Artificial intelligence (AI) in business is speedily becoming a widely used competitive tool. Most companies are past discussing the advantages and disadvantages of AI. From improved chatbots for customer service to data analytics to making predictive recommendations, deep learning, and artificial intelligence in their various forms are seen by business leaders as an essential tool.
If you are still not convinced that AI is ready to manage an increasing number and range of tasks, consider IBM’s Watson’s 2011 winning performance on Jeopardy. Or consider the different ways you are probably already using AI-enabled devices and services personally, such as smart assistant apps or devices like Amazon’s Alexa or Apple’s Siri.
Not to mention other AI-supercharged apps, like the GPS app you use when driving.
Artificial Intelligence (AI) has created various interruption in the business world.
From popular brands such as Amazon and Walmart to small stores, about 37% of brands are using AI to simplify their processes. In less than a decade, AI has completely transformed from a technology that attracted entrepreneurs into a technology that they can’t do without.
7 Ways To Use AI in Business
AI Helps in Improving Digital Marketing
Digital marketing is one of the most reliable strategies in generating leads, developing your brand, and also enhance sales. So, there’s an excellent opportunity that you are leveraging it to improve your business.
Nevertheless, including AI to the digital marketing equation can give you great returns, specifically in these three aspects:
Builds Accurate Customer Personas
Customer personas are at the center of digital marketing. AI-backed tools have the potential to develop accurate personas after analyzing millions of data points in a few seconds. They can dig into granular details, like the tone and emotion of your target audience. This type of analysis is past the scope of non-AI tools.
For instance, e-commerce mega-store, Amazon, ideates excellent campaigns for digital marketing. It’s also at the helm of cutting-edge AI technology. Amazon’s purchase recommendations at check-out are not just random guesswork.
Their AI-powered search engine studies each customer’s browsing and purchase history to bring up significant recommendations. The recommendations are so accurate that Amazon can move substantial revenue through upselling.
Optimizes Advertising Campaigns
Advertising in cyberspace is expensive, but AI can assist you in getting massive returns from your ad spend. AI-powered marketing tools can craft an ad copy that causes an emotional response from viewers and drives them towards conversion.
These tools can also forecast bidding spots that are correctly positioned to get attention.
Albert, an AI-based platform, has assisted Harley-Davidson (HD) in developing more effective ad campaigns. The motorcycle brand was able to retarget more precisely after Albert identified correct “lookalikes.” By looping back lost website visitors and customers, the brand enhanced its leads per month by an exceptional 2930%.
Out of the total sales in 2017, HD attributes about 40% to Albert’s “intelligent” ad campaigns.
Improves Social Media Presence
Social media marketing is a significant ingredient of digital marketing. AI influences the most sophisticated social media management tools. Through sentiment analysis, these tools are capable of predicting content that best suits a specific social platform’s audience and tone.
Also, Influencers can provide you with visibility on overcrowded social networks. AI can assist you in discovering perfect influencers for your brand. They automatically scan millions of influencer profiles and metrics to identify influencers who align with your niche, values, and audience demographics.
For instance, Watson is an AI tool that is used by reliable brands for various purposes, including influencer discovery. For IBM’s Influential, the natural language processing (NLP) mechanism in Watson worked like magic.
Watson helped in analyzing the last 22,000 words posted by influencers who were on the brand’s shortlist. It zeroed down on influencers with suitable brand-affinity and values, therefore saving the brand of lots of time and money.
Improve Customer Experience
Customer service and experience is the most-examined application of AI in business. Using AI-powered tools such as chatbots, AR, and VR, brands can offer their customers with a personal, immersive experience that nurtures loyalty in the long term.
You can include conversational chatbot platforms on your website and in apps to offer visitors with a personal touch. These virtual assistants can imitate live agents and solve customer problems with little or no human intervention.
As bots engage with your customers, they collect data from them to develop thorough customer profiles. By implementing NLP, they can understand the details of the human language.
Sophisticated bots also can recognize the faces and voices of the users. By utilizing complex algorithms, they get insights about users, which assists them in providing contextual responses.
Also, some brands are also using AR and VR in enhancing in-store experience for their customers. LoweBots are roaming robots that help in guiding lost customers to the items on their shopping lists.
