Did you know that 86% of CEOs say AI is mainstream technology in their office in 2021?
The abundance of unstructured data adds up to the need for AI for businesses. Data is present in every business or industry which makes data analysis the need of the hour.
From a better understanding of their target market to fraud detections, AI helps businesses improve their overall functioning.
The top AI Analytics platforms are specifically crucial for startups as they need innovative solutions and strategies to capture a wider market. The concept of predictive maintenance has helped startups in reducing costs and increasing their revenue share.
Let’s move ahead and take a better look at how AI shapes businesses and impacts various areas.
Using Virtual Assistance For An Improved Customer Experience
The use of AI in virtual assistance has helped businesses in providing an improved customer experience. Chatbots assist users with frequently asked questions. Humans often get tired of answering the same questions. They end up being not-so-interactive with the other person, thereby leading to a poor customer experience. AI is free from such issues as you decide how it responds, thereby ending up providing the same experience to every user. Businesses also use AI writing assistants to effectively serve their customers.
Chatbots are no longer limited to providing the fed information to the users. AI can easily detect hidden sentiments and respond accordingly. They also ask open-ended questions and provide relevant answers. Chatbots are also being modified for voice conversations which adds to the convenience. This proved to be effective keeping in mind the increasing usage of voice search.
Getting Rid Of The Time Constraint
Sales are no longer relying simply on cold emailing and calling. Consumers are highly active on social media platforms. One major area that affects conversations is time constraint. Contacting your potential customers at the right time plays a crucial role in making sales.
By integrating AI into your CRM, you can effectively contact customers at the right time on the right platform. Who would want to be disturbed in the middle of the day with a sales call?
AI further plays an important role in helping sales personnel. It offers crucial information about people that can be used for providing specific solutions.
Paul Martell, a router table company executive confirmed that implementing AI in the workplace drastically improved employee productivity. Knowing what your target audience is dealing with makes the task of providing solutions easier.
Here is a case study that shows how eBay, a well-known eCommerce store used AI to save time. It aimed at providing a personalized experience to its customers through emails. Keeping the wide range of products in mind, hiring copywriters to handle the task seemed impossible.
eBay turned to AI-powered copywriting solution Phrasee. After understanding the brand voice, it crafted personalized subject lines.
Emails are now handled effectively and the copywriters are free to focus on other crucial tasks.
Improved Marketing Strategies
Knowing your target audience is important for effective investment of marketing budget. Businesses often make the mistake of investing their budget in customers that aren’t likely to convert. It’s significant to put forward solutions to people who are dealing with specific issues.
Using AI, your customer segmentation becomes better, thereby leading to the correct investment of budget. The entire marketing strategy revolves around the extracted data. When data extraction and analysis becomes easier, the conversion rate improves. The best part about using any AI software is that they are adaptable to changes. Not being rigid and adapting to changes happening in the market makes them convenient.
Here is a case study that shows how Tomorrow Sleep, a sleep system startup went from 4,000 monthly website visits to 400,000 visits using an AI solution called MarketMuse.
It helped them identify the core topics they needed to talk about. They also gave them insights into competitors’ rankings for the topics. The start-up filled the gap in their content plan, thereby increasing their overall ranking on search engines.
Automation At Workplace
With a significant rise in the era of AI, routine tasks are handled quite effectively. All the major industries rely upon smart algorithms for the quick completion of tasks. Their preference lies behind the ability to function 24/7 without breaks.
Fatigue often hinders productivity and leads to inaccurate completion of tasks. People are scared of technology replacing their positions in the workplace. But we cannot deny the fact that some tasks are too tiring for humans. Advanced robots work alongside humans in many industries like medicine, thereby improving their productivity and reducing stress.
Unlocking Data From Various Platforms
The amount of unstructured data is drastically increasing. To understand consumers’ needs and preferences, data unlocking plays a crucial role. Social media is a huge factor contributing to better understanding the end-users. Conversations taking place on the web helps improve the offered products.
We all are aware of the importance of social media for businesses. By using AI, we can easily extract crucial data that shapes our entire campaigns. You target the right influencers along with the platforms that are likely to work best for you.
With the use of AI, understanding these conversations has become convenient. The collected information is used to identify the reasons behind setbacks. Your end-users can only tell what your product lacks.
Helps In Fraud Detection
In the insurance industry, the progress of image analysis played a significant role. People often manipulate images to claim more damages. These manipulated images can fool the human eye within seconds. But with AI, these changes can be identified quickly, thereby saving businesses from some heavy losses.
Keeping these points in mind, we can see the progress of AI in the business world. With continued advancement in this area, we are likely to improve the overall work culture. Humans will completely get free from mundane tasks, thereby giving them time to focus on more creative areas.
Porter Gale is Editor-in-Chief at Sleepation. She has 7 years of experience in developing data-driven content for brands, SaaS businesses, and agencies. When not writing you can find her playing her guitar or binge-watching time-travel movies.