5 Incredible Ways AI Can Change Businesses

Artificial Intelligence is a growing technology among the top digital innovations. Although many think this technology is futuristic, it is real-time actionable. You do not have to be a multi-billion dollar business to invest in and employ AI in your ventures. Small businesses, including yours, can benefit from such technology to reach more potential clients and grow.

While marketing, operations, and inventory stocking make the core of a business, you must recognize the space for innovation to promote growth. Small businesses, especially, are always on the run, trying to find new ways to get to the top in their industries – not only by customer base but also by providing satisfactory services. One can consider limited company formation packages while setting up a new business. This article describes five methods by which AI is actively transforming businesses.

1. Improved Customer Service

Customers come as a priority in business. Whatever their concern, you need to provide solutions and help them to make the right decisions. After-sales service is essential in assisting the customers using the products you sell. But in most cases where customers need answers, most businesses need help to keep up with the rate at which questions stream in.

Taking, for instance, where customers need to raise tickets or send an email, you realize that it becomes an inconvenience when they have to wait for one attendant to respond to each key individually. Sometimes, the customer care representative ignores some messages that they deem “not so important” or do not tend to lead to immediate sales.

Such inconveniences cause customers to distrust a brand and prefer a competitor. Understanding that customer service is the present-day form of marketing to grow your business is ideal. It is, therefore, inevitable to find ways to harness the power of technology to ensure that you serve customers according to their needs at any hour.

With artificial intelligence, computer programs (chatbots) can read the context of customer questions and provide feedback that can help them find solutions or make decisions. In this way, your business can deliver customer service responses in real-time to many customers without finding it an overwhelming task.

2. Conversion of Customer Data into Actionable Insights

Are you collecting customer data? Every business needs a CRM to put their interactions with customers in a central place. You want to be aware when a customer calls following up on their conversation, order, or request information about a product they bought from you. CRM solutions help you to easily track down customers and what they have been up to in your business.

However, although there is too much data in your database, it is challenging to use it to scale up your business. Running through raw data in your database to find specific information has always been hard, especially when working with a vast list of customers and subscribers. You will need more than enough time to find the information you need for your promotions and to understand your customers.

If you extract some data from your database, you will likely have a few errors here and there. Working with erroneous information is disastrous for your business. But what else can you do? Employ AI to extract data and present it in usable forms.

3. AI Facilitates the Hiring Process

Every business wants to work with the best talents in the industry. Whether you are hiring through a job portal or you advertise to receive the applications directly, you will have lots of resumes to go through to find the ideal candidates for your job openings. Running through the CVs will take significant time; sometimes, you may only finish some of them.

4. Business Security

It is common knowledge how hacking and fraud have caused massive harm to businesses. Most hackers target data. When a hacker gains access to a customer’s account, for example, on an eCommerce site, CRM, or computer, they can use the same to exploit their other services or steal their money. Most hacking techniques involve phishing and brute forcing.

5. Smart Marketing Techniques

Customer data has a lot to do with how businesses operate, which is why data is so expensive. It is for the same reason that most hackers try to steal customer data from many sources to use it for spamming while attempting to make sales. But how can you transform your marketing goals and methodology after AI has analyzed customer data?

In Summary

Every business is working tirelessly around the clock to find the best way to grow. Although technology has been advancing through the decades, only a few people have embraced the power of digital innovations to grow their businesses. As a new business, you may wonder what you can do to make your business perform better than your competitors already established in the market. It would help if you did not worry because artificial intelligence, although still growing, is here to transform how we trade.

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