Artificial Intelligence came into the limelight recently and is ruling the technology industry. From taking the center stage position at conferences to answering questions of the customers on everything, AI is rapidly becoming an integral part of various industries including healthcare, manufacturing, and retail.
Big names like Salesforce, Google, and Microsoft are integrating Artificial Intelligence as a layer of intelligence. AI is not only reshaping big industries but also holds the potential to grow small businesses too. AI has already occupied a central position in our day-to-day lives. From movie recommendations, social media comments to driving directions and voice command on our phone prove that how AI is playing a prominent role in our daily life. From Alexa and SIRI to Tesla (self-driving car) AI is progressing without taking a halt.
Benefits Derived From Artificial Intelligence By Business
Being a topic of discussion, AI is certainly going to transform the manner in which businesses are performing today. Though the technology is still evolving it bestows plenty of benefits to the businesses and a few have been discussed hereunder:
Streamlines and speeds-up decision-making: Artificial Intelligence’s prognostic analytics skills when blended with vast computing power boost the speed as well as the precision of decision-making.
Improves operational and productivity efficiency: AI technology provides decisive insights with the help of which company operations, product designing, decision-making and many other business activities can be done more efficiently.
Minimizes costs: AI automates menial jobs, reduces errors and process improvement because of which costs can be reduced to a greater extent.
Eliminates human error: AI-powered machines process inputs precisely with extraordinary speed. Also, the machines make decisions on the basis of the previously collected data due to which human errors are eliminated and the decisions and outputs are highly accurate.
24*7 available: AI-powered machines can work non-stop without taking any tea breaks. Neither they take holiday leave or sick leave and carry out their tasks consistently without hampering the quality of the services.
Enhances customer experience: AI-powered machines respond to the grievances and queries of the customers quickly and deal with the situations in an efficient manner. Quick response from the company enhances customer experience.
Unleashes human creativity: AI simplifies complicated tasks and enables humans to complete the task quickly without any errors because of which they can utilize their saved time on some creative activities.
Increases revenue: As per the Harvard Business Review, companies that are using Artificial Intelligence in sales noticed the reduction of costs by 40-60%.
How AI Can Boost The Growth Of Your Business?
In the marketing mix of every startup, AI is the core ingredient as it holds the capability of delivering enhanced customer experience, decreasing operating costs, and streamlining the marketing tasks. On integrating Artificial Intelligence technologies, your business can achieve 5 essential business objectives that have been stated below:
1. Content Curation
Behind the success of any marketing model, content plays the most essential role. With the help of AI, today, not only we can create content but also can curate them as per the targeted audience segment. Online entrepreneurs can now easily create and curate enticing content using AI applications and reach the targeted customers quickly. Also, AI eliminates entire human staff guesswork and has helped online entrepreneurs in making their business marketing campaigns more accurate. For selecting the interest area of the targeted audiences, AI algorithms make use of data on buying behaviours, interactional patterns and habits of the consumers and then present them with appropriate and relevant recommendations. AI substantially raises conversion probability by bringing relevant content to the search log of the consumer.
Netflix also uses Artificial Intelligence for suggesting to its subscribers the video content. More than 75% of the videos and web-series watched on this platform are because of AI recommender.
Another tool from the toolbox of digital marketing is chatbots. With AI-powered chatbots, online businesses can offer 24/7 customer support services without the involvement of any man force, diminish business expenditures and enhance sales. Also, the chatbot helps in generating unique email content, tracks customer behaviour patterns and provides relevant product recommendations. Chatbots can now give humanlike satisfactory answers to complex customer queries in real-time.
3. Efficient Management
Most of the big names across the world are using Artificial Intelligence because it helps them in saving their time and resources and boosts their efficiency. Together with boosting efficiency, AI speeds up the decision-making ability in areas like logistics, warehouse automation and supply-chain management. For adjusting inventory positions, AI can also be used and in the coming period AI automated machines are going to be used for making deliveries.
4. Voice Search & Virtual Assistants
Today most of the products are browsed using voice commands. As per the PR Newswire survey, voice shopping is going to increase by 20 times by 2022. Most of the online customers make use of voice search for communicating with brands, looking up businesses and searching products.
AI-powered virtual assistants like Cortana, Alexa, Google, and Siri, have made voice search even easier for online shoppers. Today, there are many home appliances that perform via voice commands.
5. Effective Marketing Strategy
AI platform uses ML and predictive analytics for viewing all the past communications of the customers. With the help of AI, online businesses can learn which strategies were a big failure and why. These retrieved data are then used by the sales team to construct the best marketing strategies. Today, for precise predictive marketing strategies to reach the targeted audiences, companies rely on AI. AI software with its predictive analytical trait can identify the best platform and messaging tactics and formulate useful marketing strategies. The software compiles a complete list of essential topics and after that suggests the right visual content through which audiences can be attracted.
AI is the biggest asset of online business. Artificial Intelligence technology is considered as a must for your online business as with it you can decode innumerable unstructured data. You can easily streamline your business processes, get rid of human errors, calculate the flaws and accelerate the business tasks.
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