There has been an explosion of Artificial Intelligence (AI), and there is no denying the revolutionizing potential it holds. In the coming years, we will see the evolution play out, leading to improvements in efficiency, decision-making, and so much more.
What is AI?
AI or Artificial Intelligence is a branch of computer science that aims to simulate human intelligence. Despite its futuristic associations, artificial intelligence existed well before the 21st century. It has been under development for nearly 70 years – Eliza, a computer program able to engage in human conversation, was built in 1966, IBM’s Deep Blue beat the world champion chess player in 1997, and Apple introduced Face ID in 2017. There are many more examples, but perhaps the most brilliant AI creation in recent memory is ChatGPT, a tool that responds to user questions with newly generated text, images, or videos.
Machine Learning AI Tools
It now seems that every day new AI tools are being released. They fit under the sub-category of AI called machine learning – algorithms that process data, learn, and improve upon themselves. Unlike traditional programming where a computer is given specific instructions, this type of AI starts by looking at the data and working backwards to discover patterns.
What does this mean for you?
Petroleum Businesses
- Precise Demand Forecasting – know what your customers need ahead of schedule by using historical consumption data, customer behavior, weather, holidays, and more for better delivery management.
- Seamless Route Optimization – make your drivers as efficient as possible by giving them the best routes that consider all possible variables and both historical and predicted traffic, hazards, weather, and more.
- Timely Customer Service – with chatbots on your web portal, customers never have to wait for an answer and have help available 24/7. Even AI-powered phone systems can save time and expedite service.
- Data-Based Business Decisions – Take out the guesswork of what’s best for your business using analytics based on historical, competitive, economic, and even political data to help you be more efficient and profitable.
- Marketing Intelligence – always know what is happening in your industry by gaining information on competitors, markets, and more.
C-Store Businesses
- Improved Inventory Management – track stock levels, predict out-of-stock situations, and utilize sales data to streamline inventory management, enable better category management, smarter purchasing decisions, and better planograms.
- Optimized Supply Chain Decisions – analyze shipping and logistics to improve delivery times and costs.
- Enhanced Fraud Detection – detect suspicious activity, such as non-typical purchases, transactions, or fraudulence.
- Personalized Loyalty – give on-target personalized recommendations and rewards to customers based on history, preference, personal attributes, and predictions.
- Efficient Customer Service – chatbots create a 24/7 support system to decrease wait time and increase customer satisfaction.
Human Oversight
While engaging with AI tools can free up personnel for other tasks, it still needs human oversight. Artificial Intelligence can make mistakes and needs review to ensure its results are reasonable. As easily as a chatbot can get to the root of the problem and offer a quick answer to a customer, it can become tedious, give less-than-perfect suggestions, and cause frustration. Consistent review can mitigate these risks while reaping the benefits.
More to Come
This is just a glimpse of what AI could mean for your business. The coming months will serve up some amazing tools, ones that help us gain efficiencies, make better decisions, make more accurate predictions, and leave us with extra time to focus on our customers.
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