Artificial Intelligence, or AI, is one of the most promising and prominent new technologies used today. It is
impacting all industries and businesses, regardless of size. Before learning how AI can benefit your business, you must look at what artificial intelligence really is.
Remember, information is power, and with AI, you must know what it offers and how to use it to benefit your business. In the long run, you will benefit significantly from the use of artificial intelligence in your business.
A Closer Look at AI
AI is processing data to find any anomalies or patterns. AI technology can obtain and manage all data types to extract information that will help transform or enhance operations effectively and efficiently. When businesses leverage AI, they can analyze and even model human behavior. This is done by finding and simulating different behavioral patterns. As time passes, AI will develop the ability to anticipate needs and make more rational decisions based on what it has observed and learned.
It is important to note that AI is different from business intelligence technology, which can analyze data and use things like CICD, but leaves the decision making to a real person. In most cases, AI is autonomous, which means no human intervention is involved. Now it is time to dive in and learn more about this technology and its impact on business operations.
Save Money and Improve Customer Communications
By 2021, chat will surpass all other types of customer service platforms. Chatbots that are powered by AI let businesses provide ongoing, 24 hours a day, seven days a week customer support. This is done by automating customer communications and making the experience more personal than ever before. According to a recent study, chat can help improve the customer journey. This will increase customer revenue and satisfaction.
For example, banks that recently started using chatbots have reduced benefit and salary costs while improving overall back-office efficiency. For a small business that may not have the budget or human resources to have a dedicated, on-site customer service team, an AI-enabled chat can help fill in the present customer service gaps.
Use Personalization to Strengthen Brand Loyalty
More than 60% of all consumers expect to have a personalized experience. For most businesses, particularly small businesses, personalization is something that takes money, effort, and time. Suppose you want to deliver a more customized experience. In that case, your business must map out the specific consumer journeys and predict what offers and moments will effectively increase engagement while driving sales. Personalization makes it necessary to anticipate the needs of each customer you serve. This is a huge task, and it is one that AI can help with.
Today, brands are using data more than ever before. They use information from social media activity and previous purchases to help predict the products or services they are most likely to purchase. It is these insights that let the company deliver more customized messages and content to their customers.
With AI, it is possible to automate this process, identify the decision-making patterns present, and create personas based on this information. When this is done, it is possible to drive content learned by AI for each persona. Some studies have shown that personalizing and segmenting customer communications with AI increases total CTRs (click-through rates) by about 14%.
Streamline Your Hiring Process
Another way AI can benefit your business is by increasing the recruiting process’s efficiency. By automatically screening calls and analyzing candidate applications, AI can help speed up the potential candidates’ review process. Also, AI will eliminate the possibility of human bias from initial screenings. This is beneficial to ensure workplace diversity.
If your business operates in a competitive field that has a smaller talent pool, AI technology can help reduce the amount of time it takes to fill your open roles. It can also help analyze candidate applications at a much faster rate than what humans can do.
By implementing AI, you have a competitive edge when it comes to recruitment. This is because it is possible to increase cost-efficiency while securing new talent. When you can create a positive candidate hiring experience, reducing the total time spent on the recruitment process makes it possible to reduce the per-hire costs.
Increase Your Business’s Forecasting Accuracy
One of the most significant benefits of using AI is that it can help reduce human error cases. Not only is this a time-consuming issue, but it can impact all aspects of a business. With AI technology, it is possible to automate objective forecasting without investing in any manual intervention. This provides a higher level of visibility for future finances, which empowers you and your employees to make better decisions and to take action to achieve set goals.
New Opportunities Are Unlocked with AI
According to a new study, businesses that are using AI may see an increase in total cash flow by more than 120% by the year 2030. It is clear that AI will provide more value to customer service and help generate new types of revenue while reducing costs. There are other applications for this technology too, which can boost business. The only limit is your imagination.
AI Is a Smart Investment for Your Business
It does not matter what business or industry you work in; you will find that AI offers an array of benefits. The key is to use this technology to its full advantage. With the right AI technology, you can enjoy all these benefits – and more.
If you need help implementing this technology, there are professional services available to help. With the professionals, you can learn how to implement new technology, like AI, and ensure company-wide training is provided without issues. In the long run, this will help with the ongoing and long-term success of your business. Being informed, knowing the details of AI, what it offers, and how it can benefit your business will help you make the right decision regarding if you should implement it for your own operations.