How Can Artificial Intelligence Help My Business Grow?
October 25, 2019 8:20 PM 8:20 PM
In the world of emerging technologies, artificial intelligence (AI) and machine learning are being leveraged by every type and size of company. AI is still evolving and will continue to do so, but it already has the capacity to grow and scale businesses. There are many practical applications of AI in business, including technology integration and training, marketing automation, improving the customer experience, and optimizing business processes.
You’re Probably Already Benefiting from AI, and There’s Opportunity for More
In everyday actions that your business takes, you are likely already using some type of AI. Every time you query Google, for example, you are benefiting from AI. It’s also been shown to have a significant influence on a company’s growth. Companies that use AI in their sales funnel increase leads by more than 50% and reduce costs by 40-60%.
AI has the ability to automate redundant tasks, streamline processes, and speed up data analysis, essentially assisting existing talent for better decision-making. Embracing the capabilities of AI could be a vital investment to make in your company’s future, especially if you are looking to differentiate your brand from the rest. Here are four ways to employ AI for a competitive advantage and long-term business growth.
Determining which technologies and platforms will best fit a business’s needs is an important part of the equation for competitive success. One use-case is for an improvement in interoperability– the ability for two systems to communicate effectively. With information silos and big data in every direction, even the most robust platforms typically cannot satisfy the demands of every stakeholder. Legacy systems and methods simply do not speak well enough with each other on their own, but recent advancements in Machine Learning (ML) are making it possible for a powerful interpretation between information systems. Thus technology integrations are essential for the enterprise.
Integrating SaaS with Artificial Intelligence supports a higher productivity rate and satisfaction of employees. By taking the grunt work out of their day to day jobs and giving it to the machine, humans can enjoy the exciting part of their responsibilities—freeing up time for creativity and thinking about how to improve existing processes and results. In many cases, the machines cannot do the work completely on their own; It takes people to train them. This important responsibility can provide a sense of ownership and value of their work. The end result? Everybody’s happy. And who doesn’t want that?
Understand and Target Buyers More Accurately with Marketing Automation
Use AI in your marketing automation processes to better understand your target buyers. AI can analyze data captured and gathered based on buyer behavior. AI will assist with matching buyer interests to your products. You’ll be able to anticipate their next moves and present relevant content and messaging to nudge the conversion forward. The ability to intelligently personalize the experience for each unique user in a given marketing channel can be priceless—reducing frustrations, making suggestions for what the website visitor is looking for, improving access and speed to make their purchase.
AI provides marketers with valuable information needed to win business. Behavioral data provided by this intelligence can give insight into where the site is losing the customer and where there are bottlenecks in the journey to enhance their entire experience.
Marketing teams can then utilize this data to drive sales. This strategy is making an impact. According to research, AI could boost the economy by $14 trillion by 2035 via additional gross value added (GVA).
Improving the Customer Experience
Use AI in your marketing automation processes to better understand your target buyers. AI can analyze data captured and AI doesn’t just work to provide a better experience for employees and smarter marketing; It can also improve the customer experience. The better the experience, the more likely that customer is to stay loyal and become a brand advocate.
One of the best ways to improve customer care with AI is through the use of chatbots. Chatbots have created a new channel for communication with customers, who seem to prefer them—63% of people prefer messaging with a chatbot as the medium to communicate with businesses.
Chatbots can quickly learn vital responses to the most common answers and can do so 24/7 without human intervention. These tools are expected to reduce business costs by $8 billion in the next three years.
When chatbots can’t resolve the query or concern, your employees can then intervene. Overall, it minimizes the time customer service spends on minor inquiries. And buyers get their answers quickly without having to call and wait in a queue– The result is a happier customer and a happier customer service team.
Streamlining and Optimizing Business Processes
Streamlining processes is a mark of a growing business. AI enables better efficiency in business processes from workflows to supply chains. AI can do the heavy lifting and thorough analysis to identify what processes can be improved based on data. Resources can then be better allocated, often resulting in substantial savings.
For example, AI can assist with more accurate material purchasing and inventory optimization, and enable you to be proactive in maintaining assets. With all of these new capabilities, businesses can see a reduction in costs across the board and better utilization of resources.
AI has the potential to be a great complement to your employees abilities, resulting in longer term company growth, competitiveness, and success. With proper planning, the integration of AI technology into the enterprise combined with a solid project roadmap can move your company to the top of the list. Find out how to best leverage AI for your brand. Learn more about how the deployment of AI technology, integration, and automation can immediately help your organization with a winning game plan today by contacting our team of experts here.