Several industries are undergoing a tremendous change, including IT and retail. Your sector could be the next to be disrupted by a fast-growing startup or a corporation from a seemingly unrelated area. Artificial intelligence is probably your best bet to prevent this disruption.
By helping you cater to the dynamic customer demands before anyone else.
Artificial Intelligence assists in the creation of more human-like solutions to complex business problems. This is analogous to translating human cognitive traits into computer-supported algorithms.
AI can also help you increase your profits and conversions.
As per a survey, AI accounted for more than 5% of organizations’ 2019 profit before tax in 22% of businesses. Furthermore, money generated by AI rose every year in the most of corporate operations that employed it.
Moreover, AI and machine learning could save 13% to 15% of time requirements in five to seven years with moderate involvement. With substantial involvement, the possible benefits include efficiency gains of 27 to 30 percent in five to seven years.
In this article, we will give you five reasons why you need AI to run a successful business.
The first inhibition you might have when you consider AI implementation is the cost. To be honest, implementation of any new technology usually costs a lot. Even replacing human labor with machinery needs an investment of several thousand dollars.
However, when it comes to AI, you need not worry.
Aiaas has made AI implementation more attainable.
What is aiaas? AI as a Service refers to a third party that charges a one-time or subscription fee to provide advanced AI functionality to businesses. In simple words, it helps you incorporate AI into your business operations without having to do it from scratch or investing a huge sum of money.
While in the past AI was limited to technology giants like IBM and Microsoft, aiaas has opened opportunities for small and medium enterprises too.
1. Get useful market and customer insights
When it comes to market and customer analysis, AI is extremely useful.
Predictive analysis on data from the web matrix, system matrix, and social media can be used to generate a better and enhanced product. Customer insights can assist you in raising the bar on your customer service.
AI adoption is your key to success, especially if you are a startup.
It is crucial for start-ups to focus on innovation and come up with new solutions to help their businesses flourish. Predictive upkeep assists start-ups in minimizing maintenance expenses through periodic product testing.
By selecting the most effective marketing platform for your firm, AI-based solutions can assist enhance marketing approaches and cutting marketing expenditures.
They also help in removing unlikely customers from your list of potential clients.
Most consumers are on social media, and the majority of your business is conducted online. You can use AI to decipher significant social network metrics on the internet. Different sorts of social media traffic are being analyzed using data mining techniques.
Artificial intelligence is particularly powerful because, unlike simply statistical systems, it has the ability to learn. This enables them to adjust as market conditions change, as well as continuously enhance performance as new data becomes available.
2. Improve data analysis
Data is referred to as ‘the new oil’ in the digital economy since it has become a lucrative resource. Large amounts of data are worthless if you have no way of understanding it. Businesses can use artificial intelligence to process billions of data points in real-time.
AI can answer any question you have, and it will continue to develop.
Which movie is Sophia’s favorite?
Will X be a frequent churner?
Is it likely that this item will be out of stock?
AI can accurately predict future outcomes based on prior data. Data is transformed into information by artificial intelligence, which may even foresee the future. Of course, AI is not a fortune-telling technology, but it may assist your business by delivering predictive insights.
3. Automate your business processes
Automation has been a constant in technology over the last few decades.
Business operations are becoming more agile thanks to various automation tools that are being developed and reinvented. Home appliances were the first to adopt automation. Industrial robots were next. Advanced robots now collaborate with humans in a variety of settings.
Industry experts believe a new era of automation is on the horizon, thanks to AI’s meteoric development. Routine cognitive activities are being automated swiftly by artificial intelligence. In numerous industries, such as hospitality, retail, and financial firms, smart algorithms play a critical role.
The best part? Al doesn’t need a break.
4. Reduce errors
Artificial intelligence is not without flaws. It is not perfect, but it is far more accurate than people.
The accuracy of many systems is around 99 percent, even for more advanced algorithms like Google’s LYNA, which reached 99 percent accuracy and 69 percent sensitivity in metastatic breast cancer detection.
However, artificial intelligence is less prone to errors than humans. It has the advantage of making decisions based only on the data provided. It doesn’t have feelings or opinions. However, depending on the type of data provided to the system, it may represent people’s ideas.
Consider the case of Amazon’s AI recruiter, which was gender-biased.
What happened to cause that?
Despite the fact that the system was merely examining data without any opinions, it nonetheless came to the conclusion that male candidates are better. Why?
The machine was taught to evaluate candidates by looking for trends in resumes submitted to the organization during a 10-year period. The majority of the resumes were submitted by men, who typically hold the majority of technical posts.
Even if there are occasional failures like this one, artificial intelligence is still less prejudiced than humans and is just more accurate. The good news is that even if a system makes an error, you can easily correct it.
5. Better your sales and marketing
Cold calling and sending extensive emails are no longer effective sales methods.
Consumers are impacted by a variety of various forms of media, including television ads and social media platforms. Snapchat has also evolved into a marketing tool.
If you want to take a more inventive and effective approach to market your product, you can create a sales pitch that reaches the appropriate customer at the right time on the right platform simply by incorporating AI into your CRM.
A good AI-driven CRM can multitask and handle all of your company’s operations.
AI is used by sales teams to better understand their consumers and provide personalized solutions. E-commerce companies use AI to ask their customers a few questions and then customize the products depending on their answers. They then show only the products that are the greatest fit for the customer’s tastes. This increases the likelihood of conversion.
Without a doubt, AI is altering sales processes and changing the face of sales for the better. Users are no longer given non-tailored solutions. As a result, conversion rates are higher, and businesses may gain more information about their customers more rapidly.
That’s all for this article. If all of this seems like something that could help your organization and piques your interest, it’s time to think about investing in AI.
Now, the best place to begin is to perform a complete analysis of your organization and the areas where AI may best assist you. This will, of course, differ greatly from one organization to the next, as each will have its own set of objectives, goals, and requirements.
It’s crucial to realize that when businesses figure out how to employ AI to gain a competitive advantage, they’re also dealing with obstacles. AI prejudice, government licensing of AI, handling the data necessary for machine learning initiatives, and skill shortages are all issues to be concerned about.
However, once you adopt it, there’s nothing stopping your company’s success.
Author – Tuba Sarosh