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Now , I'm not actually talking about the best friend material robotic companion and killing machine robot. I am referring to an actual AI that thankfully exists in our generation nowadays.
WHAT IS AN AI PROGRAM?
In a nutshell, artificial intelligence refers to machines' ability to learn and make decisions based on data and analytics. When used strategically, AI has the potential to make a huge difference in how we do our jobs.
When you think of artificial intelligence in business, you probably think of automation. While some AI applications involve the automation of processes that were previously completed by humans, this only scratches the surface of what AI and machine learning are capable of.
This guide will explain why artificial intelligence is beneficial to businesses and provide some examples of how AI, machine learning, and big data can be used.
The Advancement of Artificial Intelligence in Business
Companies now have greater access to data than ever before. According to Forbes, between 2010 and 2020, the amount of data created and consumed increased by 500%. Companies can now collect user data to help them make informed business decisions thanks to emerging technologies.
Many businesses have enthusiastically embraced AI in their efforts to make better use of the data they already collect in recent years. Think about the following:
According to Grand View Research, the global AI market was worth $62 billion in 2020 and is expected to grow at a 40.2% annual rate from 2021 to 2028.
In McKinsey's "The State of AI in 2021" survey, 56% of respondents report using AI, up from 50% in 2020.
According to Accenture's AI report, 84% of C-suite executives believe that leveraging AI will help them achieve their growth goals.
These statistics demonstrate that AI is no longer an experimental technology used by a few brands. It has become an essential component of many businesses around the world.
What is the Application of Artificial Intelligence in Business?
Businesses can use AI in a variety of ways, but the majority of applications focus on driving growth. Companies are discovering new ways to improve business performance by embracing AI and machine learning. Among the business advantages of AI are:
Process automation improves efficiency.
Improving service speed or consistency
Using customer feedback to guide decision-making
Identifying new product and service opportunities
AI can be integrated into almost any business strategy. To get started with AI, it's critical to first understand the role of data collection and analysis in artificial intelligence. By researching the methodology behind AI, you can better determine how AI can benefit your industry. An introductory AI course, such as Wharton Online's Artificial Intelligence for Business program, can be a great starting point for anyone interested in learning more about how AI is changing the business world.
Business Applications of Artificial Intelligence
Businesses use AI more frequently than you might think. The applications of AI are nearly limitless, ranging from marketing to operations to customer service. A few examples of how artificial intelligence is used in business are provided below.
CUSTOMER SERVICE IMPROVEMENT
Have you ever gone to a website only to be greeted by a chatbot? Chatbots are one of the most common ways for customers to interact directly with AI. Chatbots enable businesses to streamline their customer service processes and free up employees' time for issues that require more personalized attention. To understand customer requests, chatbots typically use a combination of natural language processing, machine learning, and AI.
Chatbot technology can also assist in routing customers to a live representative who is best suited to answer their questions.
PROVIDING RECOMMENDATIONS FOR PRODUCTS
Companies can use AI to recommend products that align with the interests of their customers and keep them engaged. You can present your customers with products that are similar to the ones they've already viewed by tracking customer behavior on your website. This is a particularly effective strategy for ecommerce businesses.
Streaming services are another example of personalized recommendations. Streaming platforms can encourage you to stay on their app for longer periods of time by presenting you with similar titles based on an analysis of the types of movies and shows you most frequently click on.
AUDIENCE SEGMENTATION
In the same way that AI can be used to recommend products, advertising departments can use it to segment audiences and create targeted campaigns. It is critical to get in front of the right audience in highly competitive industries. Companies use data to determine which types of users will see which ads in order to make marketing campaigns more effective. When it comes to predicting how customers will react to specific advertisements, AI comes into play.
CUSTOMER SATISFACTION ANALYSIS
Sentiment analysis, also known as emotion AI, is a technique used by businesses to gauge the reactions of their customers. Companies use AI and machine learning to collect data on how customers perceive their brand. This could include using AI to search social media.
FRAUD DETECTION
AI can also be used to assist businesses in detecting and responding to fraud threats. There are tools available in the financial industry that use machine learning algorithms to identify suspicious transactions. When a fraud risk is detected, the application halts the transaction and notifies the appropriate parties.
IMPROVING SUPPLY CHAIN OPERATIONS
If your company is having difficulty delivering products on time, AI may be able to assist. AI-powered solutions can help businesses predict the cost of materials and shipping, as well as estimate how quickly products will move through the supply chain. These kinds of insights assist supply chain professionals in making decisions about the best way to ship their products. On a smaller scale AI can assist delivery drivers in finding faster routes.
Now that we discussed about some basic information on how AI can help you with your business , explaining how an AI program can help you in you in different aspects of business is nest.
- Sales Using Artificial Intelligence
Expert sellers and sales organizations are rethinking the sales balance between humans and machines. Automation AI is already having an impact on sales and will continue to do so. According to a study by Harvard Business Review, companies using AI for sales can increase their leads by more than 50%, reduce call time by 60-70%, and have cost reductions of 40-60%. Given these figures, it's obvious that leaders looking to improve their bottom line should investigate Artificial Intelligence.
