Artificial intelligence (AI) programs such as Alexa, Google Assistant, or Siri can play music for you, operate your home appliances, search devices, play games for you, and much more. Do these tasks seem to overlap with your business goals? Well, it’s a topic for discussion. AI is gaining popularity with each passing day, especially during the coronavirus pandemic. Today, AI is used not just for personal use, but for businesses too, with enterprises like Amazon, Google, and Microsoft relying on the technology to run their businesses successfully.
A few years ago, Vladimir Putin warned Russians that the country that led in AI would dominate the globe. It seems he was right. AI is bridging the gaps between technology and business, and the future of business with AI looks very powerful in the coming years.
Let’s understand how this emerging, futuristic technology is changing industries.
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The Role of Artificial Intelligence Everyday Life
We have heard many times that AI is shaping the future or world, but how can we trace that change? It is not so difficult to find the answer. To find the answer, you need to look around inside your home or outside your home. You will find many examples of AI. Whether you’re using home automation devices, the autopilot mode on cars, self-billing in grocery stores, eCommerce stores, or banking and hospitals, you will find traces of AI everywhere.
AI not only helps operate our home appliances, but also benefits us in our day-to-day activities. Almost 75 percent of mobile applications are artificially-based and use some type of face recognition locks or voice recognition app features. The app notifications and updates you receive on your devices are also based on AI.
The widespread use of AI is making our lives easier and helping us to achieve things that are not possible manually. The technology is expected to reach new heights in the coming years.
The Benefits of Artificial Intelligence for Business Growth
AI is shaping the future of business growth in many ways. Before moving further, however, let’s understand how it works for business. AI is a machine learning-based program that manages the amount of data and processes in natural languages. Technologies used in AI analyze human behavior, learn their behavioral patterns, and respond accordingly.
The chatbot is one of the perfect examples of AI in businesses. It helps assist customers in finding the right information, provides the solutions to their problems, solve their queries, and more.
How can AI assist businesses? We’ve outlined a few benefits below:
1. Offer a personalized shopping experience
AI provides highly personalized shopping experiences that help businesses grow, increase customer loyalty, and build long-term relationships. Companies are focusing more on adopting AI to run a business successfully. It analyses the behavior and online search pattern of users and responds accordingly. It records the search data, user preferences, choices, and click patterns, and provides virtual assistance to customers.
2. Data control and monitoring
Continuous control and data monitoring is another important feature of AI. Many companies have deployed machine learning-based drones that recognize images in the factories. These drones help investigate and monitor equipment, and prevent infrastructure from experiencing disruptions. AI is also suited for urban environments too. Product testing and monitoring have also become easy with artificial intelligence.
Want to reduce the risks of wear and tear and damage to your equipment and create an airbag for your company? Monitoring systems based on AI will help with this.
3. Manual labor automation
With the help of AI, you can also automate various processes like sending letters and booking tickets online. Companies using AI to make complex tasks easier and faster also use technologies to show their availability 24/7. The ultimate goal of AI is not to replace real humans, but to reduce labor, increase efficiency, and boost the business’s productivity.
4. Predictive intelligence
Companies these days believe in predictive information to set their business goals and run marketing campaigns successfully. AI helps collect large amounts of data, process it, and provide relevant information that can help you with your business. Many companies use this technology to run surveys and collect feedback from customers to improve the quality of their products and services. By analyzing similar behavior of buyers, AI can offer customers product choices and recommendations as per their search behavior online. It not only increases sales, but is also responsible for business growth.
5. AI provides omnichannel communication
Communication with clients manually takes a lot of time and makes it hard to juggle multiple clients at once. With AI, you can handle many clients at the same time because automatic machine learning is performing this task for you. It helps collect data from centralized locations from all the customers it interacts with, which you can use later in your marketing strategies. An AI-based solution also helps maintain omnichannel communication between you and your clients, making communications more effective and result-oriented. It also allows you to manage corporate knowledge more effectively and sustain information consistency on sites, call centers, chatbots, and personal consultations with an employee.
6. Enhance user experience
AI technologies provide the best customer support and solve their queries around the clock. Users always return to the sites that value their time and money. By using AI, you can provide them with the best experience. It is much easier to collect information with the help of AI instead of real human interactions because customers feel more comfortable sharing information with machines rather than humans. This feature allows marketers to create customized deals and improve the customer’s user experience.
7. Reduce errors
Machine learning hardly makes any mistakes. I am not saying it’s error-free, but it is more accurate than human responses. Factors like lousy mood, ignorance, lack of knowledge, and availability can lead to errors while handling the clients. However, this is not the case with AI tools. It always responds the same time every time without any biases. It is reported that machine learning offers 99 percent accurate responses without any failure, with 1 percent potentially resulting from technical issues. It always responds emotionlessly and gives answers the way you will program it. That’s why the chances of errors are almost zero, and it is even difficult to identify if you’re talking to a machine or if a real human is responding from the opposite side.
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AI has the potential to transform businesses and the ways they deal with customers. Never forget the fact that AI technology is made by humans and only works when data is deployed into it.
However, AI is a proven boon for businesses online. Big as well as small companies are getting smarter with the advancement of technology and achieving new heights. At the same time, AI is becoming more affordable and will continue to help businesses for years to come.
About the author: Ravi is a digital entrepreneur who has a vision of helping businesses to increase their online presence through websites, mobile applications, and SEO. He is the Founder & CEO of Webomaze Pty Ltd, a one-stop digital agency based in Melbourne.