“The future is now” has since become a commonly used phrase and its reality is not farfetched. The year 2022 further unraveled a lot of possibilities for businesses especially with the fast-paced evolution of technology. This article highlights key trends your business can take advantage of to increase its growth exponentially, in the coming year. A key driver for this is your firm’s use of Artificial Intelligence (AI) tools.
Artificial intelligence can greatly improve the productivity of your business and employees. One of the benefits of AI for business is that it handles repetitive tasks across an organization so that employees can focus on creative solutions, complex problem solving, and impactful work. One of such is the use of chatbots.
From information gathering to initiating the process of filing customer complaints, the manual time needed to complete these tasks has been dramatically reduced by chatbots. The inclusion of chatbots in social interaction platforms (social media platforms and websites, etcetera) will greatly improve your overall customer experience. This would reduce administrative tasks and will also help to eliminate human error from your customer operations.
Although chatbots still don’t quite have that human touch, they are getting better at natural-sounding conversations every day and greater results are expected to be attained in this area. This AI solution will result in higher profitability for your business as it did for Varma, a pension Insurance provider whose 24-month study reported to have saved 330 hours per month thanks to its chatbot assistance.
To run a competitive business, it is important to have continuous access to market trends relevant to your industry at a pace swifter than your competitors. This will give your business the advantage to make key decisions ahead of others in your industry and in turn, this will make your business a well-respected authority, hence, gaining the trust of investors, clients, as well as competitors.
Engaging the services of a good data scientist, although a very good approach, may not be the most efficient to access the kind of data that keeps you ahead. The use of AI can help your business obtain, decipher data and gain valuable insights from it without a data scientist on staff. A good example of AI’s profiting in this area would be that of an entertainment industry deciding on the production of a genre of content based on a report generated by an AI software, highlighting the increase in interests of people in certain topics across a particular region from their social media interactions. The same strategy employed by web advertisements; tracking your online footprints to know the kind of adverts you would find most useful, can be employed to influence the direction of your business with the help of artificial intelligence.
Let’s take Amazon as a case study to drive this point home. Founded in 1994 by Jeff Bezos, Amazon started out as an online bookseller. Bezos had read a report that foretold the coming explosion of the internet economy and, eager to capitalize on the moment, chose books as the basis for his new eCommerce business. His selection of books wasn’t completely random but informed by “the large worldwide market for literature, the low price that could be offered for books, and the tremendous selection of titles that were available in print.” From here, Amazon went from strength to strength, expanding its product range beyond books. The company continues to rapidly evolve due to its access to technology that aids in determining change in consumer behavior per time.
It would interest you to know that as much as nothing good comes without a price, it may not necessarily cost you a fortune to implement the use of the highlighted AI tools in your business. The current capacity of your business would mostly determine the category of tools to employ and, the pricing is usually within capacity.
Albert Einstein rightly defined insanity as doing the same things repeatedly and expecting different results. The implementation of these tools in your business operations would not only be a game changer but could be the missing link between where you are now as a business and where you want to be.