AI in Business
We’ve all made our way into 2019 and we’re witnessing Artificial intelligence (AI) steadily continue its way from what was once ‘conceived in labs’ and closed off walls, making its way into the real world, into our homes and more importantly - into the world of business.
It’s no longer just a requirement for companies that are leading on that Fortune 500 list. Barring all those leading companies within their massive funding and dedicated R&D departments; smaller companies across various industries are looking at the power of AI; be it within their platforms, everyday business, integration within CRM or even with day-to-day marketing and selling.
The Awesome Power of AI in Enterprise
We know today that banks use the power of AI to analyze big data, helping them build better customer relationships, increase customer delight and chart out a future road map that’s the best course for the company, and best of all, this is all done in mere seconds!
What would take a human a couple of minutes or even hours to accomplish is done in mere seconds through the power of AI.
As small as these advances are and as limited as they may seem, AI has made stellar breakthroughs in deep learning (a subset of machine learning) and is subsequently starting to impact AI in ways that bring together societies and help businesses tackle a wider set of more general problems.
In short – we’re looking at a way to simplify; while keeping a humanized and genuine connect intact when it comes to conducting business. Such advances make it possible to automate complex tasks that require adaptability and agility.
We say we want a revolution!
AI. Evolution that’s Revolutionary
Whether be it business or the power to change the way we live and communicate. The future of AI looks brighter and bigger than ever.
From bigger data to better services, quicker customer resolution and even faster connectivity - the fourth industrial revolution promised a breakthrough and it was to change the way we practiced business, forever.
TODAY: We’re able to make payments, reach out to customer care, buy and sell products, look at big data, make informed decisions and still have time to connect with our customers in a humanized and caring manner.
AI has truly changed the way we do business. This may have taken a while longer than some experts predicted but just like most revolutions, this one too proved to be tricky and posed its own set of problems.
What was holding us back and took us a while to get here?
We’ve now got large data sets that allow us to look at only the important patterns we need in order to make predictions and smart forecasts.
2. Deep Learning
Algorithms or deep learning algorithms are now end-to-end trainable. We’re able to predict the outcome we care about.
We’ve got computers that are fast enough, can go through various data sets and even train those powerful deep learning algorithms.
What does all this mean for business though?
Well, simply put, this translates to AI being a sure possibility in business, with little to no snags and minimal margin for error. We’ve got the tech, know-how, speed, time and resources.
Artificial intelligence and its impact on business have changed the rules of business. We’ve got to make ourselves ready and prepare ourselves for the impact and potential of AI in business.
AI in Business. A Steady Impact.
A recent survey by Sales force has customers saying, “51% of expectations from companies are now being influenced by AI”.
The evidence is almost definitive, the need to capitalize on AI in business is imperative.
1, A revamped & customer-centric user experience
Your name is Mr. Kevin Johnson.
Let’s think of our favorite shop down the road you love shopping at, you even have your own name for it and as time does progress and one generation paves the way for another, we find our kids and grand kids visiting this same store, that’s possibly a huge shopping chain now, or it’s still the same old little homely shop that knows exactly what the Johnson family wants.
There are two primary reasons here that have the Johnson family going back to the same shop for years now.
Convenience & Personal Experience
Considering the fact that this shop is right down the road, makes it a no brainer when it comes to going shopping; but there are various other shops down the road as well, what does this shop have that has the Johnson family coming back for years? Simply put – an experience.
The business has understood the family over time and has curated its sales to suit the family. It’s personal and has the Johnson family feel cared for, it’s a relationship.
AI in business does exactly this. Your business and brand can utilize the power of AI to customize your users’ experience, while you simultaneously analyze data, their browsing history, buying history and even cart. Forget about those clerical questions like their names and age, the power of AI in business allows us to know a lot more about our customers with the help of studying vital customer data.
It’s a curated and personalized experience, where your shopper feels right at home. It’s just like the Johnson family experience, but better.
Read more at https://interface.ai to see how AI adds true value to your business.
2. Give your business the power of 24/7 Customer Support
Give your shoppers round the clock customer support.
This doesn’t translate to you spending huge amounts of money where you start hiring humans to do this for you. AI in business powers you with the help of highly efficient virtual assistants.
Just incorporate AI into your CRM to give your business all that valuable insights that’s just been sitting idle. With this valuable data, you can optimize customer solutions; from creating feedback loops of customer data, including chatbot interactivity.
With the ability to translate all that data you’ve got into valuable information, your business can create an experience that’s second to none.
3. Build better online security
Machines are always learning, and they are always up-to-date. As you start to implement AI in business, you’ll start to notice various AI techniques that are being utilized. Among them, techniques such as deep learning and generative adversarial networks are utilized and applied when it comes to looking after and making sure your business is secure.
The online world has changed the way we look at security, the landscape is always changing and it’s almost impossible for humans to keep pace with the threat environment. Machines, however, can learn from their enormous data banks and data sets; reacting in real time to thwart away any possible threats.
4. Build better digital commerce and online marketing models
It’s no secret how AI in business has transformed various industries. AI has made stellar breakthroughs in the E-commerce industry. Most brands and vendors already know what we want prior to us even, such is the power of AI in business. Its ability to predict and suggest products to shoppers makes a huge difference when it comes to higher conversions and more lucrative opportunities.
Acknowledging this trend, various companies have started investing in optimizing their online products to compete with other E-commerce competitors.
5. Supplement IoT technology
Internet of things will be further integrated into your business with block chain for that important added security for your business. Experts say that this adoption of IoT will further help fuel an innovative spaceship that’s headed straight for innovation and consumer adoption.
This is possibly the biggest noticeable everyday change AI will bring to our lives and when we talk of AI in business. It’s AI in our homes, with the adoption of smart home products that will see IoT making further inroads into the everyday life of consumers.