How Artificial Intelligence Can Increase Your Business

Artificial intelligence used to be a science-fiction term, up until now. AI has become a valid and mainstream technology that many individuals use every day without even acknowledging it.

To give you a clue, Google Assistant, Alexa, Siri, Cortana, these are all artificial intelligence-powered virtual assistants that are used by millions of people on a daily basis. The voice recognition capacities make these tools incredibly handy, as users no longer have to think and act on their own to obtain information from the web.

AI is present in many industries, and there are already a lot of “hidden” AI algorithms that most of us won’t recognize. For example, Amazon and Google are intensively using AI technology to refine search results, analyze data, and offer relevant product recommendations based on the user’s past actions.

In case you were wondering, small businesses of all types are now able to implement AI to improve and automate digital marketing strategies.

Bottom point is that AI is quickly becoming a part of our lives and that businesses that are quick to adapt to the current uprising technology can only attract significant benefits. For example:

1. AI helps businesses find smart solutions to complex problems, so fewer resources will be spent.
2. AI can store and use data so that it can improve the user’s experience. This leads to improved customer satisfaction and eventually to more sales.
3. AI provides real-time customer support, so it eliminates the need for hiring and training employees.
4. AI software can predict outcomes and trends, so it can provide solutions before the damage is done and before the opportunity fades away.

Now that we’ve covered some of the primary benefits, let’s discuss how AI can dramatically improve your business’ performance if appropriately leveraged.

It Allows You to Provide a Personalized Shopping Experience

Every respectable eCommerce business is now aware of the importance of personalization. Nowadays, consumers have a lot of options to choose from, and the quality of their shopping experience will determine whether they’ll stick to a brand or try different options.

Personalized marketing and sales processes are putting the customer in the spotlight, showing him that his presence is being acknowledged and appreciated.

“Businesses that offer personalized communication throughout the sales process are improving their customers’ loyalty, their brand’s reputation, and also their sales performance. That’s probably one of the reasons why so many companies are already offering personalized shopping experiences.” – Richie Matthews, CEO at assignment masters.

AI can not only identify the purchasing behavior of your prospects but can also store and use different patterns that’ll give you important clues about what your website visitors expect. By analyzing hundreds of thousands if not millions of transactions, AI can predict, create, and suggest product recommendations, personalized ads, and personalized communication.

It Changes Customer Service Forever

Customer service is a critical side of any contemporary business. Nowadays, brands that cannot offer a customer support service will never be able to outgrow their competition. Twenty-first-century consumers have big expectations – if something’s wrong, the company must immediately solve the problem to avoid any possible damages to their reputation.

Since providing a customer support service is not exactly cheap, because it requires employees and training, the AI technology comes as the perfect solution.

Every email, online chat, phone call, or social media conversation can now be performed by smart AI bots that learn to communicate effectively with customers.

Businesses that must communicate with their customers on a consistent basis can also implement the AI technology to automate monotonous and time-consuming discussions and reports.

AI bots can be programmed to answer a lot of questions that your customers might have. In case the AI assistant can’t answer a question, it’ll immediately redirect the query to a human employee who’ll be able to respond and then integrate the question and the answer in the AI bot.

The great thing about AI bots is that they can communicate with a lot of people at the same time. This saves the problem of waiting and increases the customers’ satisfaction.

It Significantly Decreases Your Business Costs

We automate many digital marketing processes in order to accomplish two things. First, marketing and sales automation are likely to bring better results over time. Second, by automating various processes, we are able to save costs that would otherwise be impossible to avoid.

For example, employees. To offer 24/7 customer support, you’ll need 2-5 employees. If you’re running Amazon, you’re likely to need many more.

Nevertheless, an artificial intelligence customer support bot can reduce the number to 1 employee or even 0 employees. The budget that you save each month can be used to improve other sides of your business and therefore improve your profits.

Second of all, AI saves time. As you may very well know, time is money, so the hundred hours of data analysis that your employees perform each month might no longer be necessary. We can’t compare the human brain with an “AI brain”. The computer will always work faster and will bring errorless results.

It Helps You Process and Leverage Impressive Amounts of Data

A business that doesn’t take advantage of data analysis is probably a chaotic business, where chaotic people make chaotic decisions. Okay, this was an exaggeration, but still.

Every business starts from point A and heads to point B. Nevertheless, for a business to take the right steps and open the proper doors that’ll lead to progress, it needs to become aware of its present performance. That’s why millions of dollars are currently spent on data gathering, processing, and analysis.

Did you know that Google Analytics is already leveraging the artificial intelligence applications? Next time you analyze your website’s stats, remember that AI assistants display the results you’re seeing. Besides Google, several other AI analysis tools are already available to you.

AI software helps you identify the weak spots in your strategy and suggests different options according to complex patterns that only a machine could store and comprehend. It can also allow you to better understand your target audience’s behavior, from which additional intelligence like the customer’s needs, problems, and desires can be discovered.

AI can even analyze the discussions between you and your customers and provide suggestions on how to improve the quality of your future conversations.

Conclusion

The marathon has already started, and the giant international companies like Google, Apple, and Amazon are already at the leading position. Now it’s time for small to medium-sized businesses to join the marathon.

In today’s times, the business marketplace is very disrupted by the uprising technology trends. AI could increase your business performance in many ways, but only if you start using it!