By now, most business leaders have seen or heard about examples of artificial intelligence. AI can bring efficiency and savings to your business. Here are seven areas of operations to consider implementations…
Guest post by Taylor Ryan
Types Of Artificial Intelligence Your Company’s Leaders Should Know About Now
The term artificial intelligence (AI) is used alongside big data and has become one of the most commonly used buzzwords in the business world … and the world in general. The core concept of AI is to build machines with the capability to think like humans.
AI has two research and development forms:
- Applied AI
- Generalized AI
The artificial intelligence future is vast, with its ability to perform almost all jobs that human beings are presently doing. It will create new jobs, empowering humans to be more efficient. Many brands such as Amazon and SAP are using AI to aid employees in their jobs, allowing them to lead successful careers with the help of a machine learning environment.
How Can Artificial Intelligence Help Your Business? AI can substantially transform businesses by targeting the following main areas within an organization:
- Human resource management
- Customer relationship management
- Business analytics
- Financial technology
AI Can Improve Business Marketing Efforts
There are plenty of ways that machine algorithms can help marketers with their jobs. The majority of tasks undertaken by business marketers are repetitive in nature. A few of these tasks comprise social media and email marketing.
If all these redundant tasks were automated with the help of Artificial Intelligence, marketers would have more time to focus on other significant issues. Thus, AI can be employed by businesses to help employees — especially marketers — with predictive analysis.
Additionally, businesses can use AI to generate unique content faster than any human. Producing content is a long and tedious task, which requires:
AI-enabled technologies can perform all these stages, providing plagiarism-free, unique content for your business website, blog or social media. Can you imagine the cost savings that you could achieve with this?
Artificial Intelligence Can Aid In Employee Development
Bored and unmotivated employees can have an effect on business performance and growth. Lack of sufficient motivation can lead to lower productivity among employees, and this too may disrupt the corporate culture within an organization. But how exactly can organizations ensure sufficient employee engagement?
AI can help your business with inspiring and engaging the workforce. AI-enabled solutions such as Rocketbot are being deployed within businesses to stimulate a two-way conversation between employees and chatbots.
Employees can voice their concerns including any and all reasons for demotivation and productivity plunges through these chatbots. It’s more convenient than talking to an actual human being. All these queries can then be transferred to the person in charge, who will then take appropriate actions.
The result will be better-motivated employees with higher morale and satisfaction with their respective jobs. AI can, thus, enable businesses to improve employee engagement and development.
AI Can Help Your Product Find Its Market Quickly
For small businesses that are having a hard time with survival, AI can be useful. Finding the perfect fit between the product and its market can be a tricky task. It requires both primary and secondary in-depth research. Imagine: You could save all this effort and leave it up to the AI.
AI has been used by businesses to find the perfect product-market fit using specialities such as:
- Natural language processing
- Target market segmentation
- Machine learning
A few of these AI-enabled technologies include Keatext and MonkeyLearn, which can quickly process customer feedback and segregate it into categories as per requirement.
If a manual task for this process was put in place, consider the time and effort it would consume. Bonus, AI tools can provide results in the most cost-effective manner, so you can enjoy savings as well.
AI Can Be Used To Uncover Essential Business Insights
AI or machine learning has been introduced on the basis of replicating the human mind and performing all human tasks in a more efficient manner. Sifting through enormous data sets in order to pull out useful business insights is a time-consuming and hectic process. This may be simplified by integrating CRM with AI.
Once this integration is finished, you can acquire a complete database of all of your customers’ useful business insights that were otherwise scheduled to be generated in a report by the end of the month. How much time does this save for businesses? To infinity and beyond!
Once you have the insights in hand, you can adequately translate them into informed business decisions, thus taking your business to new heights.
A few of these decisions may include:
- Which market segments to target and why?
- Which marketing efforts prove more beneficial?
- Is there a niche that can be potentially tapped?
- Do customers have a certain buying pattern?
- Is this product lacking in some features and specifications and what are those?
Responding to these questions can make or break your business, so the sooner you have the answers to these questions, the better your product is likely to perform in the market.
Artificial Intelligence Can Streamline Business Sales Efforts
The AI system may be used to identify those essential details from the set of customer data that can otherwise be missed or overlooked by sales executives. While finding correlations in a given data set, plenty of information could remain untapped. But with the help of AI-integrated customer support tools, each data point can be effectively reviewed and used to improve sales efforts.
Moreover, as soon as the sales department realizes that customers are facing a certain issue that needs addressing, prompt action may be taken to resolve all issues. These immediate and proactive efforts will ensure higher customer retention. In turn, consistent sales and profits for the business in the long run.
AI Can Be Used To Improve Customer Relationship Management
Following from the previous point, AI can streamline sales processes and keep customers happy and satisfied. For businesses that have to interact with more than a million customers on a daily basis, handling each one can be nearly impossible. In order to respond to each customer complaint and request adequately, a business will need a hefty investment in real humans or else the business will suffer consequences.
With the help of AI technology, you can deploy chatbots and intelligent systems to connect with your target market. Technology can take your traditional customer management system to a whole new level. Your customers will be catered to in the best way possible via:
- Personalized notifications
- Quick response time
For each customer complaint.
AI can also be used to make live conversation with customers via phone. Rather than having human operators or call agents, your business can implement phone support, where each customer shall be entertained by a robot as is the case with Cogito, an AI solution.
This form of customer engagement is deemed necessary. And with the help of AI-enabled solutions, a business can save overhead costs and provide 24/7 support to all customers, thereby improving customer support.
Hence, if you intend to keep customer loyalty for your business, it’s time you bring in artificial intelligence!
AI Can Secure Your Financial Technology
Fintech is booming these days, but it comes at a cost. With cyber frauds on the rise, there is an ever-increasing need to ensure safe trading in the financial markets.
Since trading relies heavily on price fluctuations and speculation, financial analysts have to keep tracking the process and indices in order to make optimal financial decisions. With the help of AI, financial planning can be done more accurately and in a secure environment.
AI technologies can also help businesses with their advanced machine learning capabilities and fetch 100% return investment strategies, spot trading patterns and adapt to the dynamic financial market environment.
Machine learning systems can also be used to implement and ensure rigid and foolproof financial security. They can be used to double-check transactions in order to identify any and all fraudulent activity. SAS Fraud Framework is a thriving example of such a technology that uses complex algorithms and analytics to detect fraud and abuse.
Moreover, for all businesses looking for an investment assistant, here’s some good news: AI can be that reliable investment assistant and can effectively help you with investment planning for clients with various asset levels.
These robot advisors will:
- Analyze market trends
- Make feasible investment plans
- Adjust plans according to the changes in the financial market
It surely doesn’t get easier than this! More than half of your job has been undertaken and effectively performed by your own personal robot advisor.
Time To Use Artificial Intelligence In Your Business Growth
If artificial intelligence can perform all this now, imagine what it will be able to achieve in years to come. Although AI does not guarantee accurate and precise predictions about the future, it does provide support to businesses in the most efficient manner possible. It improves customer relations, employee performance and productivity level which, in turn, lead to higher sales and profits.
Taylor Ryan is a six-time startup founder, currently the CEO of ArchitectureQuote: Connecting Architects With New Projects and Partner at Klint Marketing, A Digital Growth Agency and Creative Firm. Taylor is an American living in Copenhagen, Denmark where he has spent the last four years running the marketing departments for some of Denmark’s fastest-growing startups. Connect with him on LinkedIn and Facebook.