Artificial Intelligence has been a part of our daily lives for quite some time now and has a profound impact on how we do business.
It has revolutionized how brands and companies target their customers by offering them actionable insights and robust data.
With the help of AI, businesses can now make accurate data-based decisions that assist in creating effective marketing plans and strategies.
Artificial Intelligence is transforming the business world at a much faster rate as compared to other technologies.
More than 42 percent of business executives believe that artificial intelligence will be of utmost importance in the upcoming years.
If you use AI as your business ally, it can optimize every aspect of your organization from operations to manual labor, saving a lot of money.
Here are the seven ways businesses can harness the power of artificial intelligence right now:
1. Customer Support
Every successful company knows the importance of customer support, and how much it can impact the growth of an organization.
You need to be very careful in providing the best customer support for your customers as well as clients.
According to the 2018 Customer Service Expectations Survey, more than 92 percent of the consumers stopped purchasing products or doing business with a company due to poor customer service experiences.
Consumers don’t like to wait on the phone call, press multiple buttons, getting the call transferred to multiple unintelligent bots before they reach the customer executive.
The solution to this problem is “Chatbots.”
Chatbots are smart AI-based robots that can analyze a particular customer data from the initial starting point and provide data-driven insights to assist the consumer effectively.
There are several AI software that allows you to integrate your customer support with several platforms like Magneto, WordPress, and others.
It also helps you to connect on several social messaging platforms including WhatsApp, Facebook Messanger, and many more.
There are a few chatbots that improve the emotional intelligence of customer support representatives for providing a better experience.
For example, the United Kingdom’s National Health System is going to use an AI-powered chatbot in their non-emergency helpline for more than six months in London. It is estimated that more than 1.2 million people will use this and enter their symptoms into the app.
2. Information Technology and its Security
As of now, Artificial Intelligence is mostly used by businesses in the Information technology industry.
According to a survey, more than 61 percent of the organizations have already implemented AI, and the number is said to increase in the upcoming years.
AI has an impact on almost every part of the business including 87 percent in finance, 68 percent in product management, 77 percent in sales, and 43 percent in communications.
It is also predicted that by the end of 2024, more than 75 percent of the tools and software will include predictive analytics and artificial intelligence capabilities.
The technology company Cylance provides cybersecurity services and products for the detection and removal of malware and other cyber threats.
Several other top IT organizations are working in making artificial intelligence safe and secure so that businesses can get the maximum benefit from the unique technology.
3. Business Management
Artificial Intelligence can assist in several business management activities such as organizing team meetings, scheduling conferences, and the decision-making process.
By the end of 2024, more than $2 trillion will spend on transforming artificial intelligence and other technologies like 5G, cloud computing, IoT, and others.
There are many business management software that collects data to help businesses make better decisions including the software Domo.
It has more than 450 software connectors that allow information to collect from several third-party apps to assist in business intelligence.
It has an alternative that was developed by Accenture along with Microsoft and is known as Avanade. It is useful in providing predictive analysis and data-based insights for organizations with the help of Cortana and other tools.
For example, Pacific Speciality which a well-known insurance company uses Avanade to provide insights into new product development by analyzing customers’ behavior and activities.
4. Accounting and Finance
It is predicted that more than 80 percent of the finance and accounting work will be automated in the upcoming years.
The professional auditing company KPMG has started using AI in processing audits and tax-related services.
It is also developing software and tools which will have predictive analytics capabilities. With the help of the devices, they can analyze, interrogate and study the challenges faced while assessing a customer’s balance sheet.
KPMG has also partnered with IBM which provides them an AI-powered computer, Watson which can analyze hundreds or even thousands of agreements pages and summarize them instantly, based on the critical data and information.
5. Human Resource
Most HRs find the process of interviewing and recruiting very dull and tedious. Selecting individual candidates and then screening them can take a lot of time and effort.
To simplify the process, AI is being used in this department of work as well.
Businesses should hire highly qualified people with proper Artificial Intelligence training so that they can bring more insights for making better data-driven decisions.
With the help of AI-powered platforms screening and finding the right candidates are automated. The platform reaches the candidates and schedules face-to-face interviews which significantly reduce the workload and bring a potential candidate to the workplace.
As most of the manual and repetitive tasks are taken care of by AI, HRs can focus on other useful and vital jobs to increase the productivity of businesses.
6. Technical aspects of several departments
Most organizations are busy implementing artificial intelligence to increase the efficiency of the technical process and methods of several departments.
For example, Fukoku Mutual Life Insurance which is a well-known Japanese insurance company replaced its 30+ employees with IBM Watson AI.
IBM Watson AI can calculate the relevant payouts of the insurance policy by examining hospital stays, surgery processes, and other data.
The company believes that the AI-powered device can increase productivity by more than 30 percent and will save $1.28 million every year.
The engine which is a French company is using AI image processing technology and drone to check if there is any damage to the infrastructure due to several powerful networks.
Another example is of a hospital in the UK which has built a mobile application using Google’s DeepMind to monitor patients with kidney injuries.
7. Sales and Marketing
Sales and Marketing are considered one of the most important departments for the future of businesses all over the world.
Nowadays, businesses are using AI to revolutionize this department, even though it is being transformed digitally.
With the help of artificial intelligence, businesses can promote their product or service to the most targeted audience. It can also manage the budget automatically across several other platforms.
The Final Say
Brands and Enterprises know about the effectiveness and the future of artificial intelligence in scaling their business profits. AI will also be an essential part of marketing as they offer organizations the opportunity to target their ideal customers through analytics, creating a favorable situation for both consumers and brands.
For all these reasons, Artificial Intelligence will continue to empower big brands and enterprises in 2024 and beyond.