Here are a few examples of current AI applications in sales:
Forecasting demand - Forecasts are complicated, but they can be automated. Artificial intelligence allows for the automated and accurate generation of sales projections based on all client interactions and historical sales results.
Lead scoring - AI assists in the prioritization of leads. These tools assist sales professionals in prioritizing customers based on their likelihood to convert. By compiling historical information about a client and social media postings, as well as the salesperson's customer interaction history, AI can rank the opportunities or leads in the pipeline based on their chances of closing successfully.
Chat/email bot for sales reps - Chatbots are said to increase sales by 67% on average. They can help start the conversation by sending a customized message that allows customers to interact right away or return later. AI algorithms can also generate personalized emails, saving sales representatives from manually sending personalized messages to multiple customers.
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- Marketing with Artificial Intelligence
Many organizations and marketing teams are rapidly adopting intelligent technology solutions such as AI to improve operational efficiency while improving customer experience. Marketers can gain a better understanding of their target consumers by using AI. The collected data can then be used to increase conversions while also reducing the workload of marketing teams.
Here are a few examples of current AI applications in marketing:
Better CRO and customized website experiences - While AI is still far from being able to build entire websites, it can help improve the visitor experience on a website through intelligent personalization.
Intelligent algorithms can help with the customization of:
Website experience - Artificial intelligence analyzes a single user's location, demographics, device, interaction with the website, and other information before displaying the most relevant offers and content based on the analysis.
Push notifications - With behavioral personalization, push notifications can be tailored to individual users, ensuring that they receive the most relevant message at the most appropriate time.
Computer Vision enables computers and systems to infer meaning from digital images, videos, and other visual inputs and then act or recommend accordingly. Marketers can use this to analyze the millions of pictures published daily to social media sites to gain insight into how and where products or services are used. This allows market penetration and brand awareness to be measured in new markets.
SEO optimization - The term "search volume" in search engine optimization informs us of how many people are searching for specific terms and phrases while looking for items or services. Machine Learning (ML) algorithms are now being used to gain a better understanding of the intent and content of searches. Another application is to examine competitor SEO tactics in order to identify any gaps in your own or to capitalize on keywords that competitors aren't using. AI can also generate SEO-friendly marketing content for your website.
- Artificial Intelligence in Customer Support
Businesses work hard to ensure that customers enjoy their interactions with a company or service and want to tell others about it. Promptly resolving issues is one of the most efficient ways to keep customers happy. However, as more requests come in, scaling businesses may find it difficult. As a result, businesses are incorporating AI into customer service teams in order to improve the customer experience.
Here are a few examples of current AI applications in customer service:
Chatbots as front-line customer service representatives - AI-powered bots assist organizations in handling jobs, resolving issues, and even communicating with potential customers. AI-powered chatbots can assist a large number of customers around the clock without the need for a human employee. As a result, artificial intelligence-powered chatbots are being used to interact with customers. Using chatbots as a first point of contact can help identify consumer needs and ensure that they are connected to the right people. Simultaneously, it can reduce wait times and the amount of time customer service agents spend answering the same questions.
Voicebots reduce call volume - Artificial intelligence voicebots can listen to the caller, interpret their mood, and determine the gravity of the situation. An AI voicebot, like a chatbot, can be trained to respond to common questions on its own, similar to a chatbot but in a speech format. Because they can understand queries, they can also be used to improve call categorization and ensure that callers are connected to the correct department.
- Accounting Artificial Intelligence
As previously stated, AI can automate time-consuming tasks, improve accuracy and efficiency, and uncover hidden trends. It can upload files, read them, and categorize them using the appropriate accounting codes. AI never sleeps, tires, or makes mistakes that humans do. So it’s no surprise that AI is making headway in this demanding field.
Here are a few examples of current AI applications in accounting:
Performing repetitive tasks - Recording data, categorizing transactions, reconciling accounts, entering and correlating data from scanned receipts and invoices to transactions, evaluating employee expense reports, and tracking pricing changes are just a few of the repetitive tasks that accountants face. AI is capable of performing all of these tasks with far less error than a human.This way, employees are saved from mental overload and can focus their work on other ongoing tasks.
- Human Resource Artificial Intelligence
Human resource professionals are working in a very different environment than they were before the COVID-19 pandemic. As the number of hybrid and remote workforces grows, virtual recruiting, as well as a greater emphasis on diversity and inclusion, have introduced new dynamics and reinforced existing ones. New platforms and technologies are required to stay competitive, and AI is at the center of this growth.
Here are a few examples of current AI applications in human resources:
Analyzing candidate profiles - Many businesses have invested in artificial intelligence to assist with the hiring process. HR managers can use AI to analyze a potential candidate's previous work experiences and interests and match them with the best roles.
Organization Network Analysis - To help your company become more sustainable and successful, AI can be used to analyze formal and informal business relationships, which can aid in the development of business strategies that increase the organic exchange of information.
In conclusion,
Whether rosy or rocky, the future is rapidly approaching, and artificial intelligence will undoubtedly play a role. As this technology advances, the world will witness new startups, numerous business applications and consumer uses, job displacement and the creation of entirely new ones. Artificial intelligence, like the Internet of Things, has the potential to drastically alter the economy, but its full impact is unknown.
The main question is...
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Hasta La Vista Baby,
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