Can artificial intelligence help grow your business? Here are five ways to implement these advanced tools successfully.
The myth about Artificial Intelligence is one that leans towards a world ruled and run by robots. You know, a world where robots take over jobs and probably eradicate humanity.
But according to Investopedia, Artificial Intelligence refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. Artificial Intelligence may also apply to any machine that exhibits traits associated with a human mind such as learning and problem-solving.
This ranges from speech recognition to learning, planning, and problem-solving all associated with human traits. Businesses will experience increased efficiency in executing labor-intensive tasks at low-cost rates. Take for instance the chatbot we use for customer support at ClientsValley stems from AI.
By GeeksforGeeks prediction, the AI industry is estimated to reach 118 Billion dollars in 2025. And every business that wants to thrive must come aboard the AI movement.
I don’t know the specifics of your business but I’ll show you 5 ways to incorporate AI in your business, especially for B2B businesses and service providers.
1. AI powered social media marketing
45% of the world’s population which amounts to 3.5 billion people use social media every day, says Statista. There is a multitude of data processed every day and the numbers of people will keep growing at record speed with the advancement in technology.
Business owners have more potential customers to reach out to, which is where AI comes in. It takes the load off the marketers, leaving them to focus on more productive activities like creating better value for customers.
AI has a great impact on social media marketing and lead nurturing. In a survey carried out by Demandbase according to MarketingProfs, 58% of respondents said they will judge the success of AI by its ability to increase revenue. 54% of respondents planned to judge the ability of AI in lead conversion and 59% titled towards seeing the efficiency of AI in closed sales rates.
Using behavioral targeting methods, AI will track persons through dynamic websites, landing pages and programmed ads. It will then begin lead nurturing with an endpoint of increased revenue and attraction of your best clients or customers.
2. Image recognition
With the aid of artificial intelligence, optical character recognition technology undergoes a complete upgrade that it can handle a couple administrative operations.
The sophistication of AI reaches a point where it can recognize faces and items making it highly consequential to many businesses. This is by increasing the accuracy in the detection of images.
AI comprises both facial and image recognition abilities which are used to distinguish individuals for security — and object recognition for photo differentiation and analysis.
You can use AI to provide your clients with targeted services according to their preferences.
With the increased flexibility and value of facial recognition, its market is set to hit 7.76 billion dollars globally by 2022. And much of this figure will come from the use of artificial intelligence in online marketing.
3. Use chatbot to optimize customer support
Chatbot is an interactive AI tool that can mimic chats with clients in real time. A chatbot uses natural language through writing or speech on websites or apps.
By using chatbots, efficiency multiplies because clients’ issues get resolved faster. They are machines and stay programmed to talk to your clients anytime of the day, even while you’re asleep.
This helps you deliver an excellent customer service experience. In addition, chatbots can collect and document data of your clients. So when you need to work with these clients, you have their history.
In almost every business, one of the best places to incorporate a chatbot is in your marketing or lead funnel. The chatbot takes up interaction with anyone that hits your website, seeking to know the reason for visiting.
Their answers determine the approach tailored to convert the visitors. This can happen even if you’re out there sipping on a pitcher of lemonade.
For instance, on our ClientsValley Facebook page, we use a Bot to chat with potential clients. The best part is our Bot could be chatting with three different prospects at the same time and when it notices that you’re indeed serious, it transfers you to a real human. That’s the goodness of AI.
When you incorporate this like we do, you realize that you spend less time on manual labor, profits improve and you work more efficiently.
4. Efficiently enhance personalized experiences
The core function of Artificial Intelligence is the ability to sift through and comprehend an immense amount of data. Its algorithms use tons of data points like on-site interactions, demographics, purchase tendency, previous contacts and more to create tailored client identities.
We look at the suggestion engine of Netflix which shows that it takes the average viewer 90 seconds to choose what to watch before bouncing out. For this, Netflix’s AI-enabled suggestion engine offers customized recommendations which caused an increase in customer retention.
This has helped them save to the tune of 1 billion Dollars each year.
In plain English, AI takes the identities of these clients and aligns them to their preferred services or products. This amplifies user experience, engagements and feedback from customers.
Take for instance, when you watch YouTube videos, the Artificial Intelligence Google incorporates on YouTube recommends videos that users are likely to watch 80% of the time. This improves user experience, gets users to stay longer on the platform and skyrockets YouTubes’s generated revenue form ads.
Any business can use AI, not just mammoth companies like Google, Facebook and the likes. Small businesses can incorporate AI in one way or the other in their business.
And as such, a Deloitte survey says on average, 36% of customers showed interest in purchasing personalized services and another 48% will wait for longer if that’s what it takes to enjoy a personalized experience.
5. Recruit smartly
The human resources and payroll sector is one area through which AI can largely affect business operations. Unfortunately, this is a very important department in business that remains neglected by many companies.
Artificial intelligence can help save money while taking over such positions by revamping the whole recruitment process through the following ways.
- It can help increase the quality of hiring by streamlining the hiring process into qualifying stages. This gives employers more information on prospects which helps for effective assessment.
- With the open secret known as office politics, the use of AI will lead to a non-partisan, unprejudiced, free and fair hiring decision. It eradicates totally all kinds of biases which come to play when humans hire. This gives every business the opportunity to enjoy only the best of employees hired based on their real potentials.
- AI will help for better analytics incorporation. This means that the HR departments of any business can decide which prospects to choose based on their skills. It also helps with assigning them to areas on the job where their skills best fit. Judiciously applied, employees hone their skills which lead to a massive increase in productivity.
- With AI, you’ll get to save more time and money while enjoying maximum precision and accuracy in your business. The human error margin remains vaster than that of Artificial Intelligence. And AI errors are predictable because their behavior is systematically modelled unlike humans. So while AI will never be as creative as humans, they will do the job they’re assigned effectively while saving time and cost.
Artificial Intelligence is a timely augmentation to enhance day-to-day activities by making people work smarter. It is not perfect, but it accumulates, assesses and processes information faster than humans, making it a necessary accessory to work alongside humans in business. It can also take the place of repetitive or mundane tasks, boosting productivity.
As a result, more businesses are leveraging AI to enhance daily business practices, pattern strategic output and eliminate guesswork from decision making. This is only but a few of the many benefits of Artificial Intelligence.
How do you feel about incorporating AI in your business?