How Artificial Intelligence can Help Businesses to Grow?
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Artificial Intelligence has replaced the human workforce. The impact cannot be seen largely up till now, but sooner or later, we are going to see AI as the backbone of the business. The majority of e-commerce and big enterprises have already adopted artificial intelligence as a means to support different areas of businesses. From marketing to automation and customer support to sales, every area of business is going to be in the hands of robots or simply artificial intelligence. Artificial intelligence is not only limited to Hollywood movies. The emerging technology has become a reality, which one couldn’t even think about it in the past. AI has also impacted the life of the common man. For instance, if someone has an issue with the internet speed, he/she would contact customer support to get the problem resolved.
Instead of long waiting, the company could integrate AI to address the issue immediately without letting them wait. We haven’t seen any of the ISPs offering such support, but wish they could offer in the future.
The impact of AI in the future, as well as present on businesses, can be seen in the statistics given below.
- According to Gartner, 85% of human interaction would take place without any human by 2020.
- As Per Forrester, AI will replace 16% of American jobs by the end of the decade.
- Last but not least, According to Narrative Science, 80% of executives consider AI improves work performance and creates job opportunities.
With time, the expectations of customers are increasing, and to meet those expectations, businesses have to consider deploying artificial intelligence. Let’s have a look at how AI can support business development.
Making Customer Experience More Personalized
Deployment of artificial intelligence in the sales department can generate more revenue. The reason is quite simple that AI can give a more personalized experience to its customers. As you may know that Artificial Intelligence has improved in recent years and with many solutions available, it can automate analytical and business intelligence processes.
AI can judge what was the customer’s behavior in the past and purchasing history. Artificial intelligence can analyze a number of transactions made in a day to give recommendations to the customers.
Ecommerce businesses are growing with each passing day due to digital marketing. It would help them to solve problems with timely intelligence. Moreover, the sales representatives can incorporate AI to forecast which product the customer would likely purchase.
Companies often rely on reports to find out which products are selling like a hotcake. Moreover, they can also analyze the demographics where the product is mostly purchased. The sales rep can also identify the effects of marketing campaigns on a product sale.
For those who create sales, the report knows how difficult it is to create and forecast, which could lead to many human errors. Therefore, many big enterprises are taking a step further by merging data analytics with artificial intelligence. It would help companies to forecast accurately and ease the task of the sales rep. Moreover, Artificial intelligence could also help reduce the inescapability of human errors. It is a norm that no matter how experienced a person is, there are always chances of human errors.
Artificial intelligence is also helpful in recognizing the flow of data and can get smarter with time. With that being said, it would result in better and timely reporting with accurate and reliable information.
Incorporating artificial intelligence in business does not mean that it could be done without data experts. Yet the technology can help them to reduce the uncertainty that may occur otherwise. Moreover, the employees would be at ease, as they don’t have to recheck the findings, which means less human effort and more productivity.
Artificial intelligence can help in the marketing of the business. AI helps analyze data to know what a buyer wants and what would he likely purchase in the future. It would make it easier for companies to market the product to the right target audience, as they know what they need. For instance, if a customer is searching for an ISP offering high-speed internet along with cable TV and telephone services, the AI will make it easier for him/her to find the best package. Depending on the area and customer’s needs, the AI will bring forward a number of options that might include Spectrum bundles, Cox bundles, or Optimum bundles, etc. Without waiting, the customer can pick the best option that meets the requirement and budget.
In the future, AI will help companies to know what suits the buyer interests, which will lessen the speculations and help the business to target only potential customers. We have seen artificial intelligence is largely used by companies like Facebook through the ad network. AI in this case would lessen the time consumed to analyze data and A/B testing.
Customer Care and Support
Customers nowadays are less patient and want companies to address their problems immediately. As we have experienced in the past that most of the company’s customer support is not up to the mark. Some of them take too much time and let the customers wait in the queue. While at times, the support team isn’t able to address the issue timely.
However, now things have changed with the emergence of AI chatbots. Companies are now moving from human support to AI chatbots not only to address customer’s issues in a timely manner but also to reduce the cost. Chatbots can answer any query 24 hours a day, 365 days a year. Customers are always in a hurry and want their issues to be resolved in lesser time.
For instance, chatbots can analyze the customer query and answer them without any delays. Moreover, if a customer were searching for a product, the chatbot would send the product’s link to make the buyer’s journey easy and hassle-free. The best part is that AI chatbot is readily available to help customers without time constraints.
With the passage of time, more and more technologies are emerging to make our lives easier. Artificial intelligence is surely going to conquer the human workforce and replace it. The best thing about AI is that it can accurately analyze the data and compute it without any errors. In addition, the eCommerce stores and B2b businesses can reduce the cost to half by laying off humans and replacing with Ai chatbots.
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