CXO Matters

6 Areas Where Artificial Intelligence Can Help Level Up Your Business Game

6 Areas Where Artificial Intelligence Can Help Level Up Your Business Game
Image Courtesy: Unsplash
Written by Priyanka Prashob

Artificial Intelligence (AI) is transforming businesses at every level today. To qualify this, IBM conducted a study. What were the findings, you ask? They found that nearly 74% of companies have either adopted or are exploring AI over the years. And 43% of the companies mentioned that they have already accelerated AI rollouts as a result of the pandemic. So, which part of the curve do you fall in? Already adopted AI? Or thinking about leveraging the power of AI to achieve greater business outcomes?

Business leaders across the world are thinking of adopting AI and automating some or most parts of their businesses. But the question is – which part of the business are they applying AI? How has AI simplified and improved their business processes? 

As an answer to all these questions, here are the 6 areas where businesses are applying AI and witnessing great results. Without further ado, let’s look at each of these business areas.

6 Areas where AI can level up your business game

In the following lines, we are going to cover these aspects in their entirety and learn more about them.

Customer care, service, and support

A recent Gartner research predicts that AI will help manage nearly 85% of customer interactions without any human intervention. Having said that, AI cannot handle complex customer problems, at least, not now. But we never know what AI is capable of doing in the future. Only time will reveal, fingers crossed! 

But one thing is sure, artificial intelligence with the help of chatbots is helping customers interact with companies in real-time to resolve complaints as quickly as possible, place orders, get information, and do almost anything they would require from having a conversation with a human customer-care representative. Put simply, they are reducing business costs – all while improving customer care accessibility and conversational experience.

Not just that, artificial intelligence also powers recommendation functions as it uses customer data and predictive analytics to recommend products that customers are most likely to need or want and therefore buy. In addition, it can even propose the next best action based on the gathered data insights, thereby, taking customer service to the next level.

Data analysis – business intelligence

Here’s a question for you! How are you handling the heaps of data that your business is generating every day, week, month, and year? Are you even encashing that data?

While some embrace a manual way of analyzing the data to make important business decisions, others take a smarter approach – yes, they look up to AI to help them analyze data and make informed business decisions with minimum scope for errors when compared to the former.

Most businesses today are adopting artificial intelligence to obtain valuable insights from their business data. These insights in turn are helping companies:

  • Improve the effectiveness of marketing
  • Better understand their customers
  • Perform segmentation to create personalized customer experiences, and 
  • Develop business strategies to aid corporate decision-making and ensure exceptional business outcomes

Fortunately, there are a lot of AI-powered business intelligence tools available in the market today that can help you make valuable forecasts and predictions from the available data. Not just that, but, even automate some or most of the business processes.

Targeted, personalized marketing

What’s the secret behind a company having a lot of customers? Simple – they reach out to the right customers – who are genuinely interested in their company’s products and services. This ain’t rocket science. All they do is this – they resort to targeted and personalized marketing. In simple words, they reach the right customers with the right products at the right time before their competitor does. It is as simple as that!

And how do they do that? AI is the answer. Companies today are using artificial intelligence to predict and target who to market a particular product to in order to increase the chances of sales and effectiveness of their marketing activities while reducing the overall marketing cost.

In addition, some have even started combining intelligent cognitive technologies, like facial recognition, geospatial software, and other technologies to help them with their targeted and personalized marketing endeavor. 

Business reports automation

Gone are the days when people had to refer to multiple Excel sheets to prepare a single business report. Thanks to AI! With Artificial intelligence in place, machines today can even read, write, and understand languages as humans do. So, what’s the big deal? 

Here’s the deal – this ability called natural language processing as explained above can assist users in their routine tasks, thereby, automating the reports and job tasks that actually don’t require human intervention. Thereby, saving your people a lot of time which they can now invest in more revenue-generating tasks.

Smarter supply chains

Did you know? Gartner predicted that at least 50% of supply chain organizations will invest in applications that support AI and advanced analytics capabilities between 2020 and 2024. And here’s why they predicted this – AI is helping business leaders across to create more efficient, cost-effective supply chains by minimizing and eliminating:

  • Overstocking
  • The risk of running short on in-demand products

In other words, AI is improving the management of supply chains by making them smarter from end to end. Simply put, businesses today are using machine learning algorithms to forecast what will be needed when as well as the optimal time to move supplies.

Business security

Today cybercrimes are indeed a matter of great concern that’s costing businesses a lot of money. But not anymore! Thanks to AI. Today companies are turning to artificial intelligence to detect and prevent cyberattacks. Thereby, saving businesses a fortune – both in terms of money and time.

In conclusion

AI has indeed changed the ways of business. Be they:

  • Understanding and engaging customers
  • Personalizing marketing approach 
  • Automating business processes
  • Improving productivity and revenue while reducing operational expenses
  • Offering exceptional customer service
  • Detecting and preventing fraud

That being said, the possibilities with AI are only limitless. Artificial intelligence is evolving every day even as you are reading this post now. Companies that have started implementing AI have surely gained an edge when compared to those who haven’t deployed it. 

So, which part of your business are you considering automating or has already been automated?

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