Advancements in technology have a way of permeating throughout all sectors of society. These advancements provide benefits to the public at large in various ways, as well as, having a significant impact in the realm of business. Innovative ideas and implementation of new technology has allowed businesses to become more efficient and scale to achieve better growth.
One new and ever evolving technology that is changing how business is done is artificial intelligence, AI. AI presents an unique and cost efficient means for companies to interact and learn about customers, both converted and potential, to better understand them. It will make businesses better equipped to forecast the needs and potential needs of customers and design services to address them. AI also presents businesses with the opportunity to address any inadequacies that exists in how they operate internally. This can lead to either minor adjustments or complete overhauls of how things are done.
There are 3 main ways that will enable AI to revolutionize how companies do business.
Independent Function
The first thing to consider about AI that will transform how businesses operate is the ability of AI to make some business processes autonomous. Having AI systems in place that can truly simulate the cognitive thought process of an actual person provides companies the dual benefit of saving money and being more efficient. Because it is artificial, AI has the ability to process information faster than a person and continuously. This can allow for a reduction of infrastructure, in certain circumstances, and a decrease in time to reach results. AI can be tasked with running complex operations in a vast array of situations. Some examples of these include running commuter trains, overseeing warehouse automation, and running medical simulations.
Personalized Customer Experience
An area where AI can and already is having an impact is the in customer relations. The goal of customer relationship management, or CRM, is to help companies collect and manage data that is derived from the interactions that they have with customers. The scope of this data collection consists from first interaction and continues as long as they remain a customer. The goal of CRM is to build better customer relations, increase customer retention, and to foster a growth in sales. AI CRM takes the process to next level. The learning functionality of AI allows it to provide each customer with a personal, individualized experience. This ensures that customers have a more fulfilling time shopping and, due to AIs ability to accurately predict customer needs, it also gives business more selling opportunities. The fact that AI learns about each customer based on previous interactions also means that it can design individualized marketing campaigns and execute them accordingly. An example of how AI can provide customers a personalized experience can be found in how Netflix derives customer suggestions based on viewing history.
Improving The Status Quo
The final way that AI will change how business is done is by helping companies improve what they are already doing. In many instances, the purpose of AI integration is not to cost people their jobs by replacing them, but rather to aid them in performing their jobs better which saves money by being more efficient. There are many aspects of business that can be improved by the advent of AI. One such category, for example, is help desk services. Often, AI software can be used, to great affect, when a customer who has called in with a technical problem. As the software interacts and communicates with the customer, probable solutions can be derived and the AI software can walk customers through each one by one. This leads to a resolution in many instances negating the need to enlist the aid of a live operator. In this way, AI proves beneficial to the company and customer, as well as, being cost effective.
As both business and technology continue to press forward and AI continues to evolve, it will garner a greater role in how companies conduct business. Its usefulness is just too valuable. It will allow companies to operate in a vastly better manner and provide customers more targeted, personalized experiences.
