How Artificial Intelligence Can Increase Your Company’s Bottom Line
Image by Gerd Altmann from Pixabay
In the year 2021, artificial intelligence, or AI, is a hot topic across multiple industries. The practical applications for AI are numerous, with artificial intelligence platforms such as manufacturing robots, proactive healthcare management systems, and natural language processing tools transforming the way the world is run. On a smaller scale, AI is used to help simplify consumers’ everyday lives. Households that feature smart home technology such as Amazon Alexa, Google Assistant, or Apple HomePod are growing exponentially, and people are extremely comfortable using mobile apps with AI features, such as automated investment algorithms, to conveniently conduct personal business.
However, there may be no practical application more prominent for AI right now than the modern business landscape. Companies big and small are finding AI programs to be incredibly advantageous for helping to boost revenue, find new customers, and maintain solid relationships with existing clients. Here are some of the top use cases for AI in the business world, and how they benefit company owners.
Business Intelligence (BI) Platforms
Once upon a time, a company owner would have had to hire a statistician to crunch the numbers and compile the data necessary to pinpoint trends, spot areas of weakness, and identify process bottlenecks to help improve the flow of business. Today, numerous business intelligence, or BI, platforms exist to help owners and managers gain insights and find solutions that can help save them time and money, not to mention effectively recruit and retain new business.
BI platforms are designed to be user-friendly enough for a typical business professional to use- no advanced IT or statistics degree required! By collecting and aggregating huge chunks of data and then modeling it on a customizable dashboard, business owners can get real-time snapshots that can help them make critical decisions affecting the company’s input, output, workflow, marketing strategy, budget, and so much more.
AI Chatbots
One of the major pain points of a business is being able to provide efficient customer service, This is especially true of small companies and start-ups that lack the manpower to provide customers with a robust call center to take queries and provide solutions. Because of this, more and more businesses are adopting digital transformation to modernize customer communication and improve internal processes.
An AI chatbot is a virtual assistant that is online 24/7 to engage potential and existing customers, helping to improve customer experience. The ability to provide clients with instant answers to their questions any time of day or night can be extremely beneficial to companies that want to preserve their brand reputation and keep their customers satisfied.
Automated Email Systems
For a small business, finding the bandwidth to adequately market to your target audience can be one of the biggest struggles. Thanks to automated email systems and CRM (client relationship manager) platforms, even the smallest companies can easily and affordably reach their audience with targeted email campaigns. These automated campaigns can be set up to help tell a story that identifies the consumer’s unmet need, explain how your company’s product or service can fill that need, and educate the consumer on the benefits and advantages of your products over those of the competitors. Best of all, email automation is simple enough for a single person to be able to handle in-house, eliminating the need for costly promotional advertising or professional marketing services.
AI is the wave of the future, and businesses worldwide are seeing the benefits of ease, convenience, and cost-savings that AI platforms can help them achieve. Where will AI take us next? We can’t wait to find out!