Like all things at the centre of development and advancement, Artificial Intelligence (AI) has undergone its fair share of criticisms, glitches and dooms-day theories. However, in true world-changing fashion, AI has rallied and is rumoured to be the forerunner of the new dawn of the fourth Industrial Revolution.
When we move past the fear and apprehension, it becomes undeniably evident that AI is not only here to stay, but it is here to improve the overall quality of our lives. From smartphones to Alexa to GPS, AI has been seamlessly integrated into our daily routine. One area which the records have been tremendous is in the area of business.
Artificial Intelligence has been successfully integrated into large and small scale businesses, making the business experience for customers and entrepreneurs that much easier.
Extended wait times and robotic responses were the banes of customer experiences back in the day. Thankfully, gone are those days when machines were unable to sympathize with or understand customers on any level. Thanks to a great phenomenon called Machine Learning, where AI is now teaching computers how to “think” customer experiences have significantly improved.
Automated live chat systems now feature a variety of advantages for businesses, including around the clock availability, which in turn decreases your customer’s waiting time, giving you a much more satisfied customer. The chatbots store the data exchanged which allows the human employee who communicates with that customer to personalize their interaction, assess their emotional state and prioritize accordingly.
Additionally, a Customer Relations Management system (CRM) that has the ability to autocorrect, self-update, schedule and automate core tasks needed to drive your business will assist you in meeting your customers’/clients’ expectations and frees you from having to run around trying to keep track of every detail and reduces manual input which in turn reduces human error.
Another area in which AI has excelled in business is in the area of marketing. AI has revolutionized the browsing experience with interactive landing pages, programmed ads and behaviourally targeted suggestions. Algorithms are also excellent for predicting success rates, tracking trends and determining the prime time to execute product campaigns effectively taking the guesswork out of successful marketing.AI tracks customer activity and reports in realtime with accuracy, the products and services that matter most and are doing well. This, in turn, helps you determine where to put your focus and how to improve your strategies.
Streamlining your Human Resources process is another way in which AI has contributed to businesses. In a digital age where almost everyone has some kind of a digital footprint, AI can help recruiters assess candidates’ online presence. Applications can also be screened to eliminate unsuitable candidates without your Human Resources Manager (or you) having to wade through the sea of unqualified or unsuitable applicants, saving you time, money and resources.
Protecting customer/client data is of utmost importance. Artificial Intelligence is used to assess online activities and block those consistent with fraud or other security breaches. It is not a perfect system, but it is far more infallible than humans. Software and applications are often programmed to self adjust after attempted breaches, to strengthen the security offered to your business.
Anything that acts in favour of your company’s bottom line is definitely something to consider. In addition to all the other benefits stated above, AI is an excellent avenue for cutting operations cost. With bots and systems that can be available 24/7 with no sick days or other emergencies, companies have found that streamlining their workforce and supporting it with AI has led to record improvement in all financial aspects of their business.
If you have data entry-heavy tasks that need to be completed by your accounting department, sales team, marketing department or even your personal assistant, automation takes a huge load off everyone and increases success margins by 100%.
If you have a startup or a small scale business, investing in automating systems and affordable AI will significantly improve your business and help you scale at a faster rate.
Machine learning has made our dumb devices smart and our smart devices much smarter. If you can view Artificial Intelligence as a friend and not an enemy to your business, you can experience exponential growth in your overall business. You will be able to buy back your time by handing over to a safer system, the mundane but essential things that often lead to boredom and ultimately human error. It’s definitely worth your time to explore the brave new world of Artificial Intelligence and figure out the many ways it could help boost and sustain your business because it’s not going anywhere any time soon.