How Businesses Can Benefit From AI
Artificial intelligence is a revolutionary technology that can have widespread applications in business processes and functions. AI can allow companies to make their departments function more efficiently, managing time and resources by leveraging data. Companies that use artificial intelligence technologies in their processes have shown a considerable increase in their profitability and other tangible gains. Here are some applications of AI that can benefit businesses.
Improved Customer Service, Lower Costs
Consistently delivering a positive customer experience is a vital metric for any business that wants to ensure long-term success. Customer experience is a direct indicator of your brand’s health, and how you communicate with your customers on your touchpoints directly affects it. Customer service is one of the most important components in customer experience since in most cases, it means delighting customers who have a query or an issue. Customers, especially on digital platforms, are extremely demanding in their expectations for customer service,where they want a quick and accurate response any time they contact the company. Long holds or delayed responses are quick to disgruntle a customer. These are all things you could ideally automate, but customers also want a human element. Artificial intelligence can help you nail those lofty expectations for customer service. AI-driven chatbots, possibly the most used customer service platform, enable companies to provide round-the-clock personalized customer communications. These “bots” are trained using natural language processing to pick up subtle nuances in conversations like a trained human representative. Companies can also use chatbots to quickly vet potential leads and turn them into customers.
Enhanced Personalization, Increased Brand Loyalty
Any company will find that the majority of their customers expect a personalized experience, anywhere from the welcome message to a delivery note. Personalization helps companies connect deeply with their consumers across touchpoints and foster brand loyalty. Brand loyalty, in turn, drives up both new and repeat sales. The problem is that personalization across all touchpoints requires companies to map out all potential customer journeys to forecast opportunities to build brand engagement and transactional moments. However, we know from the artificial intelligence pros at onestopdevshop.io, that the monumental task of personalization is an easy feat for artificial intelligence since it needs a deep understanding of customer needs and behaviors. AI technology leverages the data fed to it by customers and can chalk out customer personas by analyzing sales data and consistently deliver content based on historically successful engaging content. Personalization can be a costly venture that most companies either can’t afford or have to spend a lot of time on, but with artificial intelligence, companies can do it faster and cheaper.
Better Monitoring, Faster Responses
When companies run multiple operations and processes, effective monitoring is crucial to ensure the business runs smoothly. Whenever an issue arises in such a situation, processing a lot of information and data can impede the monitoring process, thus delaying corrective measures which can have major costs. Artificial intelligence can greatly enhance a company’s monitoring processes since the technology can handle taking in and processing huge amounts of data, all in real-time. Using artificial intelligence to automate parts of the monitoring process or all of it will allow companies to receive instantaneous alerts, process that information, and then recommend, maybe even implement, corrective measures faster. Let’s say artificial intelligence is utilized to monitor the performance and maintenance of a factory’s equipment. AI will be able to identify potential issues and alert management instantaneously. It will also have the capability of tracking maintenance information and alert when a job or replacement is due beforehand, thus preventing damage or breakdowns. Similar AI applications can be utilized in other areas like data security.
Improved Recruiting, Better Talent
Large companies are constantly in need of good talent and hence, are always recruiting. This also means they are flooded with numerous resumes that they have to sift through manually to find the right talent. It can be a time-consuming process for human resource personnel, not to mention inefficient. With the help of artificial intelligence technology, companies can analyze resumes faster and select the right one that fits their job profile based on keywords. It greatly saves the time and effort spent by human personnel manually going through resumes. The technology can also be trained, through data feedback, on its ability to select candidates. Moreover, AI can also help in gauging employee sentiment by analyzing feedback. It can also aid in monitoring and tracking employee performance and rewards.
Artificial intelligence has many more applications in all areas of a business like marketing, sales, research and development, human resources, and information technology. By leveraging historical data, AI can help make teams make faster and better decisions, meeting their goals more efficiently.
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