How Artificial Intelligence Will Change Business Forever
We live in an age of disruption. Industries are getting transformed. Small companies are slowly capturing market share and establishing their brand. The word monopoly in business is slowing fading and anyone with right strategies and innovative products can enjoy revenue share.
While Artificial Intelligence is still an unclear buzzword in tech for many, there is no denying that the recent AI and machine learning is heavily dependent on the huge amount of data. There are many predictions made by experts about the future of data analytics and how it is going to shape AI and machine learning in coming years.
Importance of AI
Companies or industries which implement AI applications are going to become more diverse, as they will be powered with the ability to analyze data across multiple functionalities, fraud detection and high-class customer relationship management. This will help them to obtain a competitive advantage.
Artificial Intelligence helps in finding solutions to complex business problems in a more human-like fashion. This resembles adopting characteristics from human intelligence and implementing them as algorithms in a computer friendly way.
Artificial intelligence, much like PC’s in the early 80’s or the Internet in the early 90’s, remains little more than a curiosity for most business leaders. AI is the most trending technological term in business world today.
AI and advanced machine learning are being applied on intelligent implementations, which includes robots, smart cars, consumer electronics etc. along with various apps and business solutions. Many complex business processes can be automated using AI. Work hours can be reduced significantly and human brains can be utilized in more creative aspects of the business such as brainstorming, innovating and researching. There are many AI-based apps and conversational bots which help businesses to reinforce their workflow by allowing business leaders to spend more time on business growth and expansion while spending less time on common functions.
Role of AI in Business
In spite of all the panic monger predictions on artificial intelligence and how about robots taking over human jobs in near future, no one can deny the huge role of AI in business as it is increasingly revealing itself as more of an enabler than a disruptor.
Market & Customer Insights
AI can play an enormous role when it comes to analyzing market and your customers. Predictive analysis can be applied to the data assembled from system matrix, web matrix, and social media to build a better and enhanced product. You can take customer experience to the next level through customer insights.
AI plays an incredible role for start-ups. Start-ups can explore opportunities to work on a different thought process and innovate new solutions for their business growth. Predictive maintenance helps start-ups in cost reduction on maintenance through regular quality checks.
AI-based systems also optimize marketing strategies and can bring down marketing expenditures by providing the most effective marketing tool for your business and also by eliminating unlikely customers from the list of potential customers.
A lot of your customers are on social media and most of the business is taking place online. Artificial intelligence can be used to understand important measures of social networks online. Data mining techniques are being used to analyze different types of social media traffic. Most effective influencers can be identified and also social marketing approaches can be classified.
What makes artificial intelligence software so powerful is that, unlike purely statistical approaches, they can learn. That allows them to adapt when market behavior changes as well as continually improve performance as more data comes in.
Many companies are either using or planning to use artificial intelligence for virtual assistance. Companies deploy chatbots for various uses. The most important vertical is customer service. Many are not convinced of the idea of customers speak with a machine as it might stop working at some point, but there is potential in machine driven assistance with human-driven customer service.
Since last few decades, one thing which is frequently rising in technology is automation. Various automation tools are being innovated and developed, which make business processes agile. The first ever automation tools were home appliances and later industrial robots were invented. In the present day, advanced robots are working alongside humans in many places.
Industry leaders are predicting with the astonishing rise of AI, a new era of automation is emerging. Artificial intelligence is quickly automating routine cognitive processes. Smart algorithms are playing a crucial role in many industries like retail, hospitality, financial firms etc. These machines or algorithms not only do a very proficient task but also they can work 24 hours without a break.
Efficient Sales Process
Sales techniques and approaches have moved far from doing cold calling and sending long emails. Consumers are influenced by so many other types of media, from TV commercials to social media platform. Even snapchat has become a marketing tool.
If you are planning for an innovative and more effective approach when it comes to marketing for your business, you can craft a sales pitch which can reach the right customer at the right time on the right platform, just by integrating AI into your CRM. An effective AI-driven CRM can multitask and handle all your business functionalities.
Sales teams are using AI to get to know their customers better while offering tailored solutions. E-commerce companies are using AI to ask few questions to their buyers & based on their preferences they customize the products and show only the ones which can be the best fit as per the customer’s preference. This will increase the chances of conversion.
Personalized Customer Experience
Artificial intelligence allows business owners to provide a more personalized experience to their customers. AI can analyze vast data way more efficiently. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores and other common threads. Millions of transactions can be analyzed every day to provide personalized services to each customer.
Through actionable sales intelligence, businesses can analyze a particular buyer pre, during & post purchase behavior. This allows them to create a more personalized experience and create a form of customer engagement at every single interaction. Predictive intelligence can help companies engage their customers in a real and impactful way. The sales cycle can be personalized through an AI-driven application which can help businesses engage the right customers with the right content at right time.
AI can help enterprises to identify who is most likely to buy their product. When they do have a conversation with a prospective buyer, they are well known of the history of that particular buyer, which makes the entire sales process smooth.