How is Artificial Intelligence Transforming Businesses and Driving Success
Artificial Intelligence’s ability to juggle a variety of tasks has made it everyone’s favorite. There is no industry that this technology hasn’t touched. Its huge impact has made companies look into the benefits of AI and how to use it for bettering their business.
We are still in the early days of AI in business. This technology isn’t about replacing humans or adopting it because it’s the next business fad. It’s the real deal because of its massive abilities. Wondering how it can drive business growth? Here are all the details:
1: Product Recommendations
A human agent can’t consider all data available to engage with customers. But an AI bot can. With AI, a customer will receive recommendations about a product or service based on their interests. For example, if a customer lands on Spectrum’s website, AI has the power to show them Spectrum offers based on the genre they like, their budget, and even location.
AI sure can produce a memorable customer experience and keep them coming back for more. It uses the company’s data to help a business improve its creativity.
2: Reduce Costs
AI can help your business automate and streamline various processes. This means you can replace human workers with an efficient AI-driven system and reduce the overhead expenses. You are not just saving money but improving customer satisfaction.
AI-controlled robots can even perform jobs such as room service, courier deliveries, and security. These robots can do repetitive jobs without getting tired along with handling jobs that are hazardous for humans.
3: Detect Fraudulent Transactions
Financial institutions have embraced AI as well. They have started using AI for detecting fraudulent activities. The AI software receives a large sample of data which includes both genuine and fraudulent transactions. It is then trained to determine which transaction is genuine and which isn’t. With time, the software becomes an expert in identifying fraudulent transactions, providing security to your business.
4: Offer Customer Support
When a business can’t afford to hire more support agents, it can always use a chatbot. Many eCommerce websites offer chat facilities powered by bots, allowing their customers to get answers to their queries no matter what time of the day. The chatbot simulates human-like conversation and offers superior support.
In case the chabot isn’t able to answer the customer’s query or a human agent is required to address the concern, the bot is smart enough to direct the customer to an agent.
5: Recognize Faces and Objects
AI can recognize faces and detect objects. It’s getting better every day. That’s why many businesses these days are using facial recognition to identify personnel for security purposes. Don’t worry, the system is accurate. It doesn’t compromise on security.
6: Handle Marketing
AI can analyze data and create accurate buyer personas. It can help match the interest of your customers to your product. All the guesswork is removed from the process and a business is able to market to its target buyers efficiently.
Facebook has added Artificial Intelligence to its ad network. You don’t have to spend time on A/B testing to know what works for your business.
7: Manage Business Processes
AI can increase the efficiency of a company by handling its supply chain and other Workflow. It Does all the heavy lifting through analysis and identifies the areas for improvement. This ensures that the company’s resources are used optimally and losses in production are reduced.
The companies that integrate AI into the business process management can reduce the use of materials in manufacturing by 4 percent and boost productivity by 20 percent!
8: Forecast Revenue
Based on the historical data, AI has been helping businesses forecast the revenue they could be generating in the future. This forecasting is imperative for organizations that are eager to meet the quarter or annual goals.
Artificial Intelligence is making human beings more efficient, allowing businesses to offer a better customer experience, save time and money and use resources optimally. However, the best is yet to come!