We live in an age of disruption. Industries are getting transformed. Small companies are slowly capturing market share and establishing their brand. The word monopoly in business is slowing fading and anyone with right strategies and innovative products can enjoy revenue share.
While Artificial Intelligence is still an unclear buzzword in tech for many, there is no denying that the recent AI and machine learning is heavily dependent on the huge amount of data. There are many predictions made by experts about the future of data analytics and how it is going to shape AI and machine learning in coming years.
The rise of AI is upon us. From SIRI to self-driving cars, AI is evolving in a way that simulates human characteristics and behaviour to the next level.
Importance of AI
Companies or industries which implement AI applications are going to become more diverse, as they will be powered with the ability to analyse data across multiple functionalities, fraud detection and high-class customer relationship management. This will help them to obtain a competitive advantage.
Artificial Intelligence helps in finding solutions to complex business problems in a more human-like fashion. This resembles adopting characteristics from human intelligence and implementing them as algorithms in a computer friendly way.
Artificial intelligence, much like PC’s in the early 80’s or the Internet in the early 90’s, remains little more than a curiosity for most business leaders. AI is the most trending technological term in business world today. As per a Gartner analysis “within the next 5 years, 50% of the analytical decisions will be based on AI: opting it over simple verbal interactions.”
AI and advanced machine learning are being applied on intelligent implementations, which includes robots, smart cars, consumer electronics etc. along with various apps and business solutions. Many complex business processes can be automated using AI. Work hours can be reduced significantly and human brains can be utilised in more creative aspects of the business such as brainstorming, innovating and researching. There are many AI-based apps and conversational bots which help businesses to reinforce their workflow by allowing business leaders to spend more time on business growth and expansion while spending less time on common functions.
Role of AI in Business
In spite of all the panic monger predictions on artificial intelligence and how about robots taking over human jobs in near future, no one can deny the huge role of AI in business as it is increasingly revealing itself as more of an enabler than a disruptor.
Market & Customer Insights
AI can play an enormous role when it comes to analysing market and your customers. Predictive analysis can be applied to the data assembled from system matrix, web matrix, and social media to build a better and enhanced product. You can take customer experience to the next level through customer insights.
AI plays an incredible role for start-ups. Start-ups can explore opportunities to work on a different thought process and innovate new solutions for their business growth. Predictive maintenance helps start-ups in cost reduction on maintenance through regular quality checks.
AI-based systems also optimise marketing strategies and can bring down marketing expenditures by providing the most effective marketing tool for your business and also by eliminating unlikely customers from the list of potential customers.
A lot of your customers are on social media and most of the business is taking place online. Artificial intelligence can be used to understand important measures of social networks online. Data mining techniques are being used to analyse different types of social media traffic. Most effective influencers can be identified and also social marketing approaches can be classified.
What makes artificial intelligence software so powerful is that, unlike purely statistical approaches, they can learn. That allows them to adapt when market behaviour changes as well as continually improve performance as more data comes in.
Many companies are either using or planning to use artificial intelligence for virtual assistance. Companies deploy chatbots for various uses. The most important vertical is customer service. Many are not convinced of the idea of customers speak with a machine as it might stop working at some point, but there is potential in machine driven assistance with human-driven customer service.
For example. In a case of airline queries, an artificial intelligence application can be used to answer simple questions like the status of a flight, alternative flights, timings etc. Human agents can focus on more complex problems. Chatbots are being used very effectively by marketers to communicate with their potential buyers in a very interactive way.
Chatbots and virtual assistance can play a significant role in how customers are interacting with technology. We strongly believe that in next decade virtual assistants could become a core part of our lives and more companies are going to use this to take their customer service to the next level.
Since last few decades, one thing which is frequently rising in technology is automation. Various automation tools are being innovated and developed, which make business processes agile. The first ever automation tools were home appliances and later industrial robots were invented. In the present day, advanced robots are working alongside humans in many places.
Industry leaders are predicting with the astonishing rise of AI, a new era of automation is emerging. Artificial intelligence is quickly automating routine cognitive processes. Smart algorithms are playing a crucial role in many industries like retail, hospitality, financial firms etc. These machines or algorithms not only do a very proficient task but also they can work 24 hours without a break.
Previously, the amount of data a business was generating was less and so it was structured. It was easy to capture and store the data in a database. Business leaders were able to derive insights from the data generated for their business needs.
But later the entire scenario has changed. Data is no more structured and unstructured data represents a larger part of the information available to us. 80% of the data generated from online platforms are unstructured. Analysing unstructured data will be the most impactful factor for any business over the next ten years.
Another area having huge potential to make your business a global leader is to understand consumer conversations. There are few companies use their customer conversations to identify their personality types with the use of AI so that those customers can be offered compatible services. Businesses have started unlocking data with the help of artificial intelligence.
Efficient Sales Process
Sales techniques and approaches have moved far from doing cold calling and sending long emails. Consumers are influenced by so many other types of media, from TV commercials to social media platform. Even snapchat has become a marketing tool.
If you are planning for an innovative and more effective approach when it comes to marketing for your business, you can craft a sales pitch which can reach the right customer at the right time on the right platform, just by integrating AI into your CRM. An effective AI-driven CRM can multitask and handle all your business functionalities.
Sales teams are using AI to get to know their customers better while offering tailored solutions. E-commerce companies are using AI to ask few questions to their buyers & based on their preferences they customise the products and show only the ones which can be the best fit as per the customer’s preference. This will increase the chances of conversion.
Without any doubt, AI is changing the face of sales for the better by transforming the sales processes. Customers are no longer offered solutions that are not tailored. This result in quicker conversion and even companies are getting customer insights quickly.
Personalized Customer Experience
Artificial intelligence allows business owners to provide a more personalized experience to their customers. AI can analyse vast data way more efficiently. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores and other common threads. Millions of transactions can be analysed every day to provide personalized services to each customer.
Through actionable sales intelligence, businesses can analyse a particular buyer pre, during & post purchase behaviour. This allows them to create a more personalised experience and create a form of customer engagement at every single interaction. Predictive intelligence can help companies engage their customers in a real and impactful way. The sales cycle can be personalised through an AI-driven application which can help businesses engage the right customers with the right content at right time.
AI can help enterprises to identify who is most likely to buy their product. When they do have a conversation with a prospective buyer, they are well known of the history of that particular buyer, which makes the entire sales process smooth.
The addition of AI in the industry has allowed small enterprises to implement tested and successful methods to achieve higher business goals. Start-ups are constantly gaining a competitive edge through AI, while big corporates are providing the platform to build innovative solutions. From serving as a robot in a manufacturing unit to self-driven cars and voice activated resource in difficult medical procedures, AI has become an essential part of reality.
Accenture Institute for High Performance recently released a research paper saying that, by 2035, Artificial Intelligence (AI) could double annual economic growth rates in many developed countries. In the US, the annual growth rate went up from 2.6% to 4.6% which is an additional $8.3 Trillion with widespread AI adoption. In the UK, AI could add an additional $814 Billion to the economy, increasing the annual growth rate from 2.5% to 3.9%.
We are already witnessing a business phase where enormous technology-driven change is helping us to address a number of challenges in achieving optimum growth. AI technology, has extremely strong developmental implications. And big data analytics is playing a major role in making AI more enterprise ready. While the priority must be to build infrastructure, next gen- generation telecoms, power, healthcare systems, agriculture and education systems, AI can be applied in a number of ways. AI is set to be a fundamental predictive enabler helping start-ups to solve large-scale problems, poising them to gain a competitive edge.
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