Artificial intelligence (AI) today is revolutionizing many industries, and consequently our lives, on a much bigger scale than we can fathom. Great success has been achieved in the healthcare industry where certain processes have been streamlined. For instance, administrative tasks in many sectors like education and HR have been automated, saving time for more strategic work; while manufacturing companies are reaping the benefits of AI implementation from reduction in overhead costs to human error minimization.
AI is gaining traction and it certainly has efficient application in other aspects of business as well. Even though only a small 15% percent of enterprises are currently using AI, there is an estimate by Adobe that more and more companies will be onboard the AI train in the following years.
Another study by Juniper Research shows that global spending on AI will increase from $2 billion in 2018 to $7.3 billion by 2022. The reason behind it is that companies need sophisticated AI tools to help them differentiate themselves and improve services they offer to their clients. This goes hand in hand with Pega’s survey which says that around 38% of consumers think that AI will improve customer service and experience. And according to PointSource, 34% of shoppers will spend more money online when AI is used tactically, and 49% of their survey respondents stated that they are willing to shop online more frequently when a chatbot is present.
The statistics are here to describe the state of affairs and indicate that there are many reasons why companies should work on their innovative strategies. Implementing AI solutions can have a highly positive impact on business, so let’s take a look at how companies can deploy these technologies.
Engage with customers anywhere, anytime
Customer Relationship Management (CRM) and rapid resolution of customer queries is something that differentiates successful businesses from those who are just getting by. The ability to address your customers’ issues in real time affects sales and income, because happy customers are fundamental to a brand’s success.
The rules of engagement have long changed and customers now expect their favorite brands to listen. Chatbots are next-generation software which enable you to almost instantly resolve customer requests through an omnichannel – your website, social media, and chat apps. Being able to process queries and provide real-time, on-demand delivery of customer service prevents business losses and improves customer satisfaction. There are many AI solutions out there so implementation of chatbots will require zero coding and development.
Get valuable business and marketing insights
In today’s digital economy data is the most valuable asset. Collecting data is a timely process in its own nature, but imagine how long processing data would take. That’s where AI steps in. In a matter of minutes, AI can process billions of data and extract the most valuable pieces of information that can further be employed in marketing. Moreover, AI doesn’t only process it, but it also learns and adapts to new occurrences, thus providing constructive and invaluable insights business can use to elevate their processes and operations. For instance, you can use all the correlations and “clean” and usable data to customize your messaging to different groups.
The great thing about it is that there are already AI solutions you can use. In other words, you don’t need to hire data scientists to process data nor programmers. The only thing Dataiku, Rapid Miner, IBM’s Watson, Orange, Microsoft’s Azure, or Google’s Cloud AI need is your data to initiate better marketing moves and growth. And according to the Harvard Business Review, you don’t even need BIG data to start your AI project.
Do better digital marketing
Trends for 2019 tell us that there are several things business need to do if they want to continue to properly conduct digital marketing and earn their income. Neil Patel, leading online marketer, says that companies first need to switch to an omnichannel approach. This implies that it won’t be possible to build a business by sticking to only one channel, and AI can be the right solution to manage multiple ones. In a world where customer expectations are constantly rising, AI and cognitive technologies can help companies improve their omnichannel performance and meet customers’ demands.
Another estimate relevant to digital marketing is that voice search will explode by 2020. Innovation consultant and voice strategy developer Djuradj Caranovic has been on top of this trend for years. He states that “voice search is growing rapidly and presents one of the most disruptive facets of voice platforms”. Two out of five adults are using voice search and it is quite simple to grasp why this is changing so fast. “People talk faster than they can type”, Djuradj puts it simply. Voice search is growing into a go-to search mode for consumers worldwide and this is a cue for companies to implement AI and strengthen their digital presence.
All the innovative practices are not only employed by the good guys. Cybercriminals are also elevating their game and imposing a huge threat to businesses with their sophisticated fraud schemes. AI fraud detection tools enable humans to keep pace. Not only do AI tools report when security has been breached, but they can also predict and deter illegal behavior by learning from huge sets of data.
Actually, IT consultancy Gartner predicts that over 75% of security software tools will have predictive and prescriptive analytics based on AI capabilities and ML algorithms. There are a plethora of cybersecurity products and services available, like Cylance which prevents advanced threats and malware to be executed, and HANA, a cloud platform and ML solution which manages client information and activity.
Automate Human Resources tasks
AI is not just there for the customer, but for the employee as well. According to IBM’s recent survey of 6,000 executives, around 66% of top executives believe that AI can bring significant value to HR operations.
The ways AI can propel human resources department are numerous. It all comes down to saving time by automating repetitive tasks, thus enabling HR leaders to allocate more of their time to strategic planning and employees.
The hiring process can also be improved by using the company’s human resources information system (HRIS) and implementing AI. In this specific process, AI can be used to keep track of submitted application documents, schedule interviews, and provide timely feedback to the candidates. Keeping candidates in the loop will certainly create better communication and relationship with prospective employees.
As AI continues to disrupt the business landscape, companies who want to stay in business need work on their innovative strategies and implement new technologies. Understanding how AI can be applied in their industries can help companies improve their operations, elevate their performance, and build lasting customer relationships.