As the world of technology continues to expand, the role of its variants like artificial intelligence advances with every passing day. The context of artificial intelligence in managing and developing businesses has gained enough prominence today.
While many believe artificial intelligence to be the next step upgrade for their business, what they fail to realize is that the technology is already embedded in their business functions.
From a regular social media feed to the driving instructions on your smartphone, artificial intelligence has been at play around us for quite some time now.
Artificial intelligence can play a vital role and enhance your business value, making your offerings effective and economic.
Unlike most technology solutions today, artificial intelligence is not here to replace the existing manpower. Rather, it works to enhance their efficiency and effectiveness, improving what they do and help them achieve perfection in taking vital business decisions.
This being said, let us take a look at a few relevant ways in which artificial intelligence can boost your business and bring a significant difference in results.
1. Collection and analysis of data
Data is a crucial asset for any organization and how it is handled, impacts the success of a business to a large extent. Marketing and business experts expect that artificial intelligence will be able to handle data and take over the task of statistical analysis of data in the coming few years. This makes AI an indispensable asset for companies which handle a mammoth amount of data.
By using AI in routine business operations, businesses can derive economic and affordable utility from AI potential and make use of the results to make better use of data that they have in hand. For some small businesses, AI has also facilitated the collection of data through ergonomic algorithms which can deliver crucial implications for the business.
2. Impacts The Quality of Human Resource
The vitality of the human resource element in any organization cannot be ignored. Finding and retaining the right human resource is a thing of prominence for businesses today.
However, being able to locate the right talent and then, hiring them to work for your organisation is not a task completed with ease. AI can bring a significant difference to your selection process by making it inexpensive and feasible for recruiters to scour through multiple resumes and select the valid ones. By using machine learning algorithms, best hiring practices can be recognised and used as a base to select fresh talent.
3. Provide Better Customer Support Using Chatbots
Perhaps the leading AI tool that provides the equal of human interaction to customers is a chatbot. Businesses are excelling at providing better customer support services with the use of chatbots, which help resolve queries at the earliest.
Chatbots provide a wholesome customer support service ensuring that your customers can seek solutions even at odd hours. To further enhance the functionality of chatbots, their ability to convert leads is being tested and even being used by marketers, in a bid to gain a competitive edge.
4. Deliver Personalised Experience
It is no surprise that customers tend to have a soft spot for custom and tailored product offerings. As it turns out, they are even willing to wait for longer durations if it means that they can get a custom product.
The power of AI lies in identifying data points, past exchanges, purchase patterns, consumer interaction and more such modules, to identify and create distinctive customer profiles. Once that is done, it becomes possible to align a set of customers along with the described profiles. This pattern could help rake in big savings for the business.
5. Powering Social Media Marketing
The impact of social media is huge, which is why almost every business today is riding the social media bandwagon to market their business. While conventional methods of social media marketing are at play in full swing currently, the potential of AI is being envisaged strongly by many marketers.
AI can handle complex social media marketing operations like building dynamic websites and managing to advertise. AI makes use of real time content targets which tap up to 20% more potential customers.
6. Enhance The Management Effort
Another area where chatbots can come to work is answering routine questions and handling daily operations which could leave the top management of the organisation, free to address the more vital issues of running the business.
HR Chatbot solutions can help make routine enquiries and cater to the questions of the lower management regarding the work jobs and solve the bottlenecks that they might be facing.
7. Displaying Targeted Ads
Branding and impactful advertisements are the cornerstones of an effective marketing campaign. The lack of resources or the paucity of these can render a business unable to create ads that tap the maximum potential of a business’s features.
With the growth of AI, display tools are getting better and helping business’s target their ads to the relevant audiences. Now, as these ads adapt to the customer taste and their preferences, businesses can harness the power of AI to target their customers effectively. It is believed that a personalised approach towards ad creation can create an equally impactful purchase intent among customers.
As stated earlier, AI is one aspect of technology, which is not here to replace any prior wing of technology or human resources currently employed within organisations. At its best, AI works as a powerful medium to enhance the performance of these existing channels and augments their potential to release a wholesome impact on a business.
With its power to accumulate information and render results at a fast pace, it is quite beneficial for a business to employ AI in everyday routine. There are endless benefits of using technology as an effective tool to perform repetitive tasks and boost productivity among marketers.
AI is set to receive a major boost with increased use in businesses these days. It remains to be seen how far its impact might reach in the business world.