10 paths AI helps your Business grow
The significance and uses of Artificial Intelligence (AI) in business are top of mind for leading corporations today. Artificial Intelligence technology benefits big and small companies as it helps them grow, ensures more intelligent decision-making, and transforms management.
Does AI affect the business world? The question is, how you are going to use AI to increase growth in your business?
What is Artificial Intelligence (AI) important to Businesses?
Artificial Intelligence is the ability of computers to perform tasks that usually people perform. For example, the ability to make decisions communicate with end-users. In other words, AI is about making machines think and act like humans (or even better).
AI does not replace people in most cases. Instead, it enhances human capabilities and transforms the way we work.
10 paths AI can help your business to grow
1. Boost Revenue with Product or Services recommendations
AI is commonly used in product recommendation systems. These systems suggest products or information to users based on particular data analysis methods.
Whether on an eCommerce website, advertisements, or emails, a product recommendation facilitates purchase decisions by helping customers find products that meet their needs.
The suggestion can derive from many factors, such as a customer’s purchase history or the behaviour of similar users.
How is it done today, and how it will be improved successfully by AI?
- improve outcomes and boost revenues
- improve customer experience and encourage users to return to your website
- store browsing history and generate valuable data for further marketing campaigns
- achieve higher visitor retention and more significant sales
2. Chatbots for Improving Customer Service
A chatbot is a system that imitates human conversation (or a chat) with users over websites, mobile apps, phones. So it’s an AI-powered digital assistant that communicates with people.
Today, people want fast, easy, and personalised customer service anytime and anywhere. Chatbots can provide it. A new marketing channel offers a genuinely personal experience between organisations and end-users.
Chatbots are changing how businesses operate and the marketing world. They are among the most promising user interface and customer experience trends.
Chatbot solution improves enormously User Experience (UX)
- a chatbot is available anytime for customers and instantly respond to their inquiries
- AI analyses chat and thus generate highly-targeted offers for the customer
- a chatbot showcases your new products and services. It brings new leads, increases sales,
- improves customer service, and boost engagement
3. Create the Best Content Marketing Strategy
An incredible number of consumers look online for products and services every second, and you need to position your business in front of them.
How? With powerful content marketing!
Content marketing is a technique for attracting, engaging, and delighting customers by delivering valuable content.
The task of Artificial Intelligence in content marketing is growing exponentially.
Artificial intelligence uses algorithms to analyse your existing data and create the best strategies to market content. For example, if the analysis shows that one type of content is more popular than another, you can pick the right solution for you.
AI helps you decide what to write about, which keywords to use, how often to publish.
In other words, AI can help you create high-quality and high-ranking content.
From discovering keywords, planning and creating great content, distributing and optimising blog posts, and scheduling social sharing, AI can do much work for your business and marketing.
- produce and deliver content fast, promote the right content to the right audience,
- identify the right keywords for the SEO efforts, boost social media performance,
- find the most successful content distribution channels, forecast results
- create buyer personas based on customers needs, goals, and intents
4. Sentiment Analysis to Measure Customers’ Feelings
Sentiment analysis is an automated practice for monitoring and analysing different text types of people’s emotions and opinions.
The text can be conversations on blogs, social media, comments on products or services.
By using sentiment analysis, businesses detect the opinions expressed by customers and measure feedback placed in millions of web pages, reviews, and forums.
Thanks to AI in sentiment analysis, businesses can analyse vast amounts of data, understand how customers feel and merge all social data to discover customer needs, intents and preferences.
- understand your consumers and gain insights to improve products
- track your brand perception by customers
- respond to your customers at scale
- boost your customer service
5. Effective Competitive Intelligence
Thanks to AI, it’s simpler than ever before to perform competitive intelligence, research, and analysis. Competitive intelligence is the method of collecting and analysing information about your current and potential competitors, industry, and business background.
The objective is to find out what is working for other businesses in your industry so that you can make knowledgeable conclusions.
By leveraging artificial intelligence in your competitive intelligence efforts, you can effortlessly track and understand what your rivals are doing and what makes them successful.
