Ways Artificial Intelligence Will Help You Get More Business
Posted by Amit Dua on May 1st, 2019
AI is a revolutionary technology that has transformed the way the global economy does business. It has changed the landscape of how we conduct daily operations and how we manage our businesses. It’s from AI that many new innovative solutions have stemmed, leading to greater adoption and increased ROI overall.
AI has long-standing benefits across sectors, especially in the high-tech and logistics domain. With greater tracking and an increased emphasis on customer data analysis, companies have been able to make lean decisions that much more efficiently. That’s why AI is said to contribute upwards of .7 Trillion to the global economy by 2030.
From a strategic perspective, it makes sense to adapt AI to your business model. From lead management to tracking & insights, there are many business-focused areas in which AI can contribute. When we deep-dive into the tactical domain, we need to look at specific business areas where AI can make an impact. Here are some of the ways that AI can help you get more business long-term.
Chatbot adoption for greater inquiry management
Customers are the lifeblood of any business. From a technical standpoint, it’s a massive challenge dealing with the thousands of customer inquiries that come through. Inbound management teams work via phones, web chats, and SMS technologies to handle these queries. However, as the time to close the query expands, the ROI on manual handling gets weaker. That’s where automation comes in.
Through the power of AI enabled chatbots, companies can enhance their customer management systems. As companies become more agile with handling queries, they’re able to pass on complex (and context driven) conversations to human agents. This hybrid approach is what works best to help companies drive increased business. Customers are, in turn, happier with the service provided and are more loyal to your brand.
Survey insights from Gartner show that 37% of service leaders are using or piloting VCA and Chatbot technologies. 67% of these leaders strongly believe that these tools are high-value centers of retention and adoption. Chatbots are being used extensively throughout value-driven businesses and are helping them attract a broader set of customer bases.
Chatbots can also be integrated into your existing CRM systems to create a more insight-driven environment. KLM Airline’s BB chatbot can even integrate conversations on social media into the core network leveraging Big Data. EVA Chatbot, HDFC Bank’s proprietary chatbot, handles 20,000+ conversations per day while integrating all relevant data back to the core CRM system.
Enhanced analytics and data gathering
AI has a two-fold impact on the business bottom line. It allows companies to capture data more efficiently while analyzing that data for new trends. It can create more robust systems to acquire relevant data so that it can correct itself long-term. This has a major impact in all business areas, especially on new product development and marketing.
With greater information at the fingertips of the company, decision-makers can become leaner in processing the right data. They can review insights in real-time while launching new campaigns or focusing on new territories. Decisions can also be made much faster with more information being present ubiquitously.
A significant impact area of higher data analytics comes in the space of effective maintenance. KONE, the leading elevator global brand, leverages the services of IBM Watson to manage the maintenance and upkeep of over a million elevators. IoT sensor data is placed in all elevators to track the health and lifespan of these machines constantly. Using this model, KONE is able to stay one step ahead of any potential problems that may arise.
AI for better design and development
When it comes to designing core products or web interfaces, AI can create more impactful end-results. With the help of real-time iteration and NLP, core algorithms can be used to design more engaging products. These could be a new app you’re designing or a SaaS product that needs new features.
The core function of AI is to hit the right mark and achieve the set goal for the business. Companies can use AI to find new designs and features that are most engaging for their core customers. AI-enabled design and development require trend analysis which is another positive ROI area for most companies.
In the fashion space, AI is used to design the latest collections with the help of predictive e-commerce analysis. The technology sends out new variations of products that customers can interact with. AI is then used to find the most appealing products (with unique color and pattern combinations) and then the design team can start working on it.
This has a major impact on the savings that many businesses experience as well. Data scientists and trends experts can work together to create leaner models of next quarter’s products.
AI for optimized cybersecurity
Cybersecurity is probably the greatest challenge that every business is facing around the world. With the rise of crypto-hacking, ransomware and data breaches, cybersecurity has become an essential area of focus for many businesses. Companies that have stronger security get more business in the long run.
The technical tools available can be enhanced significantly when working with AI enabled systems. The AI algorithm can perform two core functions for the systems of the company.
1. Active scouting for vulnerabilities.
Effective cybersecurity models require that there is actively scouting for vulnerabilities and points of attack within the network. That’s why many hackers simply wait for months before they finally attach. They’ve already infiltrated the system and are waiting for the right moment for a scaled attack. With the help of AI/machine learning consulting, these vulnerabilities can be caught prior to an attack happening.
2. Protection, remediation & course-correction.
AI can also be deployed to protect core systems when an attack is caught within the system. DDoS attacks can trigger a backup server and breaches can be contained within a network system automatically. The case can be then escalated based on the severity of the attack. That’s why AI-enabled pen-testing should be the first thing that business engage in, especially when handling sensitive customer data.