Humanity has long been fascinated by the idea of Artificial Intelligence. Although the general idea of beings controlled by AI dates back to antiquity and finds a wide application in fiction, the actual technology has started taking our world by storm only since 2012. That’s when its use in various projects finally increases sporadically.
Yet, the landmark year for AI is considered to be 2015. Since then, the power and potential of this technology have only been expanding. Today, AI finds an application in many directions and comes in all shapes and kinds, letting us finally feel the real benefits of this technology.
What Is AI?
In a nutshell, AI stands for intelligence demonstrated by machines. This term is used to define any devices that can mimic the cognitive features of the human brain. These features include problem-solving, learning, and perception of the environment.
This technology has a large potential in all different spheres of our life. And it can be especially beneficial in the business field. According to Harvard Business Review, AI can help companies to attain three core goals:
Automation;
• Data analysis;
• Engagement with both customers and employees.
Top 5 Ways to Benefit of Leveraging Artificial Intelligence in Business
As this technology develops further, it opens wide horizons for businesses. AI has the potential to help companies across all industries to streamline their operations and attain a variety of business goals.
Here is everything you need to know about how AI can come in handy in the business landscape.
1. Automating Communication with Customers
One of the factors that influence customer satisfaction and overall experience a lot is the feedback they receive from a business. When prospects land on your website, they may have questions about your products or services. Existing customers may also face different concerns or issues. In any case, be it a potential or existing client, if you fail to deliver a quick response, you may lose them forever. That’s why using AI to facilitate your communication with customers is a way to go!
For example, using chatbots on your website is a great way to use AI to your benefit. Chatbots enable you to provide customers with around-the-clock support. With chatbots, your clients can get help even in the middle of the night.
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Data Mining
According to Harvard Business Review’s The Latest Research: AI and Machine Learning, in 2018, one of the most common types of projects (38%) that leverage AI is aimed at getting valuable insights through data mining. These projects use Artificial Intelligence and machine learning to extract and analyze potentially useful data and make predictions based on it.
A good example of AI use for data mining is the Netflix recommendation system. This system uses AI to analyze users’ interaction with the service and shape personalized recommendations for every user based on their interests. This system helps Netflix deliver a better customer experience every day. According to a study, 80% of what users watch on Netflix is recommended by this system. At the same time, the recommendation system helped the service boost the overall engagement rate and streaming hours, and, at the same time, lower cancellation rates. Respectively, the service increased its revenue thanks to AI.
To give you more examples, just like Netflix, many other large services like Spotify and Amazon also use similar AI-empowered recommendation systems to provide a better user experience and boost sales.
Based on these examples, you can see that the use of AI for data mining can bring many potential benefits to businesses.
website. When you open it, you instantly receive a message from a chatbot that greets you, tells you that customer support is available 24/7, and encourages you to ask any questions. Such an approach helps this service to establish trusted relationships with potential customers from the first moment. This way, their clients and prospects feel more cared for. Hence, they are more likely to stay.
Additionally, businesses can use AI to automate communication by shaping personalized newsletters and offering help on the website.
3. Creating Consumer Behavior Mind Maps
As was already mentioned, AI can be very beneficial in terms of collecting and analyzing data. Therefore, one more way businesses can benefit from this technology is by utilizing it to create consumer behavior mind maps.
How does it work? By analyzing big data, AI can track customer behaviors and help companies interpret the obtained knowledge. This offers a variety of benefits. Hence, it enables businesses to learn:
• how users interact with a website or app;
• what they are searching for;
• and what buying decisions they make.
Collecting all this data about your consumers’ behavior allows you to understand their needs better. Hence, this way you can significantly improve different business processes. To give a few examples, this will allow you to:
• Predict what each particular client is likely to buy;
• Automate personalized targeting;
• And ensure a more convenient shopping experience.
All in all, AI enables businesses to identify patterns in consumers’ behaviors and, thus, shape highly accurate, personalized offers. This, in turn, can help you boost customers’ engagement, loyalty, and drive more sales.
- Strengthening Brand Loyalty
By automating interactions with customers, providing all-around support, and delivering offers perfectly tailored to your buyers’ needs, you can establish a more trusted and long-lasting relationship with them.
When you deliver highly personalized offers, you show your clients that you understand their needs perfectly. When you provide them with an instant reply to their questions, they feel your support. This way, your customers will feel more cared for. Hence this will boost the quality of customer experience and satisfaction.
Simply put, if your customers receive an excellent customer experience with you, they will be more likely to come back. Respectively, this way you will strengthen brand loyalty and ensure customer retention.
- Improving Recruitment
Last but not least, recruiting the right talents is a big part of every business. Large companies need lots of specialists to function properly. Thus, they can have dozens of open vacancies simultaneously, which means that they will get hundreds and even thousands of CVs. What does this have to do with the benefits of AI, you may wonder? In fact, this brings us to another beneficial way to use Ai in business – for optimizing the hiring process.
According to a study by TheLadders, recruiters spend 7.4 seconds on average to skip each resume. It is not that much time if you only have a few CVs to look at. But, what if your vacancy is hot and you receive tons of resumes? In this case, reviewing each particular CV (even not getting too deeply into details) can be too time-consuming. And that’s where AI can help your company save lots of time!
AI can facilitate the recruitment process by analyzing piles of CVs and picking the most suitable candidates based on relevant keywords. This way your HR specialists won’t have to spend too much time pre-reviewing resumes themselves and will be able to focus on the right candidates right away.
Source: analyticsinsight.net
