Artificial Intelligence (AI), often dubbed a part of radical technological developments such as robotics and space science, is past the days of growth solely for these futuristic purposes. In fact, AI has gradually been permeating many businesses in varying industries. From construction, medicine, and public relations, the capabilities offered by AI-powered systems are seemingly endless.
The Power of Artificial Intelligence in Business
- Two main characteristics make AI powerful in making businesses profitable.
Machine Learning — machine learning is the process where an AI-powered system can gather data from previous patterns and recreate the same process over again along different variables. A simple example of this is the photo-tagging picture found on websites such as Facebook. The AI-powered system can detect facial features by gathering patterns found in previously tagged photos. Once it compiles this data, the system will automatically suggest tagging the same person with the given facial features.
- Automation of Processes — another power of AI systems is the automation micro-tasks. These include sending e-mail newsletters, having a 24/7 customer support, and other software applications that would otherwise be inefficient when given to human counterparts. Automated processes have minimal to zero downtime, highly efficient and responsive.
There are several ways to incorporate artificial intelligence into your business.
Here are five of them:
1. Auto-suggestions in e-commerce — If you have an online store and sales have been dismal, you can incorporate AI in the form of auto-suggestions. The system will work when a user types in some information on your website search bar or other search engines, after which some suggestions of products or services can pop up on the user’s screen. This use is also applicable when a customer already bought something in your e-commerce store. It can appear as a section called “People also bought” or “Other useful products” on your website.
2. Responsive customer support — Some businesses have a high demand for customer support. These include SaaS, applications, and online consultations. Due to the increasing need to respond to customers efficiently, businesses must sift through people with fundamental questions and attend to those with complex problems. The AI-powered system can help sort inquiries by showing an up-front helpdesk bot that appears like a human. This bot can answer some common questions, and other difficult ones can be forwarded later on to a human representative during regular working hours.
3. Email marketing — Most emails intended for marketing end up in the junk folder, especially when given a general format. These e-mails are impersonal and would often fail to catch the attention of the reader. With artificial intelligence, the content of emailed newsletters can be more personal. Using data such as GPS settings, search engine terms placed, and demographics, your business can send personalized newsletters that will engage your target market.
4. Data analysis — A lot of businesses are already incorporating AI in their data analysis. Data analysis can involve gathering information on customer trends, employee feedback, and other industry-specific insight that can prove to be useful to business growth. A strong example of this is the robot advisors who are available in online investment companies. These AI-powered advisors are analyzing trends on investments and give sound advice to customers on when to place their assets.
5. Administrative assistance — Administrative work can be pretty overwhelming when you are trying to scale your business growth. Administrators oversee duties in database management, marketing, and other internal tasks. Getting more clients means doing more of these administrative responsibilities and hiring more assistants. An AI-powered system can help lessen the extra cost of hiring more staff by filling in more work under the same amount of time and effort.
A lot of business owners have been considering integrating artificial intelligence to boost their growth. To gain a competitive edge, an entrepreneur must be highly adaptable to advances in technology.