What is artificial intelligence?
Today AI is one of the important factors that is affecting the tech-market including every possible industry globally. Artificial intelligence is broad that refers to any type of computer software that engagers in our daily activities such as planning, learning, & problem-solving.
In general terms AI can be either a supporting tool and even can replace the tools for job, task, and an entire industry. In short, it all based on how you prepare your company for the future. To understand what type of artificial intelligence is predominant in business, we have to dig deeper.
We often use AI in our daily business to automate boring & repetitive tasks such as sending out an email sequence to prospects & creating invoices. Of course, AI can do more than that.
The important factor AI provide is Machine learning, here algorithms that analyze large amount of data, identify patterns & predict outcomes. One of the cool things about machine learning that it goes further than automation.
Today Machine learning automation is now helping HR departments with employee recruitment, automating processes such as screening resume, tracking down apps & schedule interviews by saving your lot of time and using large amounts of data to match an app experience, knowledge, & skills to the job’s requirements.
Furthermore, Chatbots can also interview the candidates as another part of the screening process, by analyzing responses & even facial expressions to determine if the candidate is a good fit for the firm.
All this is good news for HR professionals, given that 52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large pool of applicants.
Personalizing marketing and sales
AI promises to revolutionize marketing and sales and is doing it right now. For instance, AI will qualify leads way faster and more effectively than humans, allowing sales reps to just close deals.
Think for example how much time a rep can spend updating and cleaning up the company’s customer relationship management (CRM) system. AI can make the CRM a self-updating, auto-correcting system that simply works for you.
Machine learning can analyze your prospects data and predict who will buy. Wouldn’t that come handy? This is called Predictive Marketing.
Not only that, but AI can also create a hyper-personalized email/chat messages for each prospect, create targeted content, and cross-sell and upsell suggestions for each client. What’s more, AI can do all that by itself, without much human intervention you’d just have to set up a Chatbot on your website.
And of course, AI works for ad targeting, gathering, and analyzing huge amounts of historical data to decide which ads work best on which people. Marketers can use AI to analyze behaviors and find unexpected connections between different variables, such as previous click patterns, location information, and frequency of app users to better target customers.
Simplifying customer support
Just like in sales, Chatbots are taking over customer support. They answer queries quickly, are available 24/7, and only refer customers to a rep when necessary. There are two relevant stats here: Up to 80 percent of customer support interactions could be handled by a Chatbot alone; and more than 40% of people prefer live chat over other contact methods because it prevents them from being placed on hold.
Customers feel most satisfied during their buyer’s journey when using a live chat feature (90%), compared to voice (85%), email (83%), and even social media messaging (Facebook 82%, Twitter 76%).
Customer support reps can partner with robots to simplify their work. An interesting case would be using AI to analyze customer call data, classify interactions based on positive or negative outcomes, and then analyzing the patterns in each category to provide a script with the most effective phrases to use during support calls.
AI can also assist customer support through sentiment analysis classifying tickets as “frustrated”, “neutral”, “excited” and the like. With this info in hand, agents can prioritize tasks and escalate queries more effectively.
With all the sci-fi movies predicting a dark future where AI robots enslave humanity, it’s odd to think we should let AI take care of the security of our businesses.
The fact is, however, that most cyber security breaches are due to human error. So, AI can make our computers and networks safer, filtering out malware, spam, and phishing emails even before a human opens them.
Machine learning that has analyzed our customer’s behavior already can easily recognize who’s a customer and who’s not, thus preventing or reacting to cyber-attacks in real-time.
AI has many current and future applications for security besides defending against hackers, such as privacy protection and crime prevention. As security and personal data threats become more common, your business will gain trust as you adapt AI into your cyber security.
Reducing operational costs
At this point, it must be obvious that AI has the potential of saving time, eliminating mundane tasks from your to-do list, and making your staff more efficient and productive. So, implementing AI automation in your business will free-up time for other tasks, reduce human error, and even eliminate the need for some positions or at least the need to oversee certain tasks.
In manufacturing, AI solutions can make the production process more efficient and enable things like predictive and preventive maintenance and upgrades, which means lower downtime and fewer expenses.
What about the initial costs? Of course, there are implementation costs, but in the long term, they’re worth it. You just need to look at the available options. For example, when it comes to implementing a Chatbot, you can either buy a ready solution or even try it out for free; use self-service platforms to craft a Chatbot within a framework; or create a Chatbot from scratch.
Other AI applications have different cost structures, some involving hardware purchases rather than mere subscriptions to cloud-based software. As time goes by, however, AI will become more affordable, even for smaller companies.
We believe that every large company should be exploring AI technologies. There will be some bumps in the road, and there is no room for complacency on issues of workforce displacement and the ethics of smart machines. But with the right planning and development, AI technology could usher in a golden age of productivity, work satisfaction, and prosperity.