The Growing Role ofArtificial Intelligence in Business
The scope of Artificial Intelligence in business transformation is constantly growing, and there are no signs of it coming to a halt anytime soon. So here's how to make the most of it!
Managing customer demands in this digitally-powered market is an uphill task. Businesses must look into large amounts of data in order to derive valuable and actionable insights that can guide improved decision-making processes. This is challenging to implement without utilizing technologies such as Artificial Intelligence (AI), Data Science, as well as Predictive Analytics. Out of all these technologies, Artificial Intelligence has played the most significant part in transforming the way business is done today. For example, if you search for information about a particular product online, you would begin receiving multiple ads for similar offerings. AI accounts for this, and the technology is capable of so much more when business is concerned.
What Is Artificial Intelligence?
Artificial Intelligence is defined as any software program that has the ability to engage in a humanlike activity. Essentially, it involves depicting human intelligence in a computer program, and activities revolve around planning, predicting, or solving a particular problem. These software programs do not require any human interference for coming to a solution about an issue once they have been given the necessary information. This is a major reason behind the technology’s increasing relevance in organizations worldwide.
A number of e-retailers such as Amazon are keen on exploring new solutions led by AI that can help cut costs and overhead. Many eCommerce businesses are leveraging the technology to gain a better understanding of their customers, generate new leads, and improve customer experience. For example, AI uses cookie data and offers customers highly personalized recommendations. How is it possible for the platform to determine what customers really need? This is done with the help of natural language processing (NLP) features, video, image, and voice recognition.
There are various firms working on extracting useful information from customers’ online behavior to predict which product would ideally suit them as well as make the best profit. Interestingly, more personalized feeds and messages generate customer loyalty as clients see it as a means of understanding their unique demands. Flipkart is a great example of this as it has implemented an AI technique to identify the probability of a client returning a product to optimize cost and gauge vendor performance.
Artificial Intelligence & Digitalization
AI has been at the forefront of the digitalization of businesses. According to Dr. Amir Hussain, founder and CEO of SparkCognition, “AI is kind of a second coming of the software”. By far, Artificial Intelligence solutions have demonstrated enhanced decision-making abilities as compared to other traditional software. The power of making decisions on its own gives the platform an edge over different technologies and solutions, allowing enterprises to perform increasingly complex tasks by the day.
Artificial Intelligence & Automation
AI is playing an integral role in automating and improving Customer Relationship Management (CRM). Usually, businesses rely on CRMs to manage teams and employees in order to avoid micromanagement. Incorporating AI into CRMs assists businesses with relevant updates on a regular basis, minus any human intervention. This setup also generates automatic updates to the resources in charge, ensuring that everything remains streamlined and under control. A self-correcting system layered on top of the management system takes the strain off project managers and improves the overall work lifecycle.
Financial institutions, such as banks and trading rooms, can greatly improve the quality of customer service with the use of AI in their systems. An example is the use of chatbots on online platforms where customers often ask common queries, eliminating the need for human representatives. Information derived from common queries can be used to train these chatbots, and all the more so even in the event, a visitor comes up with a new question. Organizations get to save money on labor, as well as reduce human errors that may arise when interacting with customers.
Software solution providers around the globe are utilizing Artificial Intelligence, Data Science, Business Intelligence, and Predictive Analytics to provide better solutions to their clients. For example, FiveRivers Technologies has been leveraging Artificial Intelligence in various projects to offer customers actionable insights and enable systems to update and resolve problems automatically. These AI techniques have benefited their clients in terms of not only enhancing their product line but also improved around-the-clock support services.
Artificial Intelligence & Personalized Business Services
Apart from consumer interaction, one can improve personalized services with the help of AI. For example, a corporation could send a personalized message to a customer concerning an outstanding payment or a new offer, once they are in close proximity to one of their offices. Let’s consider a few common scenarios. If you are near an insurance company, you could get an insurance-based offer. Or, if you are searching for a specific property, you could be suggested a few options available for purchase. As a restaurant owner, you may send a ‘deal of the day’ offer to individuals around your restaurant.
The best thing about AI is that you can pinpoint the factors you want to target, including online purchases, age, gender, and online searches. You can then capitalize on this advantage without breaching consumer privacy. It is all about using data to make intelligent decisions and improving them based on the results.
Scope Of Artificial Intelligence In The Future Of Business
In a nutshell, the scope of AI in business transformation is constantly growing, and there are no signs of it coming to a halt anytime soon. The role of robotics and the Internet of Things in our daily life is not just a concept anymore, and AI is closely related to both of these technologies. At some point in time soon, any organization failing to capitalize on AI might not be able to stay relevant or competitive in the market. This technology not only improves your overall working techniques; with intelligent automation, you no longer need to rely on traditional or outdated systems.
The future is definitely gravitating towards automation. Artificial Intelligence will be the driving force behind eliminating the human error factor from business operations. Personalization techniques will become powerful enough to predict customer needs with remarkable accuracy. It is expected that customer services chatbots will take over and provide help 24/7, allowing you to strategize for any possible outcome way ahead of time. Extensive and complex data sets are already being analyzed within a matter of minutes, and useful insights can be churned out more easily. AI has already changed the way we do business and it is going to accelerate operations in more innovative ways that will benefit entrepreneurs in the long run.
Article credit: FOXYpreneur