Artificial Intelligence has been a hot topic in many different industries and forums. From Cortana to self-driving cars, AI has come a long way and there is no sign of its development stopping anytime soon.
In spite of all the negative predictions on how AI will take over human jobs in the near future, it seems AI is more of an enabler than a disruptor.
Let’s see how AI can change the way businesses operate.
AI can be immensely useful when analysing your market.
This is particularly helpful for start-ups as they get to explore opportunities in the market and potentially innovate solutions. It can even help in reducing start-up costs.
AI can be used to understand a multitude of customer and by extension, market preferences. Most people operate online and AI can help you capture a lot of nuanced preferences that you might not be able to capture otherwise.
One of the most popular ways of utilizing virtual assistants in business is for Customer Service. There is a lot of potential in machine driven assistance with human-driven customer service.
Chatbots are being used very effectively by many businesses to communicate with their potential customers in a very personalized and interactive way.
Business Process Automation
Automation has been an increasingly popular business practice in the last few decades. There is a constant innovation and development of automation tools that make the business process agile. Even in the present day, there are multiple organizations that employ AI to make their processes more streamlined.
This not only makes routine cognitive processes much more streamlined, it also makes 24hr work schedules possible.
Efficient Marketing and Sales Process
Consumers can be influenced by so many types of media now-a-days. Gone are the days of cold-calling and long emails. Digital Marketing has become one of the most influential types of marketing.
With the help of AI, you can now create a perfect marketing pitch that can reach the who you want, when you want. In addition, businesses can learn more about customer preferences through AI as mentioned above.
Developments like this can help businesses pinpoint their exact target audience and market their products accordingly.
In an age where mass marketing is palpable, consumers tend to react much more to personalized content. Since AI can analyze a vast amount of data much faster than humans, delivering a personalized experience to each customer of a particular business is not too complicated a task.
Businesses can create customer engagement from every interaction by analysing a particular buyers pre, during & post purchase behaviour. This can lead to multiple conversions over an extended period of time too.
The development of AI has not only drastically improved businesses in a variety of sectors, it has also been an agent in extending the workforce in different aspects. While AI can help businesses gain an advantage over its competitors, it also has strong developmental implications worldwide. It all depends on how we develop it.