Earlier, Artificial Intelligence was just a notion we experienced in Sci-Fi movies and documentaries, but now it's making a huge impact on society as well as the business world.
Today, modern technologies like Artificial Intelligence and Machine Learning are no longer trendy words. It has been around us for more than a decade, but yes, we are harnessing its power for the last couple of years. Due to its more incredible data processing speed and advanced prediction capabilities, Artificial Intelligence is making its way into our daily lives.
Artificial Intelligence is a vast term that refers to any software or application that engages in studying human preferences during interactions. There are several real-life artificial intelligence applications such as Netflix's movie recommendations, Apple's Siri, Amazon's shopping personalized mails, and Google's Deep Mind. This way, AI is changing business dynamics and allowing them to upscale their game in a positive way.
AI is implemented in most businesses. As per the report published by PwC, AI will contribute $15.7 trillion by 2030 to the global economy. Businesses that were still considering that AI is a futuristic technology are now investing in it because it will reap many benefits and improve their business offerings.
From assisting customers to improve their overall experience to automate certain business tasks to crafting personalized solutions, AI has the potential to revamp your modern business outlet.
5 Ways AI is Accelerating Modern Business World
According to Salesforce's report, usage of AI is no longer limited to large corporations but SMBs are also using AI technology to achieve higher business growth.
We live in an age of technology. Businesses are getting evolved as per consumer's demand. Small businesses are slowly automating their business operations in order to capture huge market share while large companies are revamping their existing strategies to establish their brand.
It means everyone in the business world is now enjoying their proportionate revenue share. Thanks to technologies such as AI and ML, it is now only improving customer relationships and enabling owners to make informed decisions with accurate insights. From SIRI to self-driving cars, AI is transforming our lives in such a way that stimulates human behavior to another level.
AI is nothing but the technology that can solve problems without human interference and come up with rational solutions taken with the help of
- Knowledge
- Reasoning
- Perception
- Learning
- Planning
Popular brands like Amazon, Apple, Tesla, etc., are using this technology to transform our current and future lives. The biggest benefit AI has given to businesses is that it has eliminated human intervention in tedious or mundane tasks. Here we have addressed five ways how AI is revolutionizing modern businesses and improving business operations.
AI Ameliorate Customer Experience
These days, customers are expecting lightning-fast responses from brands, and AI-based advancements allow businesses to integrate voice search or chatbots into their strategy. AI-based chatbots improve customer experience and resolve their queries in seconds without getting frustrated. Moreover, chatbots will also help to find the best suitable products based on customer's preferences.
Built using smart technologies, chatbots are getting more attention, especially in eCommerce and on-demand business. The online food delivery business has experienced major growth, and entrepreneurs are now integrating chatbots in their restaurant's online ordering system so that customers can frequently ask questions related to orders and get them resolved in minutes. Along with good customer support, chatbots and virtual assistants have several capabilities such as:
- NLP that can interpret voice-based interactions with customers
- Resolve customer's queries through accurate insights
- Provide personalized offerings to customers
In short, chatbots interact with your customers, assist them round the clock, and provide a personalized experience without getting frustrated.
Cut Down on Recruiting and Onboarding Cost
According to Deloitte, more than 40% of companies are now using AI in their human resource operations in order to gain long-term benefits. Therefore, more and more organizations are now using AI-based technologies while others are still on their way to adopt this transformation.
There are few ways in which AI can play a major role in HR operations are:
- Onboarding
- Talent acquisition
- HR management
- Sentiment analysis
- Performance management
Overall, implementing AI in HR speeds up the hiring process, cuts down administrative costs, scans thousands of candidates in just a couple of hours, and reduces bias against candidates.
According ot Oracle, HR departments are more likely to use AI to source the best talent as it automates certain tasks and comes up with best results without any bias. Usage of AI is not limited to delivering quality customer support, but it has significantly impacted the organization's recruitment and onboarding process. The companies already using AI have admitted that it has resulted in noticeable benefits.
Generate Sales
According to Gartner, it is projected that by 2021, 30% of businesses will use AI in their existing sales strategies. Businesses that are not integrating AI in their existing CRM software will be left behind since AI can do wonders and improve customer experiences and sales altogether.
When you leverage AI into your organization's CRM:
- It studies customer's data
- Based on that data, your sales team can put efforts
- It would help to predict whether the customer is interested or not
Based on the customer's browsing history, personal details, and behavior, you can turn this visitor into a lead with personalized marketing strategies like promotional emails and offerings that ultimately boost sales and customer engagement ratio. Moreover, you can also get started with paid advertising campaigns based on demographics and insights.
Improve Recommendations for Customers
Leveraging AI, brands can more smartly analyze data to predict customer behavior and craft their marketing strategy based on their preferences and interest. This level of personalization delivers a seamless customer experience, and they feel valued. But for that, you need to understand the customer's demands first.
For example, Starbucks, using "My Starbucks Barista", which utilizes AI to enable customers to place orders with voice technology or messaging. This level of personalization helps brands to suggest better products and connect with customers.
Help You Re-target Online Ads
Running paid advertising campaigns on Google or social media are cost-effective and powerful ways to grab users' attention. Hence, targeting audiences' right set using AI and ML algorithms helps you study user preferences for better conversions.
For instance, if you have an online delivery business, machine learning studies your audience, behavior, and sentiments and helps you re-target with best offerings. Moreover, an advanced level of AI algorithms helps you target customers at the right time so that it will encourage them to make a decision.
Summing Up
The introduction of AI-powered technology in the modern business world has allowed enterprises to implement crafted and well-researched methods to avail long-term business goals. Artificial Intelligence in the business world plays a crucial role in resolving customer's issues in real-time with innovative solutions and increases businesses' productivity.
Therefore, we can conclude that AI's capabilities speed-up the decision-making process and solve real problems with smart solutions. Indeed, AI is here to stay for a long time and reap multiple benefits to the business.
