Technological progress is speeding, and organizations are implementing these digital transformations to stay ahead of their competition. AI is transforming lives. It is one of the most exciting technologies changing how organizations operate and conduct businesses. However, you are mistaken if you believe the disruptive potential of AI is limited to global tech behemoths and blue-chip corporations.
As Artificial Intelligence (AI) expands and spread almost every facet of the business, it becomes essential to realize the potential of AI and look for ways to include it in business. Marketers have the chance to use AI to their advantage.
According to Artificial Intelligence Market published by Allied Market Research, by 2025, the AI market is anticipated to be worth $169,411.8 million. (Source: www.alliedmarketresearch.com)
Another report says that roughly 48% of companies utilize data analysis, machine learning, or AI solutions to solve various data quality challenges. https://www.semrush.com/blog/artificial-intelligence-stats/.
Before you introduce AI into your organization, it becomes essential to focus on the WHY aspect. Why it becomes crucial for budding modern organizations to start concentrating on AI? How can organizations apply AI effectively? What benefits can AI serve to businesses?
Organizations these days are using AI in product recommendation systems. If you have ever done online shopping, you must have seen various product recommendations based on what you have surfed and your purchase history. The goal of product recommendations is to assist the customer in finding those products that serve the purpose and fulfill their needs. These systems also help determine whether or not a consumer will purchase a product or service. Various e-commerce sites (to name a few- Amazon, Flipkart, etc.) use AI technology to boost their sales.
AI-led technologies help predict results in businesses with data analysis. AI tracks customer data such as purchase history, customer visits to a particular product page, and other information that helps predict the sales and sales volume. It helps in predicting demand patterns. It enables the organizations to buy the right stock in the appropriate quantity.
AI can also assist in forecasting performance goals, such as employee and management performance, profitability, and other similar objectives.
The quality of customer service you provide to your client will determine your relationship with them. 24X7 customer support with instant response to various queries helps in boosting engagement and bringing fresh leads. Chatbot, short for chatterbot (commonly known as bot), is an automated tool used by several organizations nowadays to converse with humans to solve their queries and provide customer support.
AI technology offers automation that speeds up the process and helps reduce operations costs, increase productivity, and thus improves the overall efficiency of the business.
Content marketing helps businesses position themselves in front of the chunk of potential customers who search for products and services online. AI-enabled Content Marketing can help your business flourish. By making your business AI-ready, content is about to make a revolution to fuel your business growth, all thanks to the power of AI.
Content Marketing is a marketing approach for attracting, engaging, and acquiring a defined audience by creating and delivering valuable, relevant content.
AI plays a significant role in content marketing. AI will take your business content game to the next level. From discovering the proper keywords for your content to promoting relevant content to the target audience, AI has it all.
Humans are bound to make various errors. Every other minute, humans make some mistake. But it becomes harmful when it takes place in the workplace. At the same time, it becomes unfair to blame humans as it becomes difficult to navigate in this complex digital transformation. Hence, when AI technology is in the workplace, it can address several failures due to human capability limitations. AI can detect cracks or faults in parts that are not visible to the naked eye using infrared sensors. Hence, with AI in place, human errors are eliminated.
To determine future sales revenue, every firm does sales forecasting. AI-based sales forecasting software such as Salesforce, Zoho CRM, Pipeliner CRM help to gauge win/ lost deals and accumulate information on previous agreements. Data signals like emails, meetings, and even phone conversations are looked at to see how they correspond to sales results.
Based on the experience, the customer does provide valuable feedback. Previously, companies conducted surveys to gauge customers’ experience on the product or a marketing campaign. With technological advancements in place-blogs, social media, reviews, online commenting are some common ways customers share their opinions. Organizations evaluate the emotional tone of customers from vast quantities of online customer data using an AI-enabled sentiment analysis system. The company does this by classifying a text, for example, a review of your product in the Facebook comment section, as Positive, Negative, or Neutral. AI-Enabled sentiment analysis makes sure that you are at all times updated about the online mention of your brand and never miss it by any chance.
Recruiters use AI in recruiting technologies like applicant tracking systems to hire faster, shortlist more correctly, and screen resumes more fairly.
With the increase in digital transformation, there exists a potential risk of cyber-attacks. Malware, Password Attacks, and Phishing are some types of cybersecurity threats. There are several ways AI software can help with cybersecurity, such as Network Security, Phishing detection, Prevention control, etc.
As you can see, AI benefits organizations in ways we could think, such as enhanced customer service, product recommendations, efficiency, and many more.
AI is transforming the way businesses are operating. If you are not incorporating AI into your business, you are probably missing out on a critical component that you cannot afford to overlook if you want to succeed. To stay ahead in the world of business, you must incorporate AI into your business. Look at operations in your organization, analyze the processes and think of the ways and areas where you can apply AI and automate processes for better efficiency. To know how you can integrate AI in your business, check out our blog on 10 Powerful Ways You Can Integrate AI In Your Business.
Worth saying organizations who promote AI will undoubtedly win business opportunities for the next decade. The rewards you reap by deploying AI will take your business to the next level. There is a lot more to come from AI technology. Who knows what AI has to offer in the future.
Codvo announced today that The Globee® Awards, organizers of world’s premier business awards programs & business ranking lists, has named Codvo, a winner in the 7th Annual American Best in Business.
Codvo announced today The Globee® Awards, organizers of world’s premier business awards programs & business ranking lists, has named Codvo, a winner in the 7th Annual American Best in Business Award.
Amit Verma, Managing Partner at Codvo, a leading pure-play product engineering company, has been accepted into Forbes Technology Council.