Ways How Businesses Can Benefit From Artificial Intelligence
Artificial Intelligence is set to be the next big thing in the business world. There are many ways your business will benefit by using it. Check them out here.
There are many people who call artificial intelligence (AI) a recent technological boom, as if it’s software’s second coming. However, despite the major developments AI has undergone in recent years, there are a few reasons why this technology is still struggling to break into business processes and be adopted into the workplace.
Technology and automation have gone hand in hand since the Industrial Revolution. Things like tractors, automation software, and advanced robots are some examples of this. Click a Tell says the only difference is where these things are located. Today, automating routine work is becoming an even bigger trend like industrial machines automated physical labor in the past. All these technologies are quite capable of completing this work without needing the same food or breaks humans require. This is why you should consider automation and its benefits. It is possible to automate almost any aspect of a business, including the accounts payable process. AP automation allows companies to have a paperless and fraud-free AP process.
Increase Business Efficiency
The Undercover Recruiter says you can expect AI to help your business be more efficient in four main ways:
- Productivity: About 65% of employees say AI technology enables them to be more productive because they no longer must engage in repetitive tasks and they also have higher-quality data to work with. This is important because it defines your business’ operational and effectiveness level.
- Efficiency: Although this is closely linked to your productivity, efficiency is more closely linked to the quality of your work. AI is beneficial here because you’ll be able to spend less time on “low-level tasks” (e.g. sifting through thousands of CV’s from candidates) and more time on things that require more critical thinking. This will add more value to your business.
- Innovation: Now that you can spend more time on critical thinking, you’ll have more time and room to create new products and services for your business. Just imagine tasks that required 500 hours in the past only require 5 minutes when a machine handles them for you. Data analysis is the biggest opportunity for you – including things like spotting great new opportunities, trends, and themes so you know where to apply your abilities. This is great because you won’t overtax your mind so it’s easier for you to be more creative.
- Relationships: This is an intriguing opportunity to improve how we take care of our customers while also saving money. Things like Chatbots being used for various customer relation services will continue trending and we’ll also develop new ways to manipulate customer service information and natural language processing so that they become more personalized for our customers. AI-based customer service is an inevitable part of the future which is great because it doesn’t sleep or play “favorites.” Instead, it’ll build customer relationships without making them wait.
Improved Customer Engagement
Small Business says today’s businesses spend a lot of time discussing customer engagement and customer experience. Many studies have actually discovered that customer experience will be the single biggest differentiator in deciding how your business will do because when combined with customer service it greatly enhances customer engagement. This will add more revenue for each customer your business has and also increase their loyalty. An AI-based system will help your business improve in four main ways here:
- Deciphering customer needs better
- Helping marketers come up with more personalized campaigns
- Identifying customer purchasing patterns
Voice AI in customer service will help enhance this experience even further so you can provide your customers with relevant offers.
Business Insights from Cloud Databases
Upwork says successful e-retailers have access to a lot of customer data that arrives via e-commerce plugins, mobile apps and customer loyalty programs. Unfortunately, 80% of this digital information is unstructured and useless if you don’t have the right technology available to transform it into valuable insights for your business. For this, what you really need is AI to help you predict whether your customers will click on specific ads or buy specific products. These platforms retrieve customer information from various sources including their social media accounts. If you haven’t been using such a system yet, you’re likely to see a massive increase in your annual revenue once you start doing so. One e-commerce company saw a $ 125 million increase in their annual revenue. This is just another great reason why you shouldn’t underestimate the power of data.
An integral part of business today is branding. This is something that no business can afford to overlook. New businesses specifically must make a mark on their target audience’s mind by being unique in some way. There are a few ways of doing this:
- Creating a catchy brand name
- Make your logo stand out from others in your niche
- Designing a website that is easy to use on both desktop and mobile devices
- Having a strong, consistent social media presence
Unfortunately, in the past this was unaffordable for businesses with a limited budget. Nevertheless, they still couldn’t afford to ignore these things. Fortunately, with the emergence of AI branding has become more affordable for businesses of every size today.
Efficient Customer Service Solutions
When you’re attempting to create a long-term business relationship with your customers, you need to focus on your business’ efficiency. AI is changing the way customer service departments work today. Large companies have begun using AI VAs to help answer their customers’ questions. This is a great opportunity since most customers would prefer to answer their own questions anyway. Your business will also benefit though because you won’t have to pay the expense associated with hiring and managing a customer service team full of humans. IBM conducted a study in which they found that using AI for customer service has created a great environment for your business to thrive in because it enables you to address issues before they even arise.
Help with Online Campaigning
As more people go online, businesses are replacing traditional marketing with online campaigning through searching engine marketing, email marketing, and social media marketing. AI-based tools help make this work easier, more efficient, and quite affordable. This is why experts believe that AI will continue making major changes in digital marketing.
Mila Jones is a Senior Business Consultant, with rich experience in the domains of technology consulting and strategy, she works with both established technology brands and market entrants to offer research inputs and insights on leveraging technology as a source of strategic competitive advantage. She is a prolific author and shares her expertise with tech enthusiasts on popular digital publishing platforms. twitter –@miilajones