Artificial Intelligence | How AI Is Transforming Your Business
Artificial intelligence refers to the ability of machines to understand the world around them, learn from the data that flows through them, and ultimately make decisions, in a similar way to the human brain. Thanks to AI, we have been able to build smarter machines capable of performing tasks that typically require human intelligence. The result has been a complete transformation in how we do business.
In 2021 the increase in AI usage across businesses will create $2.9 trillion of business value and 6.2 billion hours of worker productivity. 86% of CEOs say AI is mainstream technology in their offices at the moment. While we have no way of knowing all the ways artificial intelligence and machine learning will ultimately impact business functions, we do know that it has already had a huge influence on functions such as Customer Service, Workflow Automation, and Marketing.
With the use of virtual assistant programs, you can now provide real-time support to users. Customers can place orders, get information and do almost anything as if they were having a conversation with a human customer-care representative.
Luxury fashion brand Burberry uses big data and artificial intelligence to enhance sales and improve customer relationships. The company gathers their shopper's data through the loyalty and reward programs that they then use to offer tailored recommendations completely personalizing their shopping experience.
Artificial intelligence is also changing customer relationship management (CRM) systems. By applying artificial intelligence to platforms such as Zoho CRM, a normal CRM system transforms into a self-updating, auto-correcting system that helps you to stay on top of your customer relationship management.
Easily automate your workflows by collecting and analyzing data using smart sensors, or use machi
ne learning algorithms to categorize work and automatically route service requests as per the requirement.
AI’s promise is that it creates the ability to utilize AI tools that can reduce monotonous and time-consuming manual tasks, predict future project outcomes based on received data and mitigate the risk associated with the execution of certain tasks. Specifically, AI can streamline workflows by minimizing repetitive tasks, eliminating human error, and ultimately reducing costs.
Personalized and Targeted Marketing
If your company isn’t using artificial intelligence in marketing, it's already behind. Not only can AI help to develop marketing strategies, but it's also instrumental in executing them. AI can assist in effectively tracking user behavior and sorting customers according to interest or demographic.
This will enable you to send targeted ads to potential customers based on browsing history. AI also plays a huge role in powering recommendation engines, giving customers what they want exactly when they want it.
Dr. Hossein Rahnama, founder and CEO of artificial intelligence concierge company Flybits, said it best:
"We're no longer expecting the user to constantly be on a search box Googling what they need, the paradigm is shifting as to how the right information finds the right user at the right time."
Implementing machine learning and AI is going to have a major impact on your organization’s efficiency. Intelligent systems can automate a great number of tasks and help reduce the risk of human errors, cut costs and increase productivity and even sales. As time goes by, your systems will learn and get smarter, resulting in all-around better outcomes for your organization.