Updated: Oct 24, 2019
Artificial Intelligence (AI) has been around for a few years now, and we have seen groundbreaking advancements in this field. AI is a very powerful technology and that is the very reason why companies like Facebook, Google and IBM are leading the innovation in this field. According to one estimate, by 2021, the companies are expected to spend as much as $57 billion on AI platforms. AI technology has the potential to increase business productivity which will result in huge profits. According to Accenture, AI technology can enhance business productivity by up to 40% which is remarkable. In this guide, we will share the 5 ways AI can help your business grow. Let’s get started.
Top 5 Ways AI can help your business grow
AI & Human Resource
Human Resource is one of the most important departments of any organization as it is their duty to find the best resource for the companies. The process of hiring can be very tiresome as a single opening in any major company could receive up to 100s or even 1000s of applications and it is very difficult to read each one of them. However, thanks to the AI-supported systems we can use the AI tools to make the whole process easier for the HR department. You can use the AI tools which will analyze the applications and will only pick the right candidate for the company. Using the AI tools will ensure that you are not wasting time interviewing the wrong candidates and it will help you find the right fit for the post.
AI & Handling simple Tasks
Back in the days, the companies used to have the dedicated clerical staff to handle the simple Tasks but now with AI can handle most of the simple administrative tasks. Instead of assigning dozens of employees to do simple tasks like extracting data or organizing important data. You can use AI-powered Tools to handle these simple tasks. There are a lot of companies out there who use the AI tools to handle their simple administrative tasks.
AI & Handling Marketing
We have more than 2.6 billion active social media users and the vast majority of them are the potential customers. The platforms like Google, Facebook and others are already using the AI & Machine learning to understand the needs of their users and provide them with the targeted content. You can use these social media platforms to reach your targeted audience and help them know about your business.
Apart from using social media platforms, the big companies are also using AI tools to generate sales. In 2018, Albert, the AI Tool, helped Harley Davidson to increase New York Sales lead by 2,930%. The tool helped drove in-store traffic by generating leads. Moreover, the tool also helped the company to be more accurate with their Ads and it analyzed the data from the existing Jacobi’s customer relationship management (CRM) system to define the characteristics of the high-value customers in the past. Then the tool created the small sample groups to run test campaigns and used the data from the test campaigns to provide better results. The one example of how effective Albert is that the program noticed that the word “Call” in the Ads “Don’t miss out on a pre-owned Harley with a great price! Call now” performed much better than the Ads with the word “Buy”. The system immediately replaced the world “Buy” to “Call” and it helped a lot in generating leads.
AI & Customer Care
It’s no secret that companies have realized the importance of customer experience and now they are putting a lot of efforts to provide the best customer care to their customers. According to MIT Technology Review and Genesys, the big companies like Alibaba, Lexus, and Uber uses both human and Automated customer service to cater their customers. Moreover, the top-performing companies were more likely to say that AI was guiding their customer analytic capabilities. If you want to give the best possible customer care to your customers then incorporating the AI will help you a lot. Automating the customer support for simple queries will allow your customer support to perform much better as they will address the more complex queries and AI will handle the simple queries.
AI & Handling Business Processes
You can use the AI in your business processes to increase the efficiency of your company by implementing it in areas like workflows, supply chains, and data handling. You can use AI for more mundane tasks and use your employees for more productive work. According to one estimate, the businesses spend on average per week around 55 hours doing manual, paper-based processes and checks and 39 hours chasing invoice issues, errors, and other problems. This loss has been equated to more than 6500 hours during the work year. Now imagine if the business could automate these simple tasks and they would have time to work on more productive things. The big companies are aware of these issues and that’s the reason why they have started implementing the AI into their everyday supply chain tasks. Moreover, incorporating the Machine learning with the Supply chain planning could help the system with forecasting the inventory, demand and supply issues. By using Machine learning technology, SCM professionals can analyze the big data sets and give the best advice on basis of the results.
The Bottom Line
Artificial Intelligence is a great technology and it can be great for your business. The technologies like AI, Machine Learning, Augmented Reality and Virtual Reality can help your businesses more efficient and now it is up to if you adopt these technologies or not. If you have any questions, please let us know in the comment section below.