With various software and applications ranging from high-end data science to automated services, this technology appears all across the digital space. Here, we discuss 10 ways your business can benefit efficiently from integrating AI in your processes and operations.
First on the list, chatbots. This AI technology is widely used in eCommerce as it doesn’t only improve customer experience, but it also engages communication between users and sellers. Also known as customer service chatbot, any business can use a customized bot to provide answers to most Frequently Asked Questions (FAQs) and improve customer satisfaction.
Bots can be available to customers 24 hours a day, and through machine learning, they can answer simple inquiries and questions in real-time. Experts predict that by this year (2020), “more than 85% of customer interactions may be managed without a human,” and some estimates indicate that current iterations of chatbots could reduce customer support costs by as much as 30%. True enough, most online businesses now resort to adding chatbots in their websites and seller platforms to address customer concerns with ease.
Integrating AI in business processes could save an average Fortune 500 company about $4 million annually via automation.
AI technology plays a significant role in automating various processes that could eventually save time and reduce costs. By automating mundane tasks repetitively, companies can free up employees’ time and improve productivity.
Employees are the greatest asset of a company. With AI integration, you can help them achieve better output in less time at a lower cost, and they can focus on more important matters.
An example of this is the bookkeeping service provider Botkeeper that utilizes human-assisted AI. This type of AI manages routine accounting tasks such as bills payment and financial reports. The software has automated over 1,700,000 hours of bookkeeping for its 1,200+ clients.
Big-time streaming app Netflix is also on the list of companies utilizing AI-enabled automation. The company has saved $1 billion in 2017 by using machine learning. In classic terms, machine learning is a type of AI that enables self-learning from data and then applies that learning without human intervention.
Cybersecurity is critical for many industries, especially for eCommerce, retail, consumer goods, finance, utility, and telecom. Entities doing business in the digital space is a high risk of potential cyberattacks. Some of these threats include malware, vindictive ransomware strains, identity thefts, data breach, and account takeovers.
In 2017, corporate finance giant Deloitte suffered a cyber-attack that compromised confidential data, including its clients' private emails. This incident is just one of the few instances that prove no business is safe from cyberattacks.
One solution to this is enabling AI software to deal with cybersecurity in several forms, such as network security, phishing detection, vulnerability management, behavioral analytics, and prevention control.
Improving software quality assurance by auto-generating and auto-running test cases based on a given code base's unique attributes is another area where AI saves valuable time.
AI is invaluable for stress-testing new apps and platforms across a wide variety of use cases. Creating and revising test cases is a unique skill set. Developers with this skill are often overwhelmed with test updates.
AI-based software development platforms can identify the dependencies across complex and interconnected product modules, improving overall product quality in the process. Improving software quality enhances customer experiences, as well.
Other examples are spell-checking apps in smartphones and computers that benefit the users. Grammarly uses AI in their software to enhance the quality of writing in a variety of areas. There is also Hemingway and Pro-Writing Aid. They are all powered by an advanced system that combines rules, patterns, and artificial intelligence techniques like machine learning, deep learning, and natural language processing to improve writing, especially in the publishing niche.
AI-powered household items are also making the rounds in the consumer goods industry. Integrating AI technology in products offers a thousand possibilities for eCommerce retailers to access consumers' homes. There are several interesting examples, such as Amazon's Alexa and LG's Smart InstaView refrigerators.
LG has experimented with several previous versions of the InstaView refrigerator with enormous touch screens built into the door. However, this time around, LG has tacked on a virtual assistant and webOS software. It's a place where a virtual assistant has the real potential to be incredibly helpful.
In addition to providing news and weather updates, it can lend a hand with your shopping orders. You'll never have to run to the shop for milk again.
Build a robust competitive advantage in your niche with an AI strategy that will help you achieve your business goals.
A recent study by Forbes revealed that “marketing and sales prioritize AI and machine learning higher than any department in enterprises today,” and that’s about 40% of businesses.
An incredible number of consumers are looking online for products and services every second. And it would help if you positioned your business in front of them. One of the best ways to do that is through AI-powered optimization platforms.
Content marketing with the use of AI is growing exponentially. This software uses algorithms to analyze existing data and create content strategies based on the processed information.
If the collected data shows which type of content is popular, then your marketing can pick up the right solution from there. AI technology helps you decide what to create, which keywords to use, how to schedule social media posting, etc.
In other words, AI can help you create high-quality and high-ranking content. Today, some powerful content marketing optimization tools include MarketMuse, BrightEdge, Vennli, Acrolinx, and Concured, Lucy.
AI technology can entirely transform traditional shopping experience into the next level with personalization.
Despite the growing demand for online shopping, physical stores still have the lion’s share of sales. Instant access to customer care at any time, fast checkout, product support, personalized recommendations, and helping customers make smarter decisions, are some of the ways AI can enhance the in-store customer experience.
The current and potential applications of AI in retail are very different, engaging, and promising.
The in-store AI can find when the customer had last visited the store and track the products bought in the past. Using this data, AI can suggest new suitable products and offer personalized rewards like discounts, loyalty points, etc.
AI-powered devices like voice-enabled cameras can interpret facial cues. Capturing customers’ emotions and reactions help in delivering appropriate products or support.
Another form of AI technology finds and performs analysis of new insights across your business tools. For example, you can analyze why specific projects go so well and deliver excellent code while others get caught in perpetual review and code rewrite cycles. Using a supervised machine learning algorithm for data processing, you're able to see patterns and gain insights into the data. Becoming data-driven should become part of your company's DNA as information is vital in improving processes and scaling your business.
Investing in smart software that could synthesize vast chunks of data is essential to scaling your business. As a retailer or online service provider, you will most likely use various software platforms to run your business. Should that be the case, there's a number of business management software utilizing AI online that can consolidate data from your sources into a cloud-based platform.
Domo is one of the most popular management platforms you can use to link up over 500 different apps available for data extraction, and that can provide clear visual reports.
Beyond reports, the company's AI technology, bundled under Mr. Roboto, synthesizes that data and provides custom alerts to detect trends or issues.
Your business must utilize analytics software that can be paired with machine learning, so you can proactively identify points of interest in data and gain a competitive edge in the market.
Apart from the many functions AI technology can offer, bug detection is one of the most rewarding.
A bug detection tool predicts vulnerabilities and suggests remedies that can be proven correct. This function is available 80% of the time with AI tools learning to fix bugs automatically.
One of the leading AI-based tools in this area is Semmle CodeQL. This tool can track down defects in code and find variants in logic in the entire database. Microsoft uses this tool for vulnerability hunting.
Bug detection is essential to allow your tech or research teams to identify code problems before they get serious and to prevent incidents that could be costly.
To sum it up, the benefits AI technology can bring to your business are life-changing, not only in user experience but also in your company's overall development. Employing the help of AI tools is not just for tech giants. They are necessary for any future-oriented businesses that want to stay ahead of the game. The ways you will use AI depends on your business goals. But one thing is for sure -- it will allow you to save time and make better decisions. As a forward-thinking company, AI tech is a massive opportunity.
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