5 Ways A.I. Can Make Your Business Money
As businesses in the United States continue to produce new uses for Artificial Intelligence, the technology’s ability to foster and easily be integrated into the workplace creates a growing need to nurture the overall power and influence on the future.
Most executive and management agree that A.I. holds vast potential to unlock discoveries in business growth that we haven’t yet conceived. For many, A.I. strikes concern over job displacement, economic instability and skills shortages.
Despite passionate concerns and potential implications of A.I., the technology holds enormous potential for human empowerment and gives us the tools necessary to automate redundant tasks, spot patterns within new and existing data and uncover important insights that have the potential to make our businesses grow.
Integrating A.I. technologies can help your business achieve five main business objectives, and have an immediate impact.
Return on Investment
A majority of organizations began deploying A.I. to automate or improve routine or inefficient processes. In fact, approximately 2 out of 3 businesses are currently leveraging AI technologies primarily for business process automation. This is often viewed as a good starting point as A.I. can deliver quick improvements. While A.I. is still in its infancy, 90% of executives will convey tangible benefits from the artificial intelligence applications in their companies.
Predictive Marketing Strategy
Many companies are now relying on AI software to help them determine the best strategies to reach potential customers with precise predictive methodologies. The predictive analytic features of some AI software can identify both the best messaging and platform tactics. Machine learning technology helps take some of the guesswork out of marketing by using specific software tools and helping companies formulate effective marketing strategies.
AI can also be used to improve the content of your brand across all social media. Specific intelligent, personalized trending topics and content suggestions tailored to a specific audience can be estimated by A.I.. Companies can produce content that they know will resonate with their potential customers. The software can compile lists of important topics and then suggest the appropriate tone and visual content that will help businesses attract an audience.
Like effective marketing, A.I. platforms use predictive analytics and machine learning to run through all past communications. The process between businesses and customers to determine what strategies lead to a successful conversion is unparalleled. On the other hand, A.I. allows a business to understand which strategies failed and why.
Sales teams can then use the data retrieved by A.I. platforms and software to determine what strategies are worth continuing and refining. Taking it a step further, sales teams will be able to which customers are easier to work with in terms of efficiency, which have the capacity to offer larger accounts or earnings, and prioritizing. In other words, sales teams don’t have to waste their time by manually digging through leads which are costly and time-consuming.
Clearly, the reason why the biggest companies in the world have been using A.I. for year is to improve efficiency saving time and money. A.I. improves efficiency, speed, and even decision-making in areas such as warehouse automation, supply chain management, and logistics. A.I. can be used by companies to adjust inventory positions, while automated machines will soon be used by nearly all businesses to make deliveries and adding value to both products and services.
Think about the stunning growth of Netflix.
Recommendation Engines are seen as an intelligent and sophisticated salesman who know the customer taste, style and thus can make more intelligent decisions about what recommendations would benefit the customer most thus increasing the possibility of a conversion.
For a recommendation system to be good another important characteristic is it should be able to continuously learn and adapt itself flexibly to new user behavior. It also needs to be providing data real time. A good recommendation engine must be able to act in a very dynamic environment.
Developing models for product or business recommendation algorithms is a growing research area. This deals with a field of Artificial Intelligence coupled with machine learning techniques.
In order to remain competitive, businesses investing in A.I. should also invest in their employees. As A.I. increases in scale and drives further change, businesses that embrace training and re-skilling current employees will realize tangible benefits.
Transparency about AI initiatives and their benefits can also improve A.I. effectiveness. A.I. will bring continuous change, training cannot be a one-time initiative. The most successful organizations will be those that adopt a culture of lifelong learning and facilitate opportunities for staff to continuously develop new skills.
Business leaders will also need to evolve their skills to gain a deeper understanding of the technologies that are driving their business forward in the years to come.