- capture complete information about your competitors; every move
- exposes opportunities and threats as they occur
- to find out what customers are saying about your competitors and their products
- understand why competitors websites are ranking higher than yours
6. Sales Forecasting to Expand Your Business
Sales forecasting is the method of predicting and estimating future sales. Therefore, it is a vital factor for defining long-term business growth. In addition, sales forecasts allow you to see potential problems while still having time to avoid them.
For instance, if you spot your team trending 28% below quota, you can discover why. But, on the other hand, maybe your competitor is running a very appealing discounting campaign.
Precise sales forecasts enable businesses to calculate the probability of customer purchase, predict short-term and long-term performance, and allocate resources accordingly.
After it has analysed how each data element relates to sales performance, the AI software evaluates the next move of a given customer, providing an accurate prediction.
- have a better understanding of the buyer’s journey, spot potential problems
- gain insights to orient your sales strategies, improve sales performance
- fix your business blind spots in the sales process
- maximise customer lifetime values, improve customer retention rates
7. Optimise your Cost
The price is crucial in customers buying from companies, especially in the retail sector.
Deloitte studies show that price is critical. We may live in the age of value. Many factors influence your price: price history, brand reputation, competition, quality, season, operating costs, demand.
Artificial Intelligence software can successfully consider these factors when determining optimal prices. As a result, it can help you make the best price decisions for every product, in every season, and via every channel.
Let’s define optimal prices. These prices attract your customers and allow you to make the most profit.
AI software can scan a vast amount of data, go through endless pricing scenarios, and suggest the most relevant price.
- create and effectively implement price optimisation strategies
- increase customer loyalty and increase profit
- boost your company growth by offering competitive prices,
- control the competition and prevent losing market share
8. Intelligent Cybersecurity
Many banks credit card companies are relying on AI for helping financial institutions prevent billions of dollars in fraud annually. However, cybersecurity is not essential only for financial companies. It’s critical for many industries, including retail, consumer products, automotive, utilities, and telecom.
As digital businesses grow, the risk of cyberattacks exponentially increases. A company can face many threats: identity thefts, account takeovers, vindictive ransomware strains.
AI software can deal with cybersecurity in many ways: vulnerability management, phishing detection, Network Security, behavioural analytics, prevention control.
- detect abnormal behaviour before it causes any damage
- make faster and more accurate decisions regarding threats
- prevent wasting time when researching false positives
- improve company reputation
9. Create delightful in-store Experiences
Despite the growing demand for online shopping, physical stores still have the lion’s share of sales.
Artificial intelligence has the power to entirely transform the traditional in-store experience and take it to the next level with a personalisation that delights customers.
Instant access to customer care at any time, fast checkout, product support, personalised recommendations, and helping customers make more intelligent decisions are some of the ways AI can enhance the in-store customer experience.
The current and potential applications of AI in retail are very different, engaging, and promising.
The in-store AI can find when the customer had last visited the store and track the products bought in the past. AI can suggest suitable products and offer personalised rewards like discounts and loyalty points using this Data.
AI-powered devices like voice-enabled cameras can interpret facial cues. Capturing customers’ emotions and reactions helps in delivering appropriate products or support.
- increase the efficiency of stores, boost brand loyalty,
- enhance and innovate customer experience and improve operations
- make the shopping experience more delightful and seamless
- strengthen customer relationships and gain a strong competitive advantage
10. Save Time and Reduce Costs
A Forbes analysis found that AI could save the average Fortune 500 company $4.7 million per year via automation.
Artificial intelligence technology allows businesses to automate various methods, free-up employees crucial time, and help improve productivity.
By automating repetitive tasks, AI can assist you in achieving greater output in less time at a much lower cost.
AI can enhance the speed of your business operations and decrease mundane tasks so that employees can focus on more critical actions.
At any company, people are your most valuable asset. AI can save time by automating some of their less-important and time-consuming duties.
- ensure your production processes run automatically, consistently, and effectively
- reduce errors and minimise mistakes
- free up the time of your employees for higher-level tasks
- make your company more efficient and productive
What drives us at v500 Systems?
We get an ‘enormous kick’ by solving problems that many can’t. Our core objective is to add value
Contact Us for more information and deploy Artificial Intelligence and Machine Learning, and how our tools can make your data more accurate. We can answer all your questions.
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