How Artificial Intelligence Helps Business Grow
Artificial Intelligence is a combination of several technologies that allow machines to sense, learn, understand, and augment human activities. This technology was presented for the first time in 1956 at Dartmouth. Since then, there has been so much optimism about AI that machines were expected to perform human functions within 20 years. This technology was forced to enter an “AI winter” phase when funds ran out. Things have changed dramatically since then. In 2011, IBM’s Watson system surpassed its human counterparts on the popular game show Jeopardy.
AI engines are now looking for jobs in business after they have left gaming. AI engines today are contributing to human endeavors that are valuable. AI will be a disruptive technology in the next five years, with applications across many industries.
These are just a few of the many ways that AI can be used to help your business grow.
1. E-commerce: A personalized experience
Business Insider estimates that approximately 85% of customer interactions will be automated by 2020. This is possible with automated systems that replicate human functions and are able to efficiently handle phone calls, chats, and social media comments. AI is changing e-commerce in many ways today. AI quickly recognizes patterns and groups in customer credit checks and purchase behavior. This will allow for a more personal experience. AI can analyze millions of transactions per day and target offers to one customer. This will provide a more personalized experience.
According to “Conversica”, close to a third of marketing leads aren’t followed up by sales staff. This means that these qualified potential buyers simply fall through the cracks. This is prevented by AI successfully retargeting customers. With sales processes becoming more efficient and less time-consuming, consumers can now be influenced by different media. Businesses can integrate AI into CRM to create customized solutions and sales messages that reach customers at the right time.
Also read: How AI is Revolutionizing Ecommerce
2. Aviation Assistance in Real-Time
International airlines face challenges in keeping up with customer interactions and logistics. They interact daily with millions of people via social media and real-time markets. AI is a powerful tool that can help you with this. Chatbots and intelligent systems can be used to connect with customers and provide personal notifications. This will positively impact the brand’s momentum.
3. Cloud Databases Provide Business Insights
If data in large cloud databases are not extracted and processed for trends and patterns, it is useless. Artificial Intelligence for Businesses assists in mining unique “gems”, hidden within these data sets, by efficiently and quickly processing the billions of data points. AI doesn’t stay static, it adapts quickly and learns from its surroundings.
4. Incorporating Automation in Business
Automation has become a new-age business trend thanks to AI technology. The theme of AI technology is everywhere, from automated hotel bookings to robots in factories, but the only thing that has changed is where it works. AI is rapidly automating many routine business processes, a trend that is growing in the automation of routine work. Who wouldn’t want to work with technology that doesn’t require coffee, lunch, and breaks for business?
5. Chat-based Solutions for Consumer Communications
Many businesses have taken advantage of AI Chatbots to create chat-based solutions for consumer communications. Clickatell Touch uses Touch-card technology to combine bot-driven interactions with workflow automation.
6. Impending Benefits of AI: Corporate Investments in AI are Massive
Corporates are now convinced of the potential of AI. With large, cheap cloud-based data being readily available, low-cost storage easily accessible, and algorithms that quickly sort through vast amounts of data, they seem to be convinced of its potential. According to the “2016 Technology Vision” Survey conducted by Accenture, 70% of the corporates admitted about making significantly higher investments in AI technologies. Besides, IDC, an analyst firm, predicts that the cognitive systems software market and content analytics will more than double by 2019, from US$4.5 billion to US$9.2 billion.
7. Find Business Intelligences to Make Smarter Choices
AI systems are able to quickly extract useful insights from large datasets. This is a significant improvement over a slow and tedious process. Businesses can integrate their CRM with AI to have complete customer data. This allows them to have valuable insights that allow them to make timely and intelligent business decisions. AI is used to make business decisions like ‘which customers should be focused on and “the best-possible deals”. AI can also help identify the best leads and opportunities.
8. Anticipate Outcomes and Streamline Sales Efforts
Artificial intelligence systems can detect signals that are often overlooked by sales executives who are looking for correlations in customer data. An AI-integrated customer service tool can predict customer views based on recent interactions. This information can be used by businesses to improve customer relationships and decrease churn. Businesses can take proactive steps to improve customer perceptions immediately if they notice that customers don’t like their company. AI is an important tool for small businesses that helps them anticipate outcomes and decide what to concentrate on.
9. Reduce mundane tasks to increase business efficiency
AI systems handle all repetitive tasks and leave resources free to work on the tasks that are most valuable to their business. SMBs often have limited resources, so this is a huge advantage. Automating tasks such as logging CRM notes and steps to route new inquiries can help employees focus on the things that matter. Artificial Intelligence is a powerful tool for small businesses.
10. Unlock Unstructured Data to Interpret
Structured data, which comprises data that can be analyzed and interpreted just accounts for 20% of all the information available to us. Unstructured data, which is approximately 80% of all available data, can still be very useful if used to gain valuable business insights. An example of this is a company that plans to build a pipeline. They will have many questions about the area, past constructions, and other issues. The answers will be found in old inspection reports and training manuals.
Future of AI
It is difficult to predict how AI will be used in the future, and what applications will be possible over a decade. However, AI and deep learning are expected to reduce tedious business tasks. The AI technology market will continue to grow faster and more efficiently with continuous advancements. Artificial intelligence has many business benefits. It is important to transform as soon as possible.
If you plan to use AI technology in your business, the first thing to do is to identify the opportunities and determine long-term and short-term business plans. Then, it’s time to implement this new solution. Businesses will be able to integrate intelligent systems efficiently and profitably if they are technology-rich, people-first, and business-oriented.