Supports SEO Efforts
Brands having a web presence requires SEO to stay ahead of the competition. There are several ways by which AI can help support your SEO efforts, but its application in voice search is most notable because voice search is the latest trend in SEO.
For instance, Alexa and Siri are voice assistants that are powered by AI.
Like chatbots, these tools use NLP to decode voice queries. After repetitive one-to-one interactions with the same user, they begin to understand the minute details of the human language. With time, their responses do change from vague to accurate.
Since most branded websites are short on accessibility, AI’s voice search can give your brand a competitive edge. In this way, you can satisfy the unique needs of your disabled customers. You can also qualify as ADA (Americans with Disabilities Act) compliant, which is a distinguishing characteristic of credibility for web-savvy brands.
That’s how e-commerce businesses are using AI to enhance both their sales and brand reputation.
Helps In Managing Teams and Projects
Smart brands are always ready for possibilities. But traditional project management tools don’t help in the advance planning of people and resources. They assist in post-mortem analysis of crucial situations, which holds no importance to proactive managers.
That’s why AI-based management tools help in raising timely alerts when inventory falls low by studying historical production records. They can also assist with budgeting and optimizing supply chains.
Also, If you have distributed remote and on-site teams, AI can streamline resource allocation for you. You can handle your remote teams by using these tools’ predictive analysis. They assist in allocating resources judiciously to every team worker after weighing their past performance and workload.
By making use of AI in your daily operations, you can avoid downtime and become extraordinarily productive.
Helps In Making Better Business Decisions
The advancements in network and storage technology have resulted in the age of big data. But the collected data is meaningless without analysis. As a result of the large size, it’s impossible to analyze the data using human intelligence. It’s an aspect that machine learning and deep learning algorithms can assist.
HANA, SAP’s in-memory data platform that leverages machine learning to analyze and discover patterns in big data, is assisting Walmart with its data analytics. Walmart has about 245 million customers visiting its stores and websites worldwide. So, there is a massive amount of data. HANA’s machine learning algorithms are bringing the significance data to the forefront so that Walmart employees can make more accurate data-driven decisions.
Get Better at Hiring and Find the Top Candidate
Discovering accurate candidates for a job is a time-consuming process. However, there are new AI-based facial recognition applications that can interview candidates and also evaluate their performance by using emotional cues. It can assist businesses in simplifying their recruitment process.
Companies such as Unilever, IBM, Dunkin Donuts are using Artificial Intelligence to screen entry-level employees. Unilever has announced their AI-aided hiring a massive success. Applicants can give an interview by using the HireVue app on their smartphone.
The app takes in both video and audio data from the interview, analyzes it, and offers recommendations for the next steps to human recruiters
Expand Your Business With Self-Driving Technologies
The promotion of self-driving cars is dependent on Artificial Intelligence. Businesses that rely significantly on transporting products can use self-driving trucks to reduce costs and enhance reliability. Manufacturing sectors and other sectors can use autonomous cars to improve their operational efficiency.
Waymo has declared in the 2018 Google I/O conference that it will begin self-driving taxis in Arizona. GM is also preparing to release self-driving cars next year. Starsky Robotics has tested an entire uncrewed truck in Florida and will start hauling commercial freight with crewless trucks this year.
These vehicles will open up new chances for businesses to enhance present processes and develop new business revenues.
Conclusion (Future Trends to Watch In Business)
AI is a great advancement for modern brands. If you’re still doubting about using AI, it’s time to plunge into action. Fortunately, AI-based tools are more accessible and affordable than before.
Though AI as an aspect in computer science dates back to the 1950s, and it’s only been within the past decade that various types of AI have become available to companies and organizations of any sizes.
This is due to factors such as continuing hardware price/performance improvements, cloud computing, and improvements in AI techniques. Simultaneously, computing trends such as big data, IoT, self-driving vehicles, and speech and image recognition are generating lots of “targets” to point AI tools at.
Specifically, focus on cloud costs and capabilities, and what the several players are doing or talking about, AI-wise. Like almost everything involving computer technology, lots of the next great capabilities can’t be expected or predicted.