In today’s modern era, technology greatly influences different aspects of our lives. Especially when it comes to businesses, the role of technology holds special significance.
The presence of different tools and software is no less than a blessing for companies as it helps streamline different business activities. It helps perform maximum tasks with minimum effort, positively impacting the productivity of businesses.
When it comes to the list of cutting-edge technologies for businesses, artificial intelligence (AI) is at the top. From automation to data analytics, you can find the application of AI in every core function of modern-day business.
According to a research study, over 80% of CEOs have stated that AI-enabled technologies help in improving their operational efficiency. It shows the significance of AI in the current business landscape.
Without further delay, let’s explore some benefits and applications of AI in business.
Helping through Analytics
AI combines different technologies that extract relevant and valuable insights from massive chunks of data. These insights allow businesses to make predictions about possible outcomes. AI helps make predictions based on those patterns that help companies improve profitability or avoid loss.
The use of AI-based analytics is not confined to one industry. From healthcare to education, every sector is leveraging relevant tools that can help them make accurate forecasts.
Similarly, you can even use AI-based analytics for insurance industries. The AI-enabled analytics tools help insurance companies analyze insurance policy risk by gathering relevant details of clients. This data analysis helps companies to make better decisions that can play a key role in their growth.
To better understand the application of AI in analytics, you can take the example of Google Analytics. The integration of AI in this tool provides you with relevant and useful insights related to users’ behavior on your business website.
In this way, you can modify your website according to the likes and dislikes of your potential customers, which can add value to your business.
Helping in Sales
AI is helping companies streamline their sales cycle on a large scale. According to research, AI has helped companies increase leads by over 50%. Also, the use of automation AI in sales has enabled businesses to reduce call time by 60% and costs by 40%.
One of the primary use of AI in sales is demand forecasting. With relevant AI-powered tools, you can generate automated sales projections. AI generates this accurate data on the basis of previous sales records and past interactions with clients.
Another thing that has hugely impacted the sales of businesses is chatbots. These AI-enabled chatbots have reportedly improved the sales of companies by 67%. Chatbots can send a tailored message to initiate a conversation with customers. It also makes it easier for customers to communicate immediately or return later.
AI algorithms can also create personalized emails according to the interest of customers. It not only saves you from creating emails manually but with personalized messaging, you can make a better impact on your customers. So, all these factors play a key role in improving your sales.
Helping in Marketing
Another core area of business that AI has heavily impacted is marketing. AI-powered tools allow marketers to analyze customer behavior and patterns.
You can gather the relevant customer data to monitor their online activities and create marketing strategies accordingly. It helps companies improve conversion rates and allows marketers to channel their efforts in the right direction.
With AI tools, you can ensure a customized website experience for visitors and modify your website accordingly. As already mentioned above, Google Analytics is the best example that you can consider in this regard. On the basis of demographics, devices, and locations of visitors, you can make necessary changes to your website.
Push notifications are another example of AI applications in marketing. You can ensure that your customers get the most relevant message with push notifications. It ensures behavioral personalization that positively impacts your marketing efforts.
Digital marketers also use AI-based image recognition tools that help them assess thousands of pictures on different platforms. It provides useful insights into how images are used for advertising a particular product or service. In this way, marketers can analyze the marketing strategies of their competition. It helps them learn from their mistakes and develop unique marketing ideas.
SEO is one of the most important branches of digital marketing. The application of AI in SEO tools at a large scale shows how important AI has become for marketing. Machine learning algorithms are used in SEO tools that help marketers know about the search volume of relevant keywords.
The application of AI in SEO tools also allows companies to identify flaws in their tactics. For example, if your website is not SEO-friendly or you are not targeting the relevant keywords, SEO tools can help you know everything.
The above-mentioned vital points show the significance of AI in modern-day marketing. So, it would be best if you employed AI-based and relevant marketing tools as per your business needs.
Helping in Customer Support
Customers are the most precious asset of any business, so companies take every possible measure to ensure good customer support. The use of AI-based tools allows companies to streamline their customer support system. It also helps to improve customer experience, which is a high bonus for any business.
Companies are leveraging AI-powered voicebots to improve their customer service experience. It is capable of hearing the customer’s calls and analyzing their moods. Also, the voicebot can respond to customers’ queries in speech format because it can understand customers’ issues. It helps companies improve call categorization and connect callers to relevant departments. So, all these factors play a crucial role in improving customer experience, which intrigues them to take action and increases the conversion rate.
Being a business owner, you cannot ignore the massive influence of AI on the core functions of a business. From marketing to analytics, customer support to sales, AI plays a key role in improving your operational efficiency in different areas. You need to employ relevant AI-enabled tools in your company and develop an understanding of these tools. Also, you must familiarize your team with these tools to achieve desired results with minimum effort and improved productivity.