The topic of artificial intelligence is everywhere, and society continues to seek more ways to incorporate it into daily life. A recent Forbes article reported that although there are many things AI cannot do, it shows promise regarding analyzing data and predicting future outcomes.
Inc. shares the following three ways AI could help predict the future for your company.
- Financial forecasting: Strategic planning for a business involves using historical data to forecast revenue and other financial data. The Association for Financial Professionals says AI forecasting can identify patterns from large datasets and offer fast, accurate predictions of financial performance and market trends. German technology conglomerate Siemens reported a 10% improvement in financial forecasting when using AI.
- Predicting customer preferences: It is important for businesses to gather data regarding customer behavior, and being able to predict what customers may want in the future can be significant. AI-powered customer relationship management systems identify patterns from demographic data and purchase histories to group similar customers together—a process that reportedly can be used to predict customer desires and market trends.
- Anticipating inventory: Maintaining a certain amount of inventory can be a delicate balance, and AI can use historical data and ongoing trends to predict what products or services may soon be in demand. AI also can factor in the production time of items to alert business owners when they may need to boost their inventory.
