The concept of artificial intelligence was first proposed during a 1956 conference in Dartmouth. Although there was high optimism, the concept lacked funding and wilted. However, in the recent past, the concept has been taking root in most industries including manufacturing and healthcare. There has been a sluggish infiltration of AI technology in the business world. Below are some of the ways in which AI helps business.
#1. Intelligent Customer Relationship Management (CRM)Systems
Normally, CRM systems assist business to organize and manage every aspect of customer interaction. Nowadays, CRM can be integrated with AI to provide more functionality. For instance, in 2016, SalesForce launched software known as Einstein AI that helps developers integrate AI into CRM applications. Other similar AI CRM software has been developed to help business analyze consumer sentiments across various channels including emails, phones, and social media. After collecting these sentiments, the software evaluates customer’s feedback and adjusts systems accordingly. AI-enabled CRM helps business to have a better understating of the customers and to make marketing more efficient and the customer satisfied.
#2. Customer Service Solutions
Customer service is one of the fundamental components of satisfying and retaining customers. However, the customer service can worsen due to poor systems that do not improve customer experience. Most business has been integrating AI into their customer service support systems for more efficiency. AI platforms such as Digital Genius can be helpful in improving customer experience in many ways. For instance, the platform resolves customer queries such as refund requests and other inquiries without involving human agents. Using AI in customer service is helping businesses reduce handling time by automating repetitive customer inquiries thus achieving customer satisfaction.
#3. Automated Decisions
Like in other industries, business leaders have come to appreciate and trust insights that help them improve the customer experience while at the same time make viable decisions. Initially, business executives were faced with uncertain, incomplete and inconsistent information hindering them from making better decisions. However, the continued advancement of the AI technologies is making the construction of data more accurate. According to a recent study by Tech Pro, most businesses are already involving or are in the plans of integrating AI in operations to help in decision making. Certain AI tools are helping business executive evaluate potential disruptive strategies. This way, they can be able to make better decisions. According to PwC, AI is presenting limitless opportunities to make all kinds of business automated decisions.
Marketing is a great way of selling services and products to the customer. Initially, most marketing methods such as advertising were very expensive and only a large organization could afford. Nowadays, AI has made marketing affordable for most businesses. AI-powered platforms such as Acquiso are enabling businesses to manage marketing processes across various channels such as Facebook and Adwords among others. In addition, businesses are able to analyze the various advertising practices to make informed decisions. AI marketing solutions are helping businesses come up with viable marketing strategies through various algorithms that analyze customer’s behaviors thereby saving considerably.
#5. Competitive Intelligence
Although competition might be good for business, sometimes it can be hurtful especially when the competition is unfair. Many businesses have to wind up their operations due to unfair competition. Knowing the competition situation in your respective industry can help to keep afloat. Nowadays, businesses are using various AI-powered competitive analysis tools to edge competition. Tools such as crayon are helping businesses track competitors’ activities such as reduction in price and other strategies. This functionality together with other metrics provide a better understanding of changes in competitor’s strategies and therefore enabling the business to devise effective strategies to counter the competition. In addition, AI-enabled competitive intelligence also helps to identify competitors’ gaps and weaknesses.
Nowadays, branding has become an integral part of any business. In the last century, some business such as McDonald’s became a force to reckon worldwide due to uniqueness in branding. Nowadays, due to the hyper-fragmentation of the media, branding has become complex for most businesses. However, due to the continued development of the AI concept, branding has become easier especially for startups. According to a recent study by the Harvard Business Review, many businesses are already looking into ways of enhancing their brands using Artificial intelligence.