The artificial intelligence (AI) technology market is expected to reach $37 billion by 2025 and it presents significant opportunities to businesses that are able to use it to boost productivity and enhance growth. In fact, many businesses who have already implemented AI are seeing its benefits. Some people fear they will lose their jobs due to automation and artificial intelligence. The types of jobs are going to be redefined as technology and job types evolve together. More use of AI will require employees to augment existing skills and learn new skills in the years to come.
AI is a big umbrella that embraces other terms like machine learning, predictive analytics and natural language processing (NLP). With the help of AI, companies can augment employee performance, automate work processes, and use intelligent assistants to help with repetitive business processes. Read on to learn about the top ways AI can boost your company performance.
AI offers advanced solutions that cost less. For instance, employing Voice Recognition in customer service reduces costs significantly in comparison with traditional call centers. Using AI means that tasks are executed according to strictly specified guidelines. This helps to reduce inaccuracies caused by inevitable human errors.
Employees often spend a great deal of time on manual tasks. If they waste too much time, it’s hard for an enterprise to remain profitable. Having AI to execute some manual tasks can release employees to perform more complex tasks with greater profit potential for the business.
The most noticeable short-term advantage of AI is to automate frequent transactions, processes and questions. This can reduce operating costs, optimize time and increase productivity. When automation of manual tasks takes place using a variety of different tools, humans are free to focus on more complex or creative tasks.
Foster Informed Decision-Making By Analyzing Data
Data is exploding and the human brain is incapable of processing it and translating it into useful knowledge. AI solutions support high volumes of traffic at great speeds. They can analyze data and integrate it with any third-party system or CRM. CRM software fosters automation in modern businesses. It is now possible to use huge amounts of unstructured data in the form of emails, social media posts etc. to discover what customers need and how they think.
Social listening is enabled by natural language processing and millions of mentions can be sifted through to pull out those which are most important. What’s more, it’s possible to identify the overall ‘feeling’ behind text and voice sources. Meaningful insights driven by data analysis enable better decision making. Natural language processing is a branch of AI that enables computers to understand human language with all its arbitrary rules and nuances. It’s not just words but context that has to be understood. It uses algorithms that teach machines to identify speaker intent.
The fact that humans and computers are able to converse has many interesting applications in business; sentiment analysis, spell checking, entity recognition and voice-text messaging are only a few examples of natural language processing applications. By analyzing sentiment, businesses are able to not only find out what consumers are saying but what emotions are behind it. If comments are negative, they can immediately attempt to remediate the situation. If they are positive, and consumers show signs of wanting to purchase, they can make sure to target them. Analyzing sentiment can even help to categorize customer support tickets and ensure that urgent queries are dealt with first.
Nurture Leads And Increase Sales
On average, sales reps spend most of their time selling and very little time closing. Qualifying leads may require many hours on the phone and sending emails to try and turn a lead into a sale. What if this process could be done by a machine that could engage inbound leads in a human-like manner? If a business is receiving too many leads from its marketing campaigns that make follow up difficult, using an AI-powered virtual assistant may be the answer. Such an assistant can send emails and interpret responses to identify qualified leads and pass them on to a salesperson.
Chatbots can also improve cross-selling and up-selling by interacting with users in real-time. By connecting a chatbot with other apps, such as a CRM or email marketing platform, it is possible to nurture leads and guide them through the sales funnel. This not only increases sales but encourages customer loyalty. Implementing chatbots powered by AI can also help to improve customer retention as they can solve simple queries 24/7 and pass on queries they can’t answer to humans. Getting quick answers to queries increases the chances a customer will choose to do business with one company rather than another.
Optimize Customer Engagement
Predictive Analytics can help businesses to better allocate marketing and sales resources and optimize customer engagement. The technology increases agility because feedback is received quickly.
- Predictive analytics can be used to:
- Identify customer profiles and segment them.
- Score leads based on customer behavior.
- Integrate data from existing tools to make predictions more accurate.
- Target segmented customers with personalized content.
- Adopt a data-driven framework for decision-making.
- Move into new territories with promising leads
Artificial intelligence can greatly improve customer retention. Solutions such as machine learning and neural networks evolve from customer interactions. The words, behavior and actions of customers are used to understand customer intent more accurately. This is what enables virtual assistants to maintain natural and coherent dialogue with a person and provide real-time solutions.
With an AI-optimized customer engagement process, businesses are able to provide the right offer at the right time to the right customers. They can also do it in near real-time and at scale.
Despite some negative feelings about artificial intelligence, increased adoption is inevitable. As technology evolves, businesses must become more data-driven and customer-centric to succeed. Being open and adaptive to change helps them to stay competitive and relevant. Marketing automation can help you nurture leads and increase sales. Business leaders must stay informed and carefully decide which AI-optimized technology is the right fit to help their businesses succeed.