In the fast-paced world, there will be situations where you have to make quick decisions.
You can’t sit on the fence while scaling your business. Your decision-making skills should be sharp, practical and fast. Hiring extra personnel just to make these decisions puts an extra hole in your wallet.
What would be your best bet here?
– Artificial intelligence! Yes, you heard me right!
AI will be able to help you drive business growth with data-driven insights. It analyses the data and offers a logical solution.
AI is the new “electricity”, which has become a necessity for businesses. Even the statistics will tell you the growth of AI. in the past years. Those still forsaking AI today will be considered dinosaurs in a robotic era.
If the numbers aren’t enough to convince you, here are a few reasons why you should embrace Artificial Intelligence in your business.
In simple terms, AI is software that imitates human intelligence to solve problems and make decisions. But AI is much more than this simple definition.
AI is great at removing repetitive tasks that humans generally do. For a business to benefit from artificial intelligence, it needs a mix of both AI and humans.
But there are still people who are reluctant to accept the idea of giving a machine the ability to make decisions. Scepticism of its genuineness or fear of change? Whatever it may be, the world is building its future with artificial intelligence.
According to research by Statista, the market size of AI is about to grow to $ 126 billion by 2025.
AI and machine learning have the potential to change the way your business operates. With the right mix of human creativity and machine accuracy, AI in business can be rewarding.
1. Business management
AI and ML can be strategically used in businesses to effectively manage and allocate tasks and streamline processes.
Periodic tasks of error detection, rectification, analytics etc., can be done with the help of AI in software development.
Task allocation becomes fast as the managers can use AI to determine available resources and allocate them to areas where they can perform better with their historical data analysis. The bench time of your available human resources will increase your productivity and efficiency in running a business.
2. Accelerated improvements
Learning from mistakes is a common feature in the startup world; this opens up areas for improvement. But relying on manual data to identify the errors is a time-consuming process, and when done manually, it is prone to errors.
AI automates this identification process to multiple levels of overview. Not only this, but a detailed overview of the agent performance, changes in trends, and even customer sentiment can be understood.
3. Rewards within the company
AI makes performance review easier, and rewarding the exceptional becomes a hassle-free process. The earlier method of manual performance review had many flaws like human error, favouritism, and so much more.
4. Competitive advantage
Embracing Artificial Intelligence in your business can always give you an edge over your competitors. AI can help you deploy automation and cutting edge tools. The quick reflex of AI in solving a potential threat and deep learning features will help you in the market.
Customer churn and segmentation is a grave concern for many businesses. AI can predict customer frustration and help you react to it in real-time. There might be a series of events that pushes them to make such a decision. With AI technologies and data science, you can prevent the churn before it happens.
5. Customer interaction
If you have a doubt, you use the “Contact us” feature on a website.
And the time they take to respond will influence your decision to whether or not choose their service, right?
Everybody would choose a fast and accurate response. Using chatbots and AI applications to give customers basic information or filter prospective customers can save your business money and human resource.
Natural language processing features of AI also help build positive customer relations by understanding what the customer wants and providing it beforehand.
For a business, its customers are its fuel.
Every successful business thinks in the shoes of its customers—the greater the customer experience, the higher the growth. AI is not only beneficial for the business but also the customers.
Nobody likes random ads popping up, and it’s a total buzzkill. Some ads are like shooting in the dark, hitting the target based on probability. What a sheer waste of time and resources!
Plus, it irritates people when they see a useless ad.
But marketing is an inevitable part of a business, so we need to improve the ad experience. Read some app marketing strategies that every startup must know.
Netflix shows subscribers the titles they are likely to watch, thus adding to a positive customer experience. Ecommerce companies get most of their traffic from these types of personalised ads. Nobody loves an impersonal shopping experience; an app that gives you different types of ties while you are searching for a tee is a dud.
With AI induced machine learning, customers won’t receive ad suggestions randomly but based on a person’s online behaviour, customer profiling and audience segmentation. This increases the probability of your targeted audience actually being interested in an ad. Hyper-relevant ads are more acceptable from a customer perspective.
2. Handling queries
Just like a quick response system helps a business to get a higher turnover, it also helps customers get what they want faster.
With an increased amount of customer traffic, this is challenging. Just like we do here at NeoITO, AI-based chatbots help accommodate this traffic. They are giving a more personal touch to the customer experience; a speedy response makes the customer happy and, in turn, brings more traffic.
3. Crisis aversion
Putting out fires and making a business fireproof is now an AI job. The proactive customer service of AI allows it to anticipate problems or solve issues before they occur.
If you are shopping online, and it gets delayed, you will be frustrated. AI software helps by giving regular updates on what is happening with your order and informs you if there is a delay. Educating a customer beforehand helps avoid friction between your customer and business.
Customer satisfaction also increases. We can see examples of AI warning us in our day to day life, like when our cars run out of fuel and we get indications to fuel up.
This complete transparency of the process with the customer is rewarding. Customers get more time to react to a situation, which invokes a sense of trust in them.
4. Eliminating the hassle of returns
Returning a product you bought through an online platform is frustrating. So eliminating this need for returning is one way to help a customer.
AI can help the customer pick the most suitable product by analysing the customer data, which drastically reduces returns.
Business applications for AI are endless; those who are still purposefully neglecting AI capabilities will be pushed behind in the market. Look around you; self-driving cars and autonomous vehicles are just the beginning; big data companies have established roots in AI data analytics.
Resisting the AI revolution means ignoring progress, and nobody wants that.
With a little bit of imagination and the right software development team, you can scale your business with the help of AI.
So, how will you know that you chose the right AI development team? Read this detailed guide on how you can choose the right AI development company from the crowd.
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