There is no doubt that AI has been reshaping the business strategies world over with companies realizing that artificial intelligence (AI) is crucial to their business expansion. A study by MIT in 2018 revealed that 58% of corporations believed AI would significantly change their business models by 2023.
According to research by HubSpot, 56% of people prefer to message than call for availing of customer services. The research also found that about 71% of people prefer using chatbots to solve their issues. Chatbots are great for users who want answers to relatively simple questions. As questions become tricky, the ability of AI to give exact answers becomes tougher. Rendering quick and accurate answers increases conversion rates and enables to maximization of sales efforts for the business.
But AI is not just a chatbot installed to improve customer affairs. It is much more than that and affects appreciably not just the business model, but the entire operating paradigm of an organization.
AI assists in human decision-making. This is because algorithms are evolving and computing power is getting smarter. True, AI cannot complete all common-sense jobs, yet it processes and interprets data faster than the human brain. It then provides us with many composite courses for us to figure out the possible consequences and streamline business decision-making. When this coalesces with human interaction, it helps to meet consumers’ demands.
We live in a world where virtual interactions/shopping is increasing day by day. Irrespective of B2B or B2C businesses, the virtual work is buzzing 24X7 where customers can interact with your business at every possible hour.
Hence, it is high time that we look closely and understand what the customer needs are. What are the questions customers ask which, when responded to, will generate credit for them and the business? Only when one has this clarity can one begin looking for the correct data and its AI applications.
Need for a Culture change
The implementation of AI operations depends mainly on the valuable use of the organization’s data generated in big volumes correctly. For this, there is an urgency to update an organization’s internal culture and to put data at the center of the business’s decision-making and strategic planning.
For this culture to be consolidated within a company, it is essential to identify and innovate valuable methods for assembling, filtering, examining, and interpreting large volumes of data. For this, several devices and technologies can assist, the emphasis mainly being on Big Data and of course hiring the right talent to handle and integrate this data.
Benefits of AI
AI is a crucial growth factor for companies across all industries and enables companies to know and address weaknesses, build upon their strengths, and improve their teams’ skill sets.
According to a survey by Harvard, 51% of top executives believe that AI has reinforced the details, functions, and performance of their products. 36% of them feel that AI has optimized internal business operations. 36% of them also say that because AI automates tasks, employees are unrestricted, and hence more creative.
AI can elicit workforce change, information, cross-entity association, privacy, and overcome ethical questions for business. It looks at new risks and dangers of independence, job losses, and security concerns. AI is seeking to help managers recognize and act on the enormous opportunities from a combination of human and machine intelligence.
To build a successful AI business strategy, one needs to outline their internal corporate strategies to deduce which practices and methods could benefit from implementing AI.
AI could be used to formulate a plan that targets specific accounts with customized, immersing, and informative content. AI algorithms do this tedious job of researching and assembling prospective information. Leveraging this data, AI classifies and ranks leads and opportunities efficiently. By also foreseeing the company’s revenue, AI aids in managing the sales channels, inventories, and other resources.
Data analytics is fundamental to reacting to any emerging trend and also boosting revenue. With the ever-expanding amount of information, the examination and efficient use of the data drives yields. With AI and machine learning algorithms, one can analyze data and produce actionable results for the business.
With Deep Learning, businesses can automatically infer meaningful patterns and trends from vast data sets. This saves an employee’s time and efforts on researching that in turn augments business efficiency. Plus, the team would be equipped to unearth noteworthy opportunities and make more informed decisions.
Marketing & Business Campaigns
AI permits marketers to attain beneficial customer insights, automatize everyday assignments and enhance workflows. By evaluating piles of data about the consumers, you can leverage AI to forge more personalized experiences.
The compilation and analysis of past purchase behavior patterns and previous on-site activities and interactions can help deduce a defined customer persona. Identifying this customer persona precisely, sketches a clear image of the customers’ motives, habits, and needs, enabling one to create the perfect business campaign for its audience.
AI instruments help produce email content and personalized documents using algorithms that look at a subscriber’s website experience and browsing data history. This saves a lot of time for the business by recognizing what areas the marketing team should focus upon.
Machine-learning algorithms also help identify the products or the content for your business displays to match the buyer’s interests, diminishing the product return rate.
Therefore, AI schemes introduced into these areas of business can stimulate productivity, accelerate profit growth and bring about meaningful outcomes.
The challenge however is not solely technological, but cultural. As it speeds up to the core, companies will require to have a powerful AI strategy aligned with the business objectives and innovate their business models to prosper in this digital day and age.
Needless to say, data scarcity is a fact of life. Not every business has the infrastructure or capital to train complicated algorithms with the right amount and quality of data. Thus, it makes the most sense, to begin with, smaller and less ambitious endeavors initially for any business while integrating AI into the system.