The contