7 Ways Artificial Intelligence Will Help You Get More Business
The advancement of automation through artificial intelligence is reshaping various industries. Many business sectors embrace the technology to improve their company processes, stay ahead of the competition and increase their net worth. With robotics projected to contribute over fifteen trillion US dollars to the global economy by 2030, investing in artificial intelligence can yield high profits.
Forward-thinking entrepreneurs are harnessing the power of cutting-edge technology to drive digital transformation and scale their business. Artificial intelligence and machine learning automate most business processes freeing business owners to focus on creativity and innovation. Let us look at seven ways that artificial intelligence will propel your business and improve your bottom line.
Improved Customer Service
Every successful company has an excellent customer service team that addresses customers’ issues and keeps them happy. Customer satisfaction is crucial in building a loyal consumer base and increasing referrals, which boosts sales. Nowadays, artificial intelligence is responsible for almost 85% of customer services in various companies and offers exceptional services.
AI-enabled chatbots are designed to chat with clients through social media platforms and messaging features on the website. It can answer customers’ queries and provide information about the brand. Moreover, it has a voice-recognition feature for talking to clients over the phone. The technology ensures prompt answers and 24/7 support and availability to customers. With AI technology, companies can avoid creating a large customer service team to serve a broad customer base. Besides, hiring customer care agents can be costly if you want to provide 24/7 support to clients. If you have not introduced chatbots in your business, it is time to invest in the technology to cut operating expenses and provide exceptional services.
Automating Business Processes
Repetitive tasks like administrative processes are tiresome and time-consuming. They increase the time needed for completing tasks and derails employees from creative work that can grow your business. Instead of hiring employees for repetitive tasks, artificial intelligence technology can take over the tasks and automate the mundane administrative process. AI can manage a schedule, process customer requests, forward information to relevant departments, and organise meetings. It provides the best technology business assistance that would save on person-hours and operating expenses.
AI is not limited to automating administrative tasks; other departments can reap the benefits of utilising the technology. For instance, the human resource team can use AI-backed tools to speed up the recruitment process. Apart from combing through applicants’ resumes for qualifying candidates, a company can automate the initial screening of candidates. With an unbiased system, the company can get the best talent in the field, which helps them grow their business. Automating the accounts payable process is another example. Paying the vendors on time and in the exact amount is very important. Therefore, companies should opt to automate this process. With AP automation, a company can have a paperless AP process, saving time and resources.
Better Data Analysis and Decision Making
The Internet, especially social media, allows companies to collect a lot of information about their clients. While the data helps improve services and increase sales, it is useless without analysis. Due to the large size, you cannot task humans to analyse the data. However, machine learning can come to your rescue. The AI-based tools can process the data and interpret it in a language that humans understand. Machine learning works by identifying patterns, forecasting revenue, and providing a prediction based on information available. With accurate processing of information from the data collected, a company can make better decisions concerning business processes. Predictive data can also help companies reduce risk by avoiding investments that will not yield profits.
Apart from data analysis, machine learning is also effective in sentiment analysis, which gives you a clear picture of the level of acceptance of your products and service. With natural language processing, the AI-based software analyses social media posts, reviews, and news to rate public opinion about your products. You can use the knowledge to determine customers’ pain points and create products that address those needs. The analysis allows you to develop a personalised approach to customer’s needs, increase profits, and grow your customer base.
Effective Marketing
The quickest way to boost your business sales is by scaling your marketing efforts to reach new markets or target more customers in the existing market. Apart from using AI-powered analytics to derive valuable insights into customers’ behaviour, it can also automate numerous marketing processes. Artificial intelligence tools allow companies to study target customers closely and understand their spending patterns and trends. With this knowledge, they can create a personalised marketing approach that will yield better results than the one-size-fits-all marketing approach.
Artificial intelligence also studies social and sales, which can come in handy during marketing. For instance, you can use the data collected to identify your target audience’s preferred payment options or channels. You can also leverage the data when using automated Ad placements. That way, the adverts will be in the right spots to attract the customers you are targeting. Chatbots are also helpful in marketing for driving direct sales through personalised content.
Automated Content Generation and Improved Conversion Rates
Companies need high-quality content to market their products and engagement with their customers. Nowadays, many businesses use Natural language generation (NLG), which utilises artificial intelligence algorithms to generate high-quality content with the relevant data and search engine optimisation to increase its visibility on search engines. While the technology has a few limitations, it reduces time spent writing new content and personalising information for every market segment.
AI can grow your revenue exponentially by increasing your conversion rates. By utilising computer vision technology, it transforms how customers shop and drive sales. Computer vision allows customers to search for the products they want using images instead of text, minimising confusion and increasing satisfaction. Visual discovery drives sales and boosts conversion rates. Besides, retailers can also intelligently suggest their products to customers based on similarity to the sought-after item, which increases conversion rates.
Improved Cyber Security
Customers are keen on the privacy and security of data provided to a company’s website. Any breach of data privacy or inadequate security features to protect customers’ information can affect your business negatively. Luckily, AI can improve the security of your website and assure customer’s data security. Cybercriminals often target sensitive data and money on websites. Therefore, you can use artificial intelligence algorithms to monitor odd activities by specific visitors or detect fraud. Most malware-fighting software used on websites also utilises AI to predict, identify and stop blackhat attacks on websites. You can also use artificial intelligence tools to identify loopholes in your company’s information system and seal the loopholes to ensure personal data is safe. Improving cybersecurity gives customers the confidence to transact with your company without fear.
Competitive Intelligence
If you want to broaden your market share, you need to stay ahead of your competition. That means you must be proactive and respond fast to the market trends. Knowing your competitors’ strategies and their next move will help you scale your business. Competitive intelligence tools use artificial intelligence to monitor your competitor’s activities on different platforms. You can keep an eye on your competitors’ products and services along with the weaknesses and strengths in comparison to your products. With the knowledge of competitors’ product and service gaps, you can exploit the gaps to gain a competitive edge. For instance, you can adjust your pricing strategies for more significant profit margins or provide better customer services to fulfil an existing gap.
Conclusion
Artificial intelligence may be a costly investment, but they yield a high return on investment. However, you need to evaluate your business to discover areas to utilise technology like chatbots or inventory management. Technology business assistance also helps you get ahead of business risks, automate your workflows and support your business growth.
