Artificial Intelligence (AI) helps find solutions to complex business problems in a more human-like fashion. This resembles adopting characteristics from human intelligence and implementing them as algorithms in a computer-friendly way.
According to Apogaeis, companies or industries which implement AI applications are going to become more diverse, as they will be powered with the ability to analyze data across multiple functionalities, fraud detection, and high-class customer relationship management. This will help them to obtain a competitive advantage.
Within the next 5 years, 50% of the analytical decisions will be based on AI: opting it over simple verbal interactions, Gartner concludes.
AI and advanced machine learning are being applied to intelligent implementations including robots, smart cars, consumer electronics, and various applications as well as business solutions. Many complex business processes can be automated using AI. Work hours can be reduced significantly, and human brains can be utilized in more creative aspects of the business such as inventing and researching. The idea to help businesses is to reinforce their workflow by allowing business leaders to spend more time on business growth and expansion while spending less time on common functions.
These are just several roles of AI in doing business today that we compiled from Apogaeis for you
Market & Customer Insights
AI can play an enormous role when it comes to analyzing the market and your customers. Predictive analysis can be applied to the data assembled from the system matrix, web matrix, and social media to build a better and enhanced product. You can take customer experience to the next level through customer insights.
Since many of your customers are on social media and most of the business is taking place online, AI can be utilized to understand important measures of social networks online. Data mining techniques are being used to analyze different types of social media traffic. Most effective influencers can be identified while marketing approaches can be classified.
Virtual Assistance
Many companies are either using or planning to use artificial intelligence for virtual assistance. Companies deploy chatbots for various uses, such as customer service. There is potential in machine-driven assistance with human-driven customer service.
In the case of airline queries, an AI application is implemented to answer simple questions like the status of a flight, alternative flights, timings, and many more. Human agents can focus on more complex problems while simultaneously, chatbots are being used very effectively by marketers to communicate with their potential buyers in a very interactive way.
Process Automation
In the last few decades, automation continues to rise in technology. Various automation tools are being innovated and developed to help business processes be more agile. In the present day, advanced robots are working alongside humans in many different places.
Industry leaders are predicting with the astonishing rise of AI that a new era of automation is emerging. Artificial intelligence is quickly automating routine cognitive processes by smart algorithms that are playing a crucial role in many industries like retail, hospitality, financial firms, and many others. Not only do these machines or algorithms conduct proficient tasks, but they can also work 24 hours without a break.
Data Unlocking
Today, 80% of the data generated from online platforms is unstructured. Analyzing unstructured data will be the most impactful factor for any business over the next ten years.
Another area having huge potential to make your business a global leader is to understand consumer conversations. Few companies use their customer conversations to identify their personality types with the use of AI so that those customers can be offered compatible services. Businesses have started unlocking data with the help of artificial intelligence.
Efficient Sales Process
Sales techniques and approaches have moved far from doing cold calling and sending long emails. Consumers are influenced by so many other types of media, from TV commercials to social media platforms.
If you are planning for an innovative and more effective approach when it comes to marketing for your business, you can craft a sales pitch that can reach the right customer at the right time on the right platform, just by integrating AI into your CRM. An effective AI-driven CRM can multitask and handle all your business functionalities.
Sales teams are using AI to get to know their customers better while offering tailored solutions. E-commerce companies are using AI to ask a few questions to their buyers & based on their preferences they customize the products and show only the ones which can be the best fit as per the customer’s preference. This will increase the chances of conversion.
Without any doubt, AI is changing the face of sales for the better by transforming the sales processes. Customers are no longer offered solutions that are not tailored. This results in quicker conversion and even companies are getting customer insights quickly.
Personalized Customer Experience
Artificial intelligence allows business owners to provide a more personalized experience to their customers. AI can analyze vast data way more efficiently. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores, and other common threads. Millions of transactions can be analyzed every day to provide personalized services to each customer.
Through actionable sales intelligence, businesses can analyze a particular buyer pre, during & post-purchase behavior. This allows them to create a more personalized experience and create a form of customer engagement at every single interaction. Predictive intelligence can help companies engage their customers in a real and impactful way. The sales cycle can be personalized through an AI-driven application which can help businesses engage the right customers with the right content at right time.
AI can help enterprises to identify who is most likely to buy their product. When they do have a conversation with a prospective buyer, they are well known of the history of that particular buyer, which makes the entire sales process smooth.