent relationship with your customer.
AI takes relationship building one notch higher by offering the user’s intent, their drive to purchase, and data sets that match their past purchases and motivation. It helps you know the user better, and personalize the whole strategy to meet their needs.
Relevant and intelligent marketing can win you more accolades in the form of great users.
12. Recommendations Unique to their Personalities
Imagine you are an app for retailers. Based on the past data, you notice that summers are a great time for certain retailers registered on your site, while winters are good for the others.
You can send personalized recommendations based on past sales history, purchased products, and user behavior. A little bit of deep learning algorithm can go a long way in helping you recommend better.
13. Always Available Assistants
Whether you are running a household or a business, assistants can be quite helpful. They take away half the burden of remembering things, managing deadlines and juggling between to-dos.
These virtual assistants are your cost-efficient resources to help you run your day without hindrance. The best part is they don’t work according to schedule; they are always available for you.
14. Fosters Advancements in Industries
AI has fostered innovations and advancements in all industries. For example, AI helps with disease diagnosis and care plans in healthcare. Similarly, it helps with banking credit assessment and forecasts retail demand.
The machine learning algorithms have helped capture the data and enable innovations that further industries.
They can help with monitoring the diseases in the healthcare industry. For the finance industry, they help identify even the smallest fluctuation that can prevent you from making losses.
15. Improves Problem Solving Capabilities
Complex user problems have always posed an issue for industries. What should be the price of a particular product? How do we close the vulnerabilities that exist in the system? With Artificial Intelligence that explores your data sets, you can get insights that help identify the problem and bring to the table a solution.
Artificial Intelligence is part of our everyday life. From chatbots to voice assistants, Artificial Intelligence is driving diverse industries. It is time to adopt the technology in your mobile app for smarter interactions, better engagement, and increased retention.
Expert App Devs has delivered 500+ AI-based mobile apps that have furthered businesses. As a leading AI app development company, we have helped companies unlock the potential of this technology with our experience and knowledge. If you want to build an AI mobile app for your business, connect with our team. You can fill out the contact us form, and our team will get back to you.
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