The technology market for artificial intelligence (AI) is expected to reach $126 billion by 2025 and it presents significant opportunities for businesses that can use it to boost productivity and boost growth.
Indeed, many companies that have already implemented AI are seeing its benefits.
Some people fear automation and artificial intelligence will cause them to lose their jobs.
The types of jobs will be redefined as technology evolves together, and the types of jobs.
In the years to come, more use of AI will require employees to increase existing skills and to learn new skills.
AI is a large umbrella that embraces other terms such as machine learning, predictive analytics and the processing of natural languages.
Companies can increase employee performance with the help of AI, automate work processes and use smart assistants to help with repetitive business processes.
Read on to learn about AI ‘s top interesting ways improve the performance in your business.
1. It reduces costs
AI provides cutting-edge solutions that cost less.
For example, the use of Voice Recognition in customer service significantly reduces costs compared with traditional call centres.
Using AI means executing tasks according to strictly specified guidelines.
This helps to reduce the inaccuracies resulting from unavoidable human errors.
Often the employees spend a lot of time on manual tasks.
If they are wasting too much time, remaining profitable is hard for an enterprise.
Having AI to perform certain manual tasks can release employees to perform more complex tasks, with greater business profit potential
2. It automate Tasks
AI’s most notable short-term benefit is the automation of frequent transactions, processes, and questions.
This can reduce costs of operation, optimize time and increase productivity.
When a variety of different tools are used to automate manual tasks, humans are free to focus on more complex or creative tasks.
3. Helps in the decision making process
Data erupts, and the human brain is unable to process and translate it into useful knowledge.
AI solutions support high traffic volumes at great velocities.
They can analyze data and integrate it into any third party or CRM system.
CRM software encourages automation in modern enterprises.
Huge amounts of unstructured data can now be used in the form of emails , social media posts, etc. to discover what customers need, and how they think.
Natural language processing allows social listening, and millions of mentions can be sifted through to pull out those that are most important.
What’s more, the overall ‘feeling’ behind sources of text and voice can be identified.
Significant insights driven by data analysis allow for better decision-making.
The processing of natural language is an AI branch that allows computers to understand the human language with all its arbitrary rules and nuances.
It’s not just words that have to be understood but context.
It uses algorithms teaching machines to identify intended speakers.
There are many interesting applications in business that humans and computers can converse; sentiment analysis, spell checking, entity recognition, and voice-text messaging are just a few examples of natural language processing applications.
By analyzing sentiment, companies are able to find out not only what consumers are saying, but what emotions are behind them.
If comments are negative they can try to remedy the situation immediately.
If they are positive, and consumers are showing signs of wanting to buy, they can make sure they ‘re targeting them.
Sensitivity analysis can even help to categorize customer support tickets and ensure that urgent queries are addressed first.
4. It generates leads and enhances sale process
On average, sales reps spend most of their selling time, and very little closing time.
It can take many hours on the phone to qualify leads and send emails to try and turn a lead into a sell.
What if a machine that could engage inbound leads in a human-like way can do this process?
If a business receives too many leads from its marketing campaigns which make it difficult to follow up, the answer can be to use an AI-powered virtual assistant.
Such an assistant can send emails and interpret responses and pass them on to a salesperson to identify qualified leads.
Chatbots can also improve cross-selling and up-selling through real-time interaction with the users.
By connecting a chatbot to other apps, such as a CRM or email marketing platform, leads can be nurtured and guided via the sales funnel.
Not only does this increase sales but it also promotes customer loyalty.
Implementing AI-powered chatbots can also help improve customer retention, as they can solve simple 24/7 queries and pass on requests that can not be answered to humans.
Getting quick answers to queries increases a customer’s chances of doing business with one firm rather than another.
5. Maximises customer engagement
Predictive Analytics can help businesses better allocate resources for marketing and sales and optimize customer engagement.
The technology increases agility, as feedback is quickly received.
One can use predictive analytics to:
- Identify and segment Customer Profiles.
- Score leads according to customer behaviour.
- Integrate data from existing tools to make more accurate predictions.
- Target customers segmented, with custom content.
- Take on a data-driven decision-making framework.
- Move to new lands with promising leads
Artificial intelligence can significantly enhance customer retention.
Solutions such as machine learning and neural networks develop from interactions with customers.
Customers’ words, behaviours, and actions are used to better understand customer intent.
This is what allows virtual assistants to maintain natural and coherent dialog with a person and provide solutions in real time.
With an AI-optimized customer engagement process, enterprises can deliver the right offer to the right customers at the right time.
They can do that in near real-time and on a scale, too.
Increased adoption is inevitable, in spite of some negative feelings about artificial intelligence.
As technology evolves, businesses need to succeed in becoming more data-driven and customer-centric.
Being open to change and adapting helps them stay competitive and relevant.
Automation marketing can help you nurture leads and increase sales.
Business leaders need to stay informed and make careful decisions about which AI-optimized technology is the right fit to help their businesses succeed.