WHAT IS AI?
From SIRI to self-driving cars, artificial intelligence (AI) is progressing rapidly. While science fiction often portrays AI as robots with human-like characteristics, AI can encompass anything from Google’s search algorithms to IBM’s Watson to autonomous weapons.
Artificial intelligence today is properly known as narrow AI (or weak AI), in that it is designed to perform a narrow task (e.g. only facial recognition or only internet searches or only driving a car). However, the long-term goal of many researchers is to create general AI (AGI or strong AI). While narrow AI may outperform humans at whatever its specific task is, like playing chess or solving equations, AGI would outperform humans at nearly every cognitive task.
AI has four potential goals or definitions of AI, (repetition) that differentiate computer systems on the basis of rationality thinking vs. acting:
- Systems that think like humans
- Systems that act like humans
- Systems that think rationally
- Systems that act rationally
How AI can increase company revenue-
In the era of big data, digitization has enabled the conditions for AI applications to flourish and generate revenue. But one can only wonder how exactly AI helps businesses achieve that. With this in mind, let us take a quick look at different ways that AI can boost your business revenue.
AI increases employee’s productivity-
One of the main reasons behind that drive is AI’s potential to boost employee productivity. While it’s not some silver bullet that will show immediate results, there are various reasons why we’re excited:
- It automates redundant tasks. Fear for job security often comes intertwined with mentioning AI in the context of the workplace. It has been predicted that AI will render various jobs redundant and replace half of the workforce by 2033. It will replace many jobs, but at the same time, it will create many new, more fulfilling jobs.
- It keeps workers happy. While AI directly improves employee productivity by automating redundant and mundane tasks, it indirectly helps with increased work satisfaction in employees. AI tools have been deployed to analyze the emojis and certain keywords used on workplace communication platforms like Slack, so using these, you can subjectively gauge employee satisfaction in your workplace.
- It has high computational power. AI is superior to its human counterpart when it comes to solving complex problems and recognizing patterns. For instance, we have AI programs that can scan complex legal documents to fetch relevant information. This frees employees to focus on tasks that add value to your business.
AI increases sales-
AI has various simple solutions to offer when it comes to improving your sales numbers, and that includes investing in the correct technology, evaluating products and bringing a shift in marketing strategies:
- It creates a refined sales funnel. AI can be leveraged to analyze data and identify patterns in consumer behavior in your sales funnel faster and with more accuracy than a human. At Post-processing, your sales team will be left with only high-quality leads, which won’t require much vetting.
- It results in targeted marketing strategies. A solid marketing strategy is core to the success of any organization, and targeting your campaigns to reach the right audience will give you the best results. AI-powered marketing tools like chatbots, advertising platforms and data-collection systems will be helpful in this venture. AI can also generate personalized content based on customer data in the CRM, and this will further help in automating a sales pursuit.
- It leads to optimized prices. Most organizations heavily rely on salesmen to determine the final price of a product in pursuit of closing a deal. AI is well-suited for tasks such as these, and based on win-loss rates and path deals, it can identify ideal discounts and the right timing for closing the deals.
AI helps cut costs-
Identifying areas where you can cut costs is just as important as finding new revenue streams, and when AI is put to use in daily operations, it can pinpoint such areas and offer various cost-cutting tactics. Here are a few ways:
- Automation: Tasks like data analysis, recruitment and customer support can help employees focus on tasks that are more pressing and require human acumen. According to Forbes, automation technology can save businesses worth of $4 million every year.
- Customer service: Smart chatbots can power up your customer-support operations and help you save both time and money answering repetitive questions and collecting feedback. While it surely can’t replace the human customer-service representative, it can replicate the experiences to a great degree and offer 24/7 availability to your customers, among numerous other benefits.
Ways AI Influences Customer Success
Customer success is vital for your business, but what does AI have to do with it? It turns out that AI has started influencing customer success on many different levels, but we will show you the top five impact factors.
AI Enables Social Listening-
AI–enabled, allow businesses to glean insights from large volumes of social media data more quickly and effectively than humans alone could do.
By automatically identifying, parsing, and aggregating relevant data points from across all major social media platforms, these platforms provide businesses with an instantaneous overview of how their brand is being discussed online. AI-powered social listening helps businesses track and analyze online conversations about their brand, products, and services.
This can provide valuable insights into customer sentiment, product popularity, and competitive intelligence. Businesses can use social listening data to better understand what customers want and need.
It allows companies to identify potential areas for product innovation and gain a competitive edge by understanding what their competitors are doing wrong (or right).
It Strengthens Customer Service Through Chatbots-
The use of AI in customer service has revolutionized the way businesses interact with their customers. AI-enabled chatbots are used by businesses to augment and automate customer service operations.
One of the most significant advantages of using AI for customer service is that it allows businesses to automate repetitive tasks, which frees up customer service reps to provide more personalized support.
Additionally, chatbots can collect data about customer interactions which can be used to improve product design and marketing efforts. Finally, the use of AI-enabled chatbots makes it possible for businesses to offer 24/7 support at a fraction of the cost of employing a human customer service team.
AI Takes Data Analytics to a Higher Level-
Businesses use AI in customer-related data analytics to help identify patterns in consumer behavior. The goal is to use this information to improve customer engagement, loyalty, and retention.
Besides that, AI provides opportunities to analyze customer data in ways that were not possible before. For example, natural language processing can be used to identify the sentiment of customer feedback, which can then be exploited to improve customer service.
AI also makes it possible to process large amounts of data very quickly. This means that more data can be analyzed in less time, which leads to better insights and decisions.
It’s Possible to Create Personalized Offers-
Personalization is vital to the success of modern businesses. That’s why AI comes in handy as it can lead to better decision-making and help create personalized offers for each consumer individually.
AI can gather data about customers’ preferences and past purchases. This data can then be used to create targeted offers that are likely to be of interest to individual customers. At the same time, AI is able to monitor customer interactions with websites and other digital channels.
It represents a valuable source of information because it allows businesses to identify which products or services are most popular among their customers and what sorts of offers are most likely to result in sales.
AI Enables Trend Prediction-
AI represents an extremely powerful tool for predicting trends in business. By analyzing large data sets, AI can identify patterns and trends that humans would never be able to see on their own. This can help businesses make strategic decisions about where to allocate resources, what products to develop, or even which markets to enter into.
In other words, agile companies can prepare well in advance for coming trends and capitalize on them before their competitors do. And it’s not just an option anymore – it’s a necessity in order to stay ahead of the curve.