In many ways, technology has slipped into our lives without us recognizing it. Although we mostly associate it with social media and our gadgets, technology is more than that.
Artificial Intelligence (AI) is the most breakthrough technology that benefits various industries. Similar to other forms of technological advancement, it has entered our lives with a great impact, but at the same time, it feels invisible.
AI influences the decisions we make; from what we shop online to what to eat. Everything we search online has AI behind it, and without knowing it has become ingrained in our day-to-day lives.
But it’s not something to be scared of, as AI brings a better future for us.
As we slowly embrace digital transformation, AI in business will revolutionize the way people work and how organizations conduct their business. It becomes an ally to organizations by eliminating inefficiency, enhancing productivity, optimizing operations, and increasing profit.
Before we get into how artificial intelligence helps businesses, let’s get to know what AI is.
What is Artificial Intelligence?
Many people associate AI with robots because big-budgeted films engraved in people’s minds that AI are robots designed to destroy the world. But in reality, everything we see in movies is not what AI is all about.
Artificial Intelligence is a computer or technology that is programmed to mimic human intelligence and actions. It is often seen in machines capable of showing human-like abilities like decision-making, communicating, and problem-solving. They perform tasks that humans do with the need to achieve a specific goal.
But AI is more than performing tasks that humans can do. Some subsets of AI are Machine Learning (ML) and Deep Learning.
ML and Deep Learning are broader topics. So, instead, we will provide a brief meaning for both.
Machine Learning or ML is a type of AI that processes new data quickly. It uses an algorithm to help learn and do better over time. When you give ML more data, it will automatically process data by pulling out the previous algorithm to manage it. As it learns, it wouldn’t require the assistance of humans anymore.
Meanwhile, Deep Learning is a type of ML that processes unstructured data. It also requires less human assistance and learns from previous actions taken. But Deep Learning can perform far more advanced functions. It can detect and work to analyze various factors all at the same time. Instead of focusing on a single function, it processes every data and makes a swift decision.
Now that we know what AI is, it’s time to find out how AI helps businesses. Furthermore, so we can get rid of the idea that AI will replace humans.
Ways on How Artificial Intelligence Helps Businesses Grow
Customer service has a major impact on businesses. It becomes the driving force as to whether a consumer wants to continue business with a brand or not. That’s why organizations train their personnel on how to conduct a professional conversation with customers.
However, businesses cannot afford to stop their operation when they cater to customers around the world. They need to operate 24/7 to give their customers the best service. But, let’s face it, humans are not capable of working 24/7. We have our limits. So, what can businesses do?
The answer is simple, AI.
AI in customer service is not a new concept. Businesses have been using it since then, but it has become more prominent recently.
Chatbots are the most common form of AI in customer service. Instead of humans immediately answering queries of customers, chatbots are the first in line to do so.
It is a software program that imitates human conversation with customers. They can be seen on websites, social media sites, online shops, and more. It assists people with their queries.
Chatbots analyze the customers’ data and utilize it to assist the customer. They often assist in providing quick answers to frequently asked questions by consumers. Furthermore, chatbots personalize their messages.
Now, humans can take a rest while chatbots take over easy tasks anytime.
Chatbots are not only used in businesses for goods but also for the healthcare industry too. UK’s National Health System utilizes chatbots for non-emergency inquiries. It provides initial diagnosis and connects patients to available clinicians.
Other benefits of AI-powered chatbots:
- Generate highly-targeted offers to consumers
- Increases lead and sales by promoting products
- Boost engagement
- Provide quick answers to customers
Cybersecurity is an essential part of every industry. As more businesses go digital, the increase in online threats is exponentially growing. That’s why plenty of IT and cybersecurity tech or developers build security software and solutions to keep businesses safe.
As threats are becoming more advanced, security software and solutions are capable of combating these threats.
AI plays a major role in cybersecurity and data protection. One example of this is the use of AI in the financial industry to detect fraud. But it’s also more than determining fraudulent activities in credit card companies.
Security software companies like Avast Security, Bitdefender, Kaspersky, and more are beginning to include advanced technologies like ML algorithm, AI, and heuristic analysis in their software. Hence, it makes the detection of phishing, malware, and viruses better than before.
With AI in cybersecurity, organizations can stay safe from threats that can compromise their business.
How AI works in protecting businesses:
- AI can detect suspicious or abnormal activities in the system
- Immediately decides whether to block or quarantine a suspicious file or link
- Lessens false alerts, as it is designed to detect threats that are based on a previous and new algorithm
Better Marketing Strategies
Having your products and services online is not enough. How can you make sales when there is no one to see them? That’s why marketing exists.
