12 Ways How Artificial Intelligence Can Develop and Grow Your Business
Technology is evolving at a rapid pace and it has also changed the way businesses do their work. In this tech era, modern technology has paved the way for multi-functional devices like the smartwatch, smartphone, and voice assistant devices. We all have these solutions to do day-to-day activities, making our lives easier, faster, better, and more fun.
The novel pandemic has made a huge impact on almost all industries excepting healthcare, education, online delivery, and entertainment. However, these industries are in huge demand due to the Covid-19 outbreak. Artificial Intelligence (AI), also referred to as Machine Learning (ML), has been drastically disrupting the tech world these days as the use of this technology is everywhere among industries. This technology has revolutionized our daily lives. The advancements of technology have provided easier and quicker ways to automate business operations through chatbot, face recognition, etc.
Businesses are increasingly adopting Artificial Intelligence (AI) technology in their ecosystem to increase business growth. From automation to customer services to analyze the market demands, the use of this technology is at an extreme level across various industries.
The use of AI is also in our personal lives. Today, this technology has a household presence among modern societies. We interact with AI when we say, “Hi Alexa, what’s the news for today?” or “Hey Siri, find restaurants near me.”
Here in this article, we will discuss how artificial intelligence can develop and grow your business? But, before we start discussing it, it is important to define the term-
What is Artificial Intelligence?
“Artificial intelligence” is a broad and general term that refers to any type of computer software that is programmed to think like humans and perform human-like activities, including learning, planning, and problem-solving.
12 ways you can develop and grow your business using Artificial Intelligence-
- Reduce Operational Costs and Streamline Business Process-
By integrating Artificial Intelligence, you can reduce operational costs and streamline your business process with accuracy. Today, AI is changing the face of various industries in many ways. Companies are replacing humane workers and reducing the costs of operations and services. It also helps them in improving relationships and customer services. The use of AI is also insecurity, courier deliveries, room service in the hotel, and many more. If you are running an online business and want to improve customer services then you should think about AI and how it can improve your overall business operations and save huge time and money.
- 24/7 Customer Support using Chatbots
The 2016 Microsoft State of Global Customer Service found that around 60% of consumers completely stopped doing business with a brand over a poor customer service experience.
Customer services are relatively important for every business that want to achieve business growth. We all want excellent and instant customer support from the applications or websites that we are using in our daily routine.
Chatbot has emerged as the best tool to handle and solve customer queries in less time without any human interfere. It is the best tool for the businesses of sizes.
You just simply need to consider what kind of services you are providing to your customers and what kind of things a user is most likely going to ask about and then build a solution that can meet their requirements.
- Process Automation
Since the most recent couple of decades, one thing, which is every now and again ascending in innovation, is robotization. Different robotization apparatuses are being created, which make business forms nimble. The first since forever AI-based tools were home apparatuses and later modern robots were created. In the current day, propelled robots are working nearby people in numerous spots.
Industry pioneers are anticipating with the rise of AI, another time of automation is rising. Computerized reasoning is rapidly mechanizing routine intellectual procedures. Keen calculations are assuming a vital job in numerous enterprises like retail, friendliness, budgetary firms, and so on. These machines or calculations not exclusively do an exceptionally capable assignment yet additionally they can work 24 hours without a break.
- Customer Data Management
Every large organization carries customer data and to keep them secure they use the advanced tool. Artificial Intelligence is playing a major role in customer data management. It helps in understanding customer behavior like how customers pay, when they purchase, what channels they purchase through, what items they like to do shopping, what they select a gander at before they purchase, how regularly they purchase, and a lot of other information. It doesn’t make a difference how much spare time your marketing and sales team have, they can’t investigate this information and spot significant associations just by gazing at spreadsheets.
In any case, an AI can follow this information and think of valuable ends. Talented CRM AI frameworks can recognize high-esteem clients that go through a ton of cash, target them with extra arrangements, and distinguish new possibilities who share comparable characteristics to these high-esteem clients and merit additional thoughtfulness regarding make more deals.
- Human Resources
Numerous HR representatives in large organizations are facing complexity in recruiting, interviewing, and onboarding. Along with this, it’s no big surprise HR is energized by applying AI to their area of expertise’s work.
Restless Bandit is a SaaS-based product that automates various important tasks to make HR reps efforts easier such as screening applications, finding the right matches, reaching out to them, and scheduling face-to-face interviews to significantly decrease the work involved in bringing a good potential candidate into the office.
- Argument Reality
Pokémon Go is one of the best examples of AR. In simple terms, AR is ruling the gaming industry as it has become the mainstream for companies that develop mobile game applications. It has also become an integral part of our lives. In the modern era, we all are using useful devices like virtual reality (VR) glasses, virtual desktops, Google’s Tilt Brush, and many more tools.
Apple Concept Glass combined AI and AR in a very smart way. In the near future, we will have a chance to make purchases in VR environments as well.
- Improve security
Various companies or startups are using AI-based solutions to identify the behavior of potentially malicious software programs to improve overall services and security as well. Moreover, it is very important for businesses to keep data secure and improve overall security for better decision making.
- Faster Workflow
Today’s AI system is more than simple automation. Let us understand it with an example, the latest Cortana features, which permits the AI-enabled voice assistant to read complete emails and set up calendar events based on the date you are discussing and it put it on the reminder that will remind you for the event. This feature improves the workflow and saves a lot of time.
- Detect and prevent fraudulent transactions
Due to increasing cases of online fraud, various large and small financial institutions have adopted AI-based solutions to detect fraudulent activity. Basically, AI-based applications access a large set of data which includes both fraudulent and genuine transactions, and further, it is examined the data whether a transaction is genuine or not, based on the large data set. And with time, AI-based application has become popular among the organizations to prevent unauthorized or fraudulent transactions.
- Manage Documents
Businesses can manage their documents or reports like sales, marketing, operations, inventory, etc., using Optical Character Recognition (OCR) tools. Using AI-based solutions they can improve accuracy and add features like tag and category, which make it easy to find documents by name and category.
- Face Recognition
Face recognition is very important for security purposes and widely being used at airports of various regions by intelligence administrators. This technology you can see in Apple devices as Face Unlock ID. Face Recognition is also used in offices to identify individuals for security.
- Recommend Products
The use of AI technology can also be seen in the eCommerce industry where it captures system data from multiple sources to learn about users’ behavior while they are shopping. These systems help businesses to understand consumers’ shopping behavior like what they like, what they don’t like, and what they have in their shopping cart. And, based on them, e-commerce companies will recommend products in real-time to their customers. Amazon and eBay are the best examples of it. Using this feature on your website, you can secure customer loyalty and increase profits.
However, it would be difficult to say how exactly AI will be used in upcoming years. Artificial Intelligence (AI) is likely to change day-to-day business tasks. In this tech era, Artificial Intelligence is playing a major role in industries of all types. Businesses, including small and mid-scale are adopting this technology to streamline business operations. If you have a website or mobile app development idea then you should give a thought to Artificial Intelligence to take over your competitors.