How Artificial Intelligence (AI) is Transforming Business Growth
Artificial Intelligence is going to be so popular in the future that it won't be just an option anymore. Businesses would have to make the technology an essential part of their strategies. Accenture insights have highlighted that AI is capable of increasing productivity levels by 40% in 2035. Plus, data analysis is a must for businesses to keep delivering better customer experiences. And for analyzing data, they need to make use of AI applications.
AI implementation will help them become capable of diversification, detecting frauds and establish a strong relationship. However, a survey of executives by McKinsey reports that only 20% utilize AI applications as an essential part of their strategies.
How Artificial Intelligence Can Transform Businesses
By the year 2020, AI is expected to reduce business costs by $8 billion. The early adopters of AI have already developed a competitive edge in the world. The biggest advantage AI has given is that it has limited the human intervention in mundane tasks. Humans will do all the thinking, while robots will execute.
Deriving Essential Consumer Insights
Internet of Things has expanded the scope of data that has to be analyzed. Everything is being challenged as AI is impacting every walk of life. And this, in turn, impacts the behavior and patterns of customers. AI plays a significant role in assembling and analyzing these data. Businesses can use AI techniques in enhancing the predictive analysis.
Customer experience can be upgraded by even better customer insights taken from the system and web matrix. AI helps businesses in optimizing their marketing strategies by discarding uninterested customers. Additionally, AI helps in touching those data points that can provide accurate and crucial information. This assists in identifying future customers, churn rate and even in estimating long-term customers.
Mining Unstructured Data
Internet and Big Data has grown so much over the last few years that the servers track almost every activity of the consumer. Earlier, this data was in a small amount and businesses were able to structure it. However, now there are so many sources of generating online data like social media and mobile apps. And that leads to a huge amount of unstructured data. Currently, online platforms generate almost 80% of unstructured data. Unstructured data is difficult to mine and sort through, to reach a quantifiable amount that can be analyzed.
However, if on the one hand there is an insurmountable data, the algorithmic models are also being redefined. These AI-based models are capable of exploring such a vast sphere without any human intervention. Businesses can utilize these tools in anticipating future events, make informed marketing decisions and enable process automation.
Boosting Recruitment and Engagement
Artificial Intelligence can assist in improving the assessment and interview skills of the staff. Hiring processes can be simplified by casting a wider pool of scanned resumes. Additionally, it can monitor other significant sources of assessing skills like reviewing job descriptions, transcripts and call logs. Such processes can also help in removing human errors and qualified candidates can be employed efficiently.
However, retaining employees is equally important to establish a competitive edge. A study shows that 23% of employees resigning in the first 6 months could have stayed back if there was better communication with managers. Artificial intelligence can enhance their engagement by using techniques like sentiment analysis and biometrics. These tools are capable of providing in-depth insights into drivers of employee behaviors. And based on that, employees can be motivated. Individual and team performances can also be tackled by accurately gauging traditional tools of assessment. Also, it can even assist in generating recommended careers and necessary skills needed.
Automation and Virtual Assistance
Virtual assistance in businesses is mainly used for facilitating the customer experience. Chatbots are deployed for this reason among many others. Chatbots have the potential to drive human-like conversations while solving customer queries. These queries can be about anything from reservations of flight bookings. And it can be also about just gathering information about a site of payments. Chatbots can answer these queries in a simplified, elaborated and interactive way.
Similarly, automation is another technology that can develop all the business processes with agility. Artificial intelligence is now capable of bringing automation to cognitive procedures. These models enable a proficient working environment without any interruptions. Cognitive Procurement deployment also helps in automating the users' requirements, invoice inquiries, risk assessments, and even potential suppliers. Sidetrade's research highlights that AI's capability of predicting which invoice can freeze cash flow, can uplift cash collection by 57%.
Effective Sales Approach
Artificial Intelligence can be integrated into a CRM platform that can boost a business's sales pitch to reach the right audience. CRM can be driven through AI and it is capable of multi-tasking and handling all the business functions. AI can be used to know current and potential customers better. Based on the results, they can offer customized solutions. These techniques assist businesses in getting better conversions and customer insights.
Apart from this, customers are also provided with a personalized experience. AI is capable of analyzing a large volume of consumer data like buying patterns, purchasing history, preferences, credit scores, transactions, etc. Sales intelligence helps in analyzing buyer behaviors before, during and after the purchase. This helps businesses in creating a better customer engagement channel. Every interaction of customers can be personalized with predictive intelligence. This helps in personalizing the sales funnel to provide the right content at the right point.
AI has brought disruption in almost every industry. It's only a matter of time when every business would be operating its functions through this technology. Adopting AI largely depends on the goals and current needs of a business. A big question still occurs of human interaction becoming obsolete with AI taking the center stage. However, if we look deeper, AI is only the algorithms being deployed. And these models will still be managed by humans only. AI is more about replacing menial work with advanced techniques, humans will still be in very much control. Instead, it can lead to introducing more jobs that involve lesser hard work and more productivity. Plus, it will help in integrating the workflow, making it easier for humans to manage multiple tasks simultaneously.