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AI-based emerging technology is all set to play a critical role in business longevity. To ensure the necessary standards of efficiency in the future & match the pace of the rapid business environments, organizations are looking towards implementing cognitive technologies.
Businesses need to evolve with time to stay competitive in a growing global market. The implementation of AI is an important step in creating efficiency and produce the best results as a business. The applications of AI are diverse with possible integrations within all business processes, regardless of your department or industry.
Here, the advantages of AI are important to understand. The inefficiency of manual labor and the rising cost of hiring resources around the clock, especially for global businesses is a problem that AI deals with. Its advantages go beyond the limitations that restrict humans, opening up avenues for greater business performance and as a result better revenue generation.
1. Achieving process optimization
Businesses tend to waste a lot of time and resources in manual processes and mundane everyday tasks. This is a problem for each department, from HR to Sales and Marketing.
Businesses should have AI strategies in place to automate these processes to reach optimization and free up time for more important tasks. A salesperson doesn’t have to send twenty follow-up emails a day to unresponsive clients. Here, by using AI they can preset triggers for follow up emails if the receiver doesn’t open their email in two days.
This allows the salesperson to focus on more responsive clients and engage in activities that add value to potential customers. By minimizing time on some tasks, you can focus on tasks that are more likely to generate revenue for your business.
This is a strategy that can also be used during email campaigns, to maximize client interaction or to market your products with AI-based hardware such as iBeacons.
With application in all departments, AI has become an essential tool for businesses to create more efficiency. From product development to post-launch marketing, automation is the future.
2. Conducting market research
Analyzing current trends and using them to predict future trends has always been a hurdle for businesses. Often, the conclusions to data analysis are presumptuous due to our limitations as humans.
Artificial intelligence is a crucial tool in the modern world to assess market trends. Data analytics has become increasingly important in the business world with AI’s ability to compute and analyze consumer patterns and behaviors with extreme accuracy. This accuracy is impossible even if you have a team of data analyzers dedicated to different market segments.
In the modern world, access to information shapes trends and evolves them rapidly. Trends come up and fall out very quickly with only a few staying on top of the market for an extended time period.
For businesses, it is important to not just capitalize on the more stable trends but to also make the most of “hyper-trends”. These trends peak quickly and disappear even quicker but the potential to use them is immense, even if the time window is small.
By implementing an AI strategy as part of your market research, businesses can maximize their ability to take advantage of market trends both in the present and in the future. This is because of the AI’s ability to predict outcomes based on data.
For market success and to be ahead of the competitive curve, businesses have to implement these strategies to ensure they’re the first of their competitors to make the most of rising market trends.
3. Creating personalized experiences
For businesses that rely on their e-commerce platforms to generate revenue, AI is a step in the right direction. Largely, the way consumers behave on e-commerce platforms is by browsing through them.
Most people don’t search for specific products, rather prefer to generally browse through platforms to see if something catches their eye.
This is where Artificial Intelligence comes into play. AI’s impact on mobile app development provides users a personalized browsing experience based on individual consumer behavior. For example, based on a customer’s purchase history, you can provide recommendations that they are most likely interested in.
This is based on the collection of data from their search history, their cart histories and purchase history. By analyzing this data, you showcase the products that best fit each of your customers.
This personalization is AI-specific due to the nature of the work. Segmenting thousands of people and their individual preferences if done manually might take years to compile and then a few more to keep the database updated every time someone searches a new product.
Through AI, this process has become almost instantaneous. By presenting discount offers or new arrivals tailored to the taste of individual browsers, you increase the likelihood of them purchasing a product.
Now, your sales aren’t dependent on consumers searching for a specific item. Rather, their general category of search can be boiled down to specific products with the help of an AI.
4. Automating Customer Support
Chatbots are here to stay, especially with the introduction of Machine Learning. AI-based chatbots are revolutionizing customer support by reducing costs and increasing efficiency for businesses. Here, the concern is the availability of a resource 24/7 to answer client queries.
It is a labor-intensive job that requires multiple resources to be hired to work round the clock. Chatbots, provide an alternative to this. By constantly evolving and learning from the data they accumulate, AI-backed chatbots can provide a swift user experience that humans cannot.
Chatbots are tireless, cheaper, and they don’t have feelings. Customer support is in fact a very strenuous job that has been made easier by integrating chatbots. All it requires is the presence of data that allows them to answer the queries.
Furthermore, as time passes, their efficiency increases due to increasing data. This makes them less susceptible to errors but also robust against offensive people. I mean, it is software after all.
Jokes aside, the user experience is an important part of customer support and it often gets tiring for resources to deal with, making them more likely to make errors.
This is why most big companies have already shifted to providing assistance through chatbots, an experience that is swifter, more efficient and cheaper.
5. Staying competitive
Let’s be real, keeping all the benefits of implementing an AI strategy aside, the biggest reason perhaps is that any and all competitors your business will implement it sooner or later.
The need is simple, not implementing AI will eventually mean that your business lags behind modern times. Without implementing these strategies, your processes will be less efficient than your competition, giving them an edge over you.
This means that the market share your business has right now, will fall down and competing businesses will perform better than you.
To stay competitive, the implementation of AI is a necessity in the business world. Whether you’re a retail store, an ad agency or any other kind of business, AI has a role to play in your processes. Thus, it is important for you to figure out the places where AI can be applied, to ensure your market share remains and expands with time.
Author: Ryan Shirzadi
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