Why You Need To Use AI to Grow Businesses
Gone are the days of associating artificial intelligence with science fiction movies. With Alexa and similar others, it has now become a household name and presence. But the actual value of AI is only in transforming businesses with a wide range of uses. Experts think that it is like the second coming of software to decide to act even in unforeseen situations by the programmers. Gartner predicts that by 2021 AI will power 15% of customer service interactions. Also, PWC confirms that 54% of business executives say AI adaption in the workplace boost productivity. Hence check out the many needs to use AI to grow business.
AI resurgence to become game-changer in business
Though artificial intelligence exists since 1956, its recent resurgence is becoming a game-changer for almost all businesses. In the past few years, there was significant progress in developing AI systems to make it a technological reality. As per a PwC or Pricewaterhouse Cooper’s report, AI can contribute 15.7 trillion USD to the global economy by 2030. Because of its capability to automate work processes and provide predictive analysis apart from helping businesses boost sales, detect fraud and improve customer experience. It can also bring in better inventory and delivery management for better logistics for the increasing e-commerce business. Cloud computing has also taken advantage of the many artificial intelligence benefits to enhance businesses worldwide.
AI advantages to growing business
The AI resurgence, as mentioned above, is transforming businesses worldwide to benefit all stakeholders. From being mundane to breathtaking, AI is disrupting all business processes in every industry now. Salesforce confirms that 62 % of consumers will use AI to improve their experience, and McKinsey affirms that 44% of companies guarantee reducing costs using artificial intelligence. Rather than serving as a replacement to human intelligence and ingenuity, artificial intelligence serves as a supporting tool. With the rapid increase in data in the last few years, it plays a vital role in analyzing it even faster than humans to present it to them for better use. It helps businesses make optimal decisions with in-depth information and insights from massive data.
AI benefits to growing businesses
If the above facts and statistics are not enough to convince you of the need to use artificial intelligence to grow a business, its following benefits will surely do.
Reduces repetitive work with automation
Human intelligence gets wasted on doing repetitive work with less time for creativity and productivity. AI plays a vital role in automating customer interactions to reduce such repetitive work. It includes emails, online chat, social media conversations and answering calls, and many other customer interactions. By analyzing data collected from customers from previous businesses, it is possible to program systems for responding correctly to customers to handle their queries without human intervention. And with machine learning, the more interactions, the better they get to unlimited service customers anytime by solving their issues on a website or an app.
Improves personalized shopping experience to boost sales
AI provides personalized marketing to customers for increasing engagement that helps to generate customer loyalty. By identifying the patterns using the customers’ browsing habits and purchasing behavior, AI will boost sales.
Provide real-time interaction with customers
Apart from analyzing past data, AI also helps to interact with customers on a real-time basis, providing personalized information. For example, for extensive travel companies, travelers can have real-time information about the place, travel arrangements, changes, and many others to improve business by effective service.
Automating operations for better businesses
From automating sales, interactions, and others, AI can operate other technologies that increase business automation. Some examples include automating booking services, check-ins, and other customer inquiries in the hotel business. And in manufacturing units, AI helps to control robots or maintain ideal temperatures by intelligent heating. In China, AI even helps police catch criminals, and along with RFID and cloud technology, it helps to track inventory.
Automates recruitment process
Nowadays, the recruitment of new employees in many large organizations helps AI for automating the process. The fast scrutiny of the applications to reject the ones that do not meet the specifications saves a lot of time for the organizations. Apart from being unbiased, AI also helps with many recruitment administrative tasks.
Predict outcomes with practical data analysis
Many organizations want to know if their products will sell in the market in time to make profits. AI is now also helping predict if the product can sell or not with data analysis to give precious, valuable insights. Experts even predict that there will be no seasonal sales within the next ten years, as there will have nothing left to sell as AI will take care of selling products with predictive analysis.
The above facts, statistics, and benefits will indeed confirm the need to use AI for growing your business to unprecedented levels.
With over 13 years of experience as a leader in digital marketing, Mansi Rana is Managing Director of EZ Rankings – SEO Company India. Passionate about all things data; providing actionable business intelligence in digital, future tech; and venture bubbles categories for everyone, everywhere.