Artificial intelligence is progressing at a breakneck speed and is being incorporated in many businesses around the globe. According to a report by Venture Pulse, around $12 billion were invested in the technology of artificial intelligence last year. Research says that artificial intelligence will grow at a rate of 36.2% in the upcoming years and will reach $190.61 billion by the year 2025.
Companies are leaning on this cutting-edge technology because it drives digital transformation for their business. Moreover, the emergence of artificial intelligence has proved to be very beneficial for a lot of industries, for example; the automobile industry – with artificial intelligence, cars can now drive themselves.
This technology has a great potential for newly established businesses and it can open doors to various opportunities for your company as well.
- Improved Customer Service
Great customer service lies in the heart of all successful businesses because delivering a unique customer experience means turning satisfied clients into loyal customers, which would eventually lead to more sales revenue. With artificial intelligence, you can enhance the customer service of your business by incorporating chatbots to deal with the customers.
By the end of the year 2020, around 85% of all the customer interactions will take place without human intervention, which means that artificial intelligence-enabled chatbots will be present in most organizations in the upcoming years.
Smart chatbots that come with machine learning are well-trained to deal with the customers and they can provide practical solutions to the queries of the customers. You can also automate these chatbots to complete simple transactions for example; return and exchange of products, providing support to customers and ensuring immediate response to their concerns.
- Enhanced Marketing Campaigns
There are numerous analytical tools available online that you can use to carry out your marketing campaigns. These tools are powered by artificial intelligence and can open doors to many different possibilities for your business. You can derive valuable information about the market and gather insights regarding customer interests and the latest market trends so that you can create and modify products accordingly. Moreover, with such detailed knowledge about the market, you can deliver personalized messages to your customers, making them feel special by offering discounts.
Netflix is a good example of such a marketing strategy. The site recommends TV shows and movies based on your interests. When you watch a particular movie on Netflix, you will see more movies of that genre and this strategy enables the company to save around $1 billion a year.
- Better Conversion Rates
Businesses are always looking for ways to improve their sales revenue and machine learning can help you achieve this goal by making your company outperform its competitors in the market. Having the latest technology in your business gives your company a competitive edge over other companies in the market. With artificial intelligence, you can speed up the processes in your organization and facilitate the customers in a better way.
- Sentiment Analysis
Sentiment analysis allows you to analyze social media posts, reviews, and news so that you can keep yourself updated with current affairs. With the latest updates, you will know what perception people carry about your products and services in the market. With sentiment, you can connect better with your clients and create a personalized strategy for them.
- Automate Workflows
With artificial intelligence, you can empower your workforce and delegate all the time consuming and repetitive activities to machines so that human power can be utilized in more creative and productive areas of the organization.
Artificial intelligence is not only used in administrative processes, you can use it in many other departments as well. There are various tools available online that companies use to hire people. These tools are backed up by artificial intelligence and therefore, you can rely on them.
- Coaching and Training
As machine learning has advanced to another level, you can support your sales team in a better way by providing them with tools that they can use to enhance their performance. Machine learning software analyzes the salesperson and the customers that are visiting your stores. After analyzing both the parties in detail, the machine will create different strategies for your employees so that you can increase your sales revenue.
Many call center agencies use machine learning to convert potential clients into customers. The software automatically transfers the client call to an agent who can convert the call into a sale, hence, increasing the overall sales of the business. Moreover, intelligent chatbots are capable of starting a conversation with the customers so that they can feel more comfortable with your company and this turns potential clients into loyal customers.
- Competitive Intelligence
In order to stay ahead of the competition, you have to become proactive and respond faster to the changing environment of the industry so that you can beat your competitors. You have to act smart and keep a close eye on your competitors so that you know how well they are performing in the market and how can you improve yourself from others. This is where competitive intelligence comes in to save your day.
This technology is also powered by artificial intelligence and it allows you to identify your competitors and their strengths and weaknesses. These insights help you perform better in the industry by producing better products and creating effective marketing strategies.
Artificial intelligence and machine learning are getting more economical and tech-savvy companies are improving their operations by incorporating the latest technological equipment in their business.
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