Digital marketing is the most popular way to advertise a business in this age. Since everyone is on the internet, marketing professionals find a way to market brands and businesses online.
There are different forms of digital marketing a business can utilize for its strategies. Just to name a few,
- Social media marketing
- Content marketing
- SEO marketing
- Video marketing
- Email marketing
You’ll need to find ways to attract people online to engage and buy your products. But creating strategies for your website or online shop is not that simple. It requires thorough research and a lengthy process to create content for your marketing strategy.
But AI simplifies complicated ways to market your brand. Instead of creating content without planning or thinking of your audience, AI can utilize algorithms to collect and analyze the data on your site. Once it has interpreted the data, it will suggest the best marketing content strategies you can create.
Like in SEO marketing, AI-powered tools can inform you what content you can write and keywords to use so you can target your desired population and increase engagement.
Furthermore, AI helps in reducing manual tasks such as social media post scheduling, the gathering of data, and the results of strategies.
Streamline Sales for Business Growth
Streamlining your sales and forecasting helps businesses create better decisions when planning, budgeting, and managing risk. Without sales forecasting, organizations find it hard to predict how their business will allocate resources, manage departments, and check on warning signs.
Manual sales streamlining is hard to achieve as compared to using tools incorporated with artificial intelligence. Tools with AI can help determine which part of your business you can focus on developing.
AI can show how your team is performing and the reason behind it. So, you can continue on the process to increase more sales. Furthermore, it predicts how people interact with your business giving you an idea of how to build better ways to shift visitors to potential customers. Also, it helps maintain previous customers and continues to satisfy them.
With AI’s data, businesses can predict customer purchases and sales. Furthermore, the data can be used for supporting short and long-term goals and allocation of resources.
Some sales forecasting software powered with AI:
- Zoho CRM
Sales forecasting prevents the team from potential problems that can be solved with careful planning and predicting.
Boost Revenue with Better E-commerce Experience
When customers get a better experience in your online shop, the result boosts your income.
AI makes sure to provide great services to help online shops increase their sales. It utilizes multiple factors to improve the sales of the shop and the e-commerce experience of the customers.
First, it recognizes the behavioral pattern of a customer and their purchase history when surfing online. With the data gathered, AI then recommends products relevant and accurate to the user’s needs.
Also, AI features products in a store that are most viewed, explored, and valued. So, visitors can easily access and buy the product.
AI’s capacity to recommend a product or feature most viewed products is powerful. It can help in the decision-making of customers when buying in your e-commerce store.
Aside from fast-tracking the decision-making process when purchasing a product, AI also helps decrease abandoned cart issues.
It sent automated follow-up inquiries to individuals and gathered data on why leads abandoned their purchases. With the information you have, you and your team can find to solve the issue.
Knowing what your competitors are doing or not doing in your industry can help in the strategies and plans you make for your business.
AI can help conduct competition research by collecting information from your competitors and analyzing them for useful insights. You can determine what your competitors are selling or how they are promoting your business. Therefore, it gives you an idea as to how you can also market your brand.
Competitive analysis helps in decision-making and goal-setting. AI will track every detail you need to create a successful plan and campaign to increase your profit and get ahead of your competitors.
Increases Efficiency and Productivity
Productivity is vital for better and faster results. An unproductive work environment can lead to fewer outcomes, unaccomplished tasks, and drain the employees’ energy and motivation. Thanks to AI, repetitive, mundane tasks are automated.
AI can take over routine tasks while leaving employees with crucial projects that add value to the business. Also, teams can meet their goals on time without straining themselves and getting more free time which boosts employees’ morale.
Fast-track Recruiting Process
The Human Resources department deals with plenty of workloads, from evaluating employees’ performances, complaints, and recruitment of new employees.
Capitalizing AI helps HR managers shortlist the number of applicants to the best that fits the qualifications. There is no need to go through hundreds or thousands of emails to see who is qualified for an interview.
Some AI-powered tools for the talent acquisition process:
AI changes the way organizations conduct their business. It improves the quality of work, drives in more sales, creates better marketing strategies, and more. We have seen the impact and importance of AI in businesses, from small to large enterprises, and we have been enlightened that AI would never replace humans in the workplace.
Now it’s time for your business to embrace new technology for a better future.
Vanessa Venugopal is a passionate content writer. With four years of experience, she mastered the art of writing in various styles and topics. She is currently writing for Softvire Australia – the leading software eCommerce company in Australia, and Softvire New Zealand.