7 Beneficial Ways Your Business Can Use AI
Artificial intelligence (AI) has revolutionized our way of living in many ways. We are seeing more intuitive and interactive gadgets and electronic equipment around us. We are even utilizing appliances with AI technology among their features. More and more businesses are utilizing AI technology to streamline their processes and revolutionize the way how they do business with customers, clients, and other businesses from different industries. If your business has not yet incorporated and utilized AI technology, it is high time that it did.
Read on as we share seven beneficial ways your business can use AI.
1. AI Improves Customer Engagement
Artificial intelligence can help businesses to efficiently handle the large influx of customer inquiries, business website visits, and customer purchases. Thanks to the innovative efforts of companies providing artificial intelligence development services, AI technology has made the customer experience automated and efficient. This means that transactions and interactions with customers are more efficient and focused on their needs, which generates customer loyalty and boosted sales. As your business starts to grow, you need more employees and staff to handle more aspects of the business process and you can entrust a significant part of the customer service operation to AI technology and a few customer service representatives. Thus, your customer service aspect still gets covered without the need for more manpower.
2. AI Helps Provide Real-Time Assistance
The hyper-fast computations and algorithm processing of AI technology can help generate real-time information for businesses that deal with large volumes of customers every day. Businesses involved in transportation services, like ferry boats, ocean cruises, buses, trains, and airlines need to provide their customers and staff with real-time assistance, such as travel information, real-time location tracking, and delay and schedule change notices.
3. AI Improves Marketing Success
Another way of utilizing the powerful calculation and analysis capabilities of AI technology is to use it in automating the marketing efforts of your business. Integrating AI into your data collection by using applications and programs can help generate a more accurate picture of the customer search and purchase trends. The data generated can help marketing teams formulate more effective ways of reaching out to customers and making targeted approaches for returning customers, regular customers, and new customers. The purchase trends of various customers can also give an idea about their preferences and these data can help in the creation of new products and services that are sought after by customers.
4. AI Supports Your Sales Team
Contrary to the belief that AI will soon replace human salespeople, AI will only play an important supporting role to make their jobs lighter and better. The machine learning capabilities of AI can help record and transcribe calls, record data on listening versus talking time ratio and collate data on products with successful sales. The information gathered can be used by the sales team to develop best practices and improve the training and skill set of salespeople to become better sellers. Not only that, but AI can also assist in generating and nurturing leads and guide customers to salespeople to close the sales.
5. AI Data Mining and Analysis Provide Competitive Intelligence
With your business facing stiff competition and with more potential competitors surfacing as your business grows, it becomes difficult to keep track of their strategies, content, and updates. Another feature of AI technology is its data mining and analysis capability, where it can discover and collate important and relevant findings of your competitors on various channels like websites, web apps, and social media. The data analysis feature helps discover product gaps, the marketing and sales directions of competitors, and the strengths and weaknesses of your competitors. Your business can make use of these useful insights to give it an advantage in the competitive marketplace.
6. AI Enhances Cybersecurity
With most businesses across the world having online websites, they are opening themselves to wider opportunities and also to cyber threats. Another way of taking advantage of AI machine learning and analytics capabilities is to use them to boost the cybersecurity features of your business website and protect valuable business data. AI can help detect strange access patterns and behaviors, discover updates about new threats, and locate vulnerabilities in your system.
7. AI Helps Create Effective Sales and Revenue Projections
AI also has predictive capabilities in conjunction with its machine learning and analytics features. Your business can make use of its predictive features to make data-driven projections on sales and revenue for the next years. By collecting and analyzing customer and product or service data, the AI technology in your report generator can create projections using the trend of the current data. This way, your business can make the necessary adjustments if the projection is unprofitable and ways to expand or diversify the product lines if the projection is profitable.
AI technology can open up a world of benefits for your business. Now that society is heading towards an online or cybernetic direction, your business should not lag behind technologically if you want to keep a competitive edge in the market. If your business has not yet integrated AI into its processes, now is a good time to start. Your future self will thank you for that decision and the above ways your business can use AI should give you the ideas you need to get going.