How Artificial Intelligence Can Boost Your Business
FTx Global (Infotech, AI)
Approximately 37% of organizations use AI (Artificial Intelligence) as part of their business marketing and operations, according to a recent report from Gartner. This means that many companies are using Artificial Intelligence for automation or for equipping their employees with the technological support to achieve complex goals.
AI Business applications are built to evaluate data across multiple functionalities. Better customer relationship management has become possible thanks to AI, and detecting fraud is far easier. Artificial Intelligence also provides additional benefits to businesses, regardless of which industry a company operates within.
AI for Business can assist users with finding solutions to complex business problems, just as a real-life employee would. Adopting human-like logic, AI offers intuitive, intelligent characteristics that have the ability to implement computer-friendly algorithms.
Along with advanced Machine Learning, AI is being applied to the functionality of consumer electronics, robots, and smart cars, among other devices and products such as mobile apps.
Types of Artificial Intelligence
When considering developing AI solutions, it’s recommended that business owners focus on the support capabilities that AI can offer as opposed to the literal technology at work. The three most important business needs that AI can support are:
- Gaining Insight Through Data Analysis
- Automating Business Processes
- Engaging with Customers and Employees
In addition, Robotic Process Automation technologies are another highly useful feature of AI, according to hbr.org. Technology used for the automation of digital and physical tasks, such as financial activities and back-office administration, can greatly improve the overall functioning of a business. With advancements in technology, RPA (R stands for Robotics, i.e. robots –code on a server) performs the same as a human would when inputting and consuming information from multiple IT systems to perform many tasks. RPA further supports:
- Transferring data from email and call center system into systems of record
- Reaching into multiple systems to update records of lost Debit or Credit cards
- Managing customer communications
- Reconciling failures to charge for services across billing systems
- Using natural language processing to “read” legal and contractual documents and extract provisions
Current Capabilities of Artificial Intelligence
Machine learning directs the machine to learn from examples and act on those learned variables without having been explicitly programmed to do so. In ML, large volumes of data can be processed by computers, after which the computer can connect dots for you that are relevant to your needs. ML can achieve this with a high degree of accuracy, no matter how many thousands of variables are involved. This capability enables business owners to gain far more insights than would be possible if AI was not employed.
Natural Language Processing:
NLP powers human-machine interactions. This capability gives machines the ability to read, understand, and derive meaning from human languages. NLP can gather business intelligence from terabytes of data to support your business process management. Apart from this, other capabilities that AI contributes to NLP include information extraction of account numbers and names from forms and text resources; the ability to link digital entities and group forum discussions by topic.
AI’s interactive capability provides natural and seamless human-to-machine conversations. In other words, since no specific requirements and scenarios need to be defined to enable interactions, the AI can handle this for you. One of the best examples of an interactive capability is conversational marketing. On a conversational marketing platform, hundreds of website visitors can interact with chatbots simultaneously. Moreover, it can be integrated with your IT/Telecommunications systems, enterprise analytics platforms, and CRM systems.
Business Benefits of AI for Businesses
Artificial Intelligence has the ability to provide solutions to practically every foreseeable problem your business could face. When this excellent, intuitive technology is utilized, business leaders like you can easily win a competitive edge. AI consists of rapidly developing tech, which means that its practical use will never become outdated. Here are additional ways that businesses can benefit from cloud-based AI.
Automating Customer Communications at Reduced Cost
In 2021, chatbot capabilities are outdoing traditional customer service communications. AI-driven chatbots offer a convenient 24/7-customer-support system for companies who wish to automate their communications with customers while making the customer experience more personal.
Thanks to the latest improvements in natural language processing, we have seen ‘bots’ that have picked up conversational expressions, phrases, and humor in order to provide customers with more human-like interactions. Mimicking human speech nuances and cadence, AI has resulted in improved customer experiences and overall satisfaction.
Recently, the banking sector has implemented chatbots that result in improved back-office efficiency, which has reduced salary and benefits costs. Moreover, businesses with limited budgets and businesses that don’t have a dedicated customer service team can implement AI-enabled chatbot to fill their current customer service gaps.
Strengthen Brand Loyalty with a Personal Touch
Personalization takes time, effort, and money. In order to succeed at delivering personalized customer experiences, businesses need to tailor each individual consumer’s shopping journey. Being able to predict the promotional offers that will yield the most success by increasing engagement and driving sales is critical in this day and age. Delivering personal experiences to every customer requires the ability to anticipate their unique requirements, and this is a task that Artificial Intelligence can handle.
Businesses use data from customers’ social media activity and purchase history to predict the type of products consumers will likely buy if incentives are included. These insights enable the company to generate customized content and personalized messages to customers.
Here, the role of AI is to recognize decision-making patterns by automating this process, creating personas based on this, and then leveraging the information that AI has learned to increase click-through rates. This is one of the examples of how automation technology and AI can enhance a business’s marketing strategy.
Increase Forecasting Accuracy
The reduction in human error is the most substantial business benefit offered by Artificial Intelligence. Forecasting cash flow has always been an area of business that is highly prone to human error. Using Artificial Intelligence technology, businesses can now easily automate objective forecasting without any manual intervention. This provides greater visibility of a business’s future finances, which in turn empowers business owners to make better decisions and achieve their business goals.
Effective Sales Process
When it comes to sales and marketing, businesses are always looking for innovative, effective approaches. Nowadays, integrating AI into CRM is the latest trend to support sales pitches that successfully target the right customer at the right time on the right platform.
A multitask, AI-driven CRM can handle all of your business functionalities. Your sales team can also succeed at generating customized solutions when they use AI to analyze their customers and develop personalized promotional sales campaigns.
This includes campaigns for eCommerce businesses. Once your sales staff have asked customers tailored questions, customer preferences can be recorded and that compiled data can then be leveraged to make more sales. There is no doubt that AI is changing the face of sales by establishing quicker conversion rates.
Do you want to know how your business can benefit from AI capabilities offered by FTx Infotech? Contact us to schedule a 30-minute free consultation with our experts. We have extensive experience in developing AI-based apps designed specifically for cloud-based systems and are easily deployable. If you would like to learn about all of the services and technologies that FTx Global offers, we invite you to visit our website.