The future is now.
Artificial Intelligence (AI) has already saturated many industries and fields. Your business may already be taking advantage of this ever-developing technology, or maybe not. Wherever your business is right now in terms of technology, the reality is that just about every business will rely on AI in the immediate future.
When discussing AI, many people think of the sci-fi concepts of the 20th Century in which people pictured bipedal androids roaming the streets amongst humans or else a supercomputer that has far outmatched humans in terms of intelligence.
However, this is not the reality of what AI represents. AI is much more akin to software tools than a physical object. These AI tools are currently being used to automate processes and give businesses an edge over the competition.
Essentially, AI accomplishes the following: it automates basic menial labor processes, produces more efficient results from marketing activities (and increases revenue), gives companies a better understanding of their customers, gives companies better fraud detection, and provides more impactful customer service.
This article will go over some ways in which any business can take advantage of what AI has to offer.
Customer service is the most readily available way in which AI is used. Most often it appears in the form of a chatbot on a businesss page. Though it initially seems that chatbots lose a certain human touch and may be frustrating for users, they can be much more efficient than a human support agent.
Chatbots can help resolve customer problems in real-time, allow users to place orders, and get information on the business as well as other miscellaneous tasks.
Another great feature is that there is never a wait as there is not a limited number of people the AI can talk to at any given time. This means that a company utilizing AI for customer service will never have to deal with a customer cranky from a long wait time ever again.
AI can easily skim large banks of data and obtain valuable insights. This can drastically improve the effectiveness of marketing and allow the company to produce a more personalized experience for its customers.
Not only that, but the company can develop comprehensive strategies that more effectively target their consumer base.
One example is Microsoft Power BI which helps companies get key analytics to see which strategies are most effective. This helps businesses make impactful forecasts and predictions from this data.
This is key to automating processes as instead of using employees to pour over hundreds of pages of data for days on end, an AI program can process the data in minutes and produce more effective strategies.
Another advantage of AI is that it can help businesses understand what customers want and what attracts them to the company. This allows business to readily identify their strengths and play to them.
AI skims the online behavior of customers and then predicts who to market to and which product should be the focus of the ad.
In turn, this increases sales effectiveness and reduces overall marketing costs.
AI can now read, write, and understand language as well as a human. This language processing ability allows companies to offer smart digital assistance in the form of automatically generated business reports without human supervision.
In addition to business reports, AI can generate sentiment analysis to understand the perception of brand based on social media posts and comments. This essentially tells a business what the aggregate of their customer base thinks of their brand and they can then formulate strategies to change or strengthen their brand image based on these reports.
According to Accenture, AI has the potential to increase productivity by 40% or more. Likewise, World Economic Forum says AI will have replaced 75 million jobs by 2022 while creating 133 million jobs.
In short, AI is the future and the sooner your business adopts tools that utilize AI, the better advantage you will have over your competition.
If your company is struggling to get a solid advantage over your competition, consider partnering your chamber of commerce with the Southern Ohio Chamber Alliance (SOCA). SOCA offers competitive and network advantages to businesses all over the state of Ohio.