If you haven’t already embraced the power of artificial intelligence to aid your business then don’t worry; it is not too late. Although this innovative technology has been around for decades, it is only in the last five years that this industry has really started to grow with an increase of 12.9% in AI research globally.
With experts expecting between 70-90% of all initial customer interactions to be conducted by AI between 2020-2025 how exactly can AI help your business in 2020? Read on to find out.
1. It can improve customer experience
AI can be used to increase the personalization of your customer’s experience with you as a business in ways such as providing AI-driven content on your website and personalized emails.
In fact, it is predicted that by next year, businesses will see a 15% increase in profit if they utilize AI to predict customer behavior.
2. It can aid the recruitment process
Sourcing high-quality candidates can be a lengthy and costly process, especially with most HR professionals experiencing difficulties in narrowing down the huge number of applicants to find the best potential employees. However, with AI, this could be a problem of the past.
Artificial intelligence can aid the screening process by predicting which candidates will thrive in your business the most, help new employees get settled faster with the use of chatbots, and even forecast groups of employees that will work well together. With employees, however, comes a need for providing certain requirements. Make sure that you care for your employees by having small business insurance to cover any accidents in the workplace; you don’t want to find the best and then lose them.
3. It can automate tasks
This is a real money saver for your business with artificial intelligence being able to automate many tasks and, therefore, freeing up time for your employees to focus on strategic initiatives.
AI personal assistants will have the ability to schedule and cancel meetings, carry out basic administrative tasks as well as be able to help your employees to communicate better with your customers.
4. It can lower your employee outgoings
Think about how much you spend as a business on staff training, not to mention your outgoings on wages, various insurances and holiday pay. Artificial intelligence can carry out many basic administration tasks for you such as processing sales and answering customer inquiries, meaning that your employee outgoings will decrease. This frees up more money to invest in new products or services or to hire more creative thinkers.
5. It can help unlock big data
Finding and targeting potential new customers can be tricky, but with AI, you will be able to unlock huge amounts of data that will help you discover accurate ‘buyer personas.’ This will mean that you no longer have to waste time and money targeting people that are not going to buy your products; AI will have determined all potential customers for you.
6. It can improve quality control
Human error is a natural part of business; nobody is perfect all the time. However, AI can be. You can minimize the risk of errors by using AI to control quality management, follow strict company guidelines, to manage security issues and to optimize your supply chain.
Artificial intelligence can be a scary concept to get your head around, especially if you are unfamiliar with it. However, it is worth remembering that this technology is designed by us. There would be no AI if humans had not first fed in the data needed for it to work.
People control the machines, not the other way around. Therefore, you should embrace this constantly evolving technology and let your business reap the rewards of AI.