The advent of Siri and Alexa was an epiphany of the potential of Artificial Intelligence in our daily lives. AI has been progressing rapidly and finding its place in businesses across different industry verticals. Companies that have been on a constant lookout for streamlined, cost-effective, and efficient business operations that can easily adapt to the changing market trends are relieved due to AI.
Emerging digital trends and technological innovations have radically transformed business strategies and operations. We are currently experiencing the cognitive age of businesses owing to AI-powered solutions. AI has enabled businesses to reduce the workload of employees and staffing needs as most of the processes can now be imitated by AI.
As per research, 47% of digitally-mature companies have implemented AI in their business strategy. The estimated spending on AI is also expected to grow to $7.3 billion by 2022. This data proves that the adoption of AI will continue to increase in the following years.
We can already find new products embedding AI-powered virtual assistants and chatbots to improve their customer service. Moreover, companies such as Microsoft, Salesforce, and Google are also incorporating AI in their entire tech stack to form an intelligent layer.
Here are a few stats on the present and future implementation of AI in businesses:
- The AI market is expected to grow by 50% every year over the next five years.
- Presently, about 23% of businesses have incorporated Artificial Intelligence into their business processes.
- The productivity in workplaces has increased by 40% or more after incorporating AI.
AI has immense potential when applied in businesses, from mining social data to optimizing logistics, driving engagement in CRM, or managing assets. Let’s have a look at how you can incorporate AI to improve your business performance:
How to incorporate AI in your business?
Image source: medium.com
Use AI to Enhance Customer Service
Perhaps, customer service is the most important process in a business, as customer satisfaction is a key factor in the success of a company. In today’s technology-enabled world, businesses are able to provide 24/7 customer service for their customers to enhance the customer experience.
AI-powered chatbots and voice interactions have taken customer service to a whole new level. The chatbots are always available for the customers and significantly reduce the workload of customer service agents.
They handle the repetitive and general queries while leaving out complicated and unique queries for humans. AI chatbots are extremely useful for small businesses that don’t have dedicated customer service agents, as it solves the problem without adding to recruitment costs. Some companies use chatbots to enhance their brand image by engaging and conversing with customers through their brand voice.
Use AI to Drive Automation
The application of AI to automate business processes in helping several industries. AI automation not only cuts down administrative and manpower costs but also saves significant amount of time by expediting the process.
AI is used in processes that are repetitive, routine, slow, and require the same actions to be repeated multiple times. AI automation is widely used in processes such as insurance claim approval, loan application approval, etc.
AI automation helps businesses to either save on manpower costs or to focus on the core activities of the business that requires human supervision. As per reports, incorporating AI automation is business processes has resulted in an increase in the overall productivity of around 54% of businesses.
You can integrate AI in the Customer Relationship Management system to drive automation. AI will be able to then gather data from different social media and communication channels and help optimize your marketing strategies for lead generation.
If you are an insurance company, AI can help you automate the claim approval process through Robotic Process Automation. The RPA bot reads all the emails and attachments received from hospitals and policyholders and checks necessary information. Based on all the information, the bot approves or rejects claims along with the amount and sends an email to the hospital or policyholder.
Use AI in Human Resource Management
An important factor that contributes to the success of a business is the human resource. Companies hire human resource managers to recruit and retain talent and skilled workforce for the development of the company. However, the task of hiring and retaining employees is easier said than done. Many companies have a high employee attrition rate which eventually affects the overall performance of the company.
Incorporating AI in human resource management can help HR employees tremendously. When AI is implemented in the recruitment process, it can easily screen thousands of job applications based on the keywords and criteria of the company. AI filters out the top applicants and proves to be time-efficient for HR. AI can also be used in other HR-related responsibilities such as employee onboarding.
Use AI for Brand Management
One of the main functions of a business is to manage its brand image by creating brand awareness and visibility in the offline and online market. Brand management requires the employees to indulge in various activities such as social media marketing, digital marketing, content marketing, etc to improve the brand image of the company. This requires a significant amount of time and costs.
By implementing AI in brand management, it will be able to monitor all the data across all social media platforms and communication channels. AI offers analytics tools to search and extract relevant data from the web which can be transformed into valuable data on customer behavior in the market and with the brand. Based on these insights, businesses can change their marketing and lead generation strategies to focus on the target audience. AI helps to optimize digital ads for the specific social media platform to attract customers.
AI also provides insights on competitors through competitor analysis tools that track how your competitors are using social media platforms and communication channels. It also provides information on competitor pricing, marketing language, and customer engagement techniques. This data helps businesses to modify their marketing strategies accordingly to stay abreast of the competition.
Use AI to Enhance Sales & Marketing
AI has also proved to be vital for boosting lead volume, sales, and overall sales performance by automating a major part of the sales process. According to Salesforce, sales leaders expect to adopt AI in sales to increase sales to 155% by 2020. Many monitoring tools for businesses are incorporating AI analytics to help the sales team to generate valuable insights on their target customers.
For instance, Salesforce uses Einstein AI technology to predict the customers that are more likely to increase the revenue. AI in sales and marketing helps salespeople to quickly find new leads, close the leads, and automate certain sales tasks.
Similarly, AI can also enhance the marketing process by automating decisions based on data analysis, data collection, economic trends, and customer behavior. AI marketing speeds up the efforts and benefits in processes such as data analysis, media buying, content generation, real-time personalization, etc.
Use AI to enhance product development and manufacturing process
The use of AI-enabled robotic machines in manufacturing industries has been progressing for several years. The latest innovation of AI in manufacturing is the robotic systems that work alongside humans and can interact with the workforce.
These robots are also called Cobots, meaning collaborative robots. AI technologies help cobots to work around humans and enable robots to adjust their speed or avoid colliding into humans to expedite the manufacturing process.
Artificial Intelligence and Machine Learning are also contributing significantly to accelerating the development and launch of new products. It undertakes the repetitive and mundane tasks as well as provide information to produce high-quality products. The three main areas of product development where incorporating AI can benefit you are project planning, resource allocation, and performance monitoring.
The Bottom Line
AI has the potential to radically transform businesses of all sizes and across all industries. The effectiveness of incorporating AI in businesses will gradually make AI integration in businesses inevitable. In the coming years, not having AI integrated with your business processes may get you out of the race.
Businesses that have already implemented this technology across different business processes are already leveraging the benefits of AI. They are reaping the efficiency, speed, and accuracy benefits that AI is facilitating.
There is a fear that adopting AI in businesses may reduce or end job opportunities for people. But, it may also mean that the same people can now work in higher and skilled positions to focus on other core areas that require human creativity and skills.
Therefore, you can incorporate AI to improve your business performance depending on your strategy, goals, and plans. Irrespective of which industry your business relates to, you will certainly find various business processes where you can implement AI to reap its benefits, AI will help you overcome the challenges of repetitive tasks, high costs, and the time taken to complete non-complex tasks.
Vijaya Bharti is a Content Writer at Enuke Software Company specialized in RPA, iOT and Blockchain app development. She is passionate about writing, she has made her passion her profession. She enjoys writing and learning in the process as she believes there is no end to gaining knowledge.