Artificial intelligence, or AI, has a broad definition to many. Some businesses might consider AI any machine-executed process, but computers and automation are nothing new to us. Today’s AI, as well as what’s coming, has more cognitive similarities to the human worker.
Computers replacing human employees will always be a touchy subject for some, but many in the workplace find they do their jobs better with assistance from AI. Here are three ways AI is transforming business.
Improved Customer Experience
Even smaller businesses have been blown away by the boost in customer engagement AI provides. AI is the data analyst you’ve always dreamed of, using information to make recommendations and predict behavior. This puts it miles ahead of the bots of yesteryear, which seemed cold and unsophisticated to consumers.
Artificial intelligence replicates human responses and gauges when to give that response, making it so customers on the other end aren’t put off by a robotic auto-response. This has led to drastic changes in customer service, where teams of people in various time zones would have to be thoroughly trained and available at all hours.
In other words, your customers can get more out of interacting with AI than they would with you or your staff.
The Big Product Push
Research and development is time consuming for a lot of companies. Each new offering brings with it its own strategy that eats up a lot of resources prior to launch. But with AI, we’re bringing more to the table, faster.
Is it too much? Not when you consider how demanding the online consumer is. They can get what they want when they want it, meaning a lot of businesses lose out if they don’t have the product or service at the ready.
The adage “time is money” is actually very relevant here. Fresh offerings based on good insight is a huge attraction for many companies.
The Competition Component
Your competitor is leveraging AI to grow their audience. Will they be taking any of your audience in the push to be number one? Typically, when we want to outpace our competitors, we think we must spend more money. AI is changing all of that, and fast.
At the top of every businesses’ objectives is remaining cost-effective. If an initial investment in machine learning will essentially behave as the ideal business adviser, without having to pay someone to come in every day for an indefinite period of time, why wouldn’t they go for it?
Remember too that the best business has the best talent. AI helps any company filter out applicants that won’t cut it, presenting you with the cream of the crop in minutes. This alone is a process that used to eat up hours of time and may have taken an unacceptable amount of guesswork.
Marketing, management, and eCommerce are all taking a huge leap forward with AI. From the most relevant suggestions, to content that’s curated at an extremely rapid pace, there’s some form of AI that can be applied to your business. The only thing more exciting than where AI has taken us is where it might take us in the future.