4 Amazing Things AI Can Do For Your Business
Artificial Intelligence is not just a thing of the future. It is a technology you should implement today to dramatically boost your competitive edge, productivity, client satisfaction, and nearly every other business metric. If you’re curious about how artificial intelligence can help grow your business, this post is for you. You will find many methods and techniques you can use to improve your business performance. Let’s dive in!
Why Invest in AI?
The digital revolution is well underway. Progressive entrepreneurs are busy catching the train to a digitized world. A 2020 survey showed that the worldwide artificial intelligence market brought in more than 280 billion US dollars in total revenue. In recent years, more and more businesses have decided to invest in AI to improve the way they work and optimize profit.
Every future-oriented CEO has begun working on an AI strategy. If you’re not one of them just yet, read on to discover some tools you can use to digitize your business operations.
1. Boost Profit With Product Recommendations
If you’ve ever shopped online, you are likely no stranger to targeted product recommendations. It is the basic building block of a profitable online store. By retracing a customer’s digital footprint and analyzing a vast amount of user data, the product recommendation system creates an optimal, personalized experience. It’s like having a personal shopping assistant that helps you make the best purchase.
Research shows that customers are more likely to revisit stores that keep track of their preferences and provide relevant offers. This increases revenue and visitor retention by keeping customers engaged for a longer time.
Amazon’s recommendation system is one successful example. It attracts users with relevant suggestions based on choices they’ve made and directs them to tempting offers via email marketing.
2. Improve Customer Service With Chatbots
Nowadays, people want quick and convenient customer service at all times and in all places. Chatbots can help.
A chatbot is a software that talks to customers through websites and apps. It works by identifying keywords and phrases in users’ queries and replies with pre-set answers. Several customers have even reported feeling more at ease speaking to a robot than a person.
Capable of performing the task of multiple customer service agents, chatbots are quick to solve problems and enhance customer experience. They also broaden your brand’s reach by interacting with an influx of potential customers. This also helps in lead generation.
3. Automate Tedious Processes
How much time do businesses waste on routine tasks like data entry and bookkeeping? Wouldn’t that time be better spent on a more important job?
Robotic Process Automation (RPA) is a software that saves time by efficiently replicating mundane back-office jobs — particularly those that are time-consuming and repetitive. RPA executes these tasks quickly and easily, freeing up time that may instead be spent on more demanding jobs. Its fundamental purpose is to expedite menial labor using AI.
RPA is used by businesses to reduce costs and increase productivity. RPA’s are your employee’s perfect virtual assistants.
4. More Accurate Sales Forecasts
Many companies fail to anticipate sales accurately. This leads to bad investment decisions and avoidable loss. Forecasting sales using AI technology will help you make better decisions about goals and budgeting.
Sales forecasting is an AI technique that predicts future sales by analyzing CRM data and purchase history. It studies emails and phone calls (any medium of communication) and puts them through a text mining algorithm that connects them to future sales. It is a highly accurate software that increases insights and improves sales performances.
Bottom Line — AI is the Need of the Hour
Artificial Intelligence isn’t just for IT powerhouses and industry leaders. Every ambitious company that dreams of getting ahead of the competition needs AI. There are a million different ways to integrate Artificial Intelligence into your business processes — what you do depends on what your goals are and where you want to take your company.
Keep in mind that AI has the potential to completely transform the way you do things. Don’t fight the revolution.