Artificial intelligence (AI) is one of the most rapidly expanding and widely utilized data-driven technologies worldwide. From small online retailers and startups to eCommerce giants and multinational organizations, countless entities are leveraging the advantages of AI in business. Based on a study by Cisco, 83% of executives consider AI a strategic priority for their company today, and 75% believe AI will enable them to enter new markets and ventures.
Businesses that use AI applications will have improved access to data across multiple processes and practices. Areas such as customer relationship management, finance, fraud detection, IT management, operations, and other critical areas. This is especially true for data scientists using machine learning technologies and algorithms to improve accuracy and efficiency when performing highly complex business analyses.
Artificial intelligence is changing how organizations run their operations, engage with customers, and ensure business continuity in the face of global challenges. In this post, we’ll look at how AI is reshaping businesses, giving them new opportunities for innovation and growth.
1. Automating business processes
An Analytics Insight survey shows that 80% of retail executives anticipate their businesses to implement AI automation by 2025. Adopting new technologies such as robotic process automation (RPA) and intelligent process automation (IPA) is now an integral aspect of a solid business strategy. These innovations provide several benefits, including increased productivity, higher production rates, and better service quality.
AI and machine learning solutions can help speed up business processes by performing repetitive yet simple tasks. By automating and optimizing routine processes and tasks, businesses can save time and money while improving operational efficiency and productivity. Many skilled workers are concerned about job security as AI gets more integrated into company processes, but automation is not designed to replace human labor. Instead, experts predict the workforce will grow increasingly specialized. These roles will need a greater level of creativity, problem-solving, and qualitative skills — which automation cannot currently offer.
Essentially, there will always be a need for people in the workforce, but their responsibilities may change as technology advances. Many of these new roles will require more sophisticated technical skills.
2. Unleashing the power of big data
The world was immersed in big data even before anyone understood it existed. By the time the term was coined, big data had amassed a large volume of stored information that, if analyzed correctly, could give valuable information about the target industry.
AI and big data have a synergistic relationship. AI requires extensive amounts of data to learn and enhance decision-making processes, while big data analytics uses AI for better data analysis. With this convergence, businesses can use augmented or predictive analytics tools and techniques to extract actionable insights from big data. And with these high-value insights, organizations can engage customers, explore new markets, promote products and services, reduce costs, and streamline workflows.
3. Personalizing the customer experience
AI-based personalization enables businesses to better understand their customers, boosting engagement, loyalty, and revenue — all in real-time. With AI, companies can tailor their website content to individual customers, ultimately improving conversion rates.
Marketers can develop targeted ads based on customer demographics, purchase history, and browsing habits. With machine learning algorithms, businesses can sift through large, constantly changing historical data sets. And by analyzing that data, AI can forecast what products or services a consumer might be interested in. As well as notifying them when it’s time to reorder.
4. Streamlining the sales process
By leveraging powerful algorithms and comprehensive insights, AI-enabled sales solutions may improve decision-making, sales rep productivity, and the effectiveness of sales processes. When combined with a well-conceived strategy, AI promises to elevate the sales process. Ranging from prospecting and forecasting to upselling and cross-selling.
As discussed earlier, AI can collect past customer behavior and real-time data to identify patterns and accurately forecast sales. Using lead scoring tools, businesses can rate the sales readiness of a prospect by assigning points to various customer interactions. Based on a range of lead scores set for each stage, sales teams can quickly determine where a customer falls within the buyer’s journey. The sales team can also use historical data to predict how long it will take for each prospect to move through the sales funnel.
Moreover, AI helps sales reps save time and increase productivity. By using AI to handle repetitive, low-return tasks like tracking activities and qualifying leads, the sales team can focus on building relationships with high-opportunity, sales-ready prospects and bringing in more money for the business.
5. Employing AI-powered virtual assistants
Virtual assistants are AI-powered programs that accept voice instructions and perform the requested actions. By integrating AI technologies such as machine learning and natural language processing (NLP), virtual assistants can collect customer information and data from interactions to better comprehend and process them.
By constantly adding and analyzing new information, historical data, consumer preferences, and more, virtual assistants can help customers with complex inquiries and make recommendations. They can also perform many administrative tasks, such as scheduling appointments, sending emails, and preparing invoices — considerably reducing human effort and expenses.
Artificial intelligence continues to impact how modern businesses approach and implement digital transformation strategies. As AI and related technologies evolve, companies can expect an increase in process automation and operational efficiency while unlocking new opportunities for business growth and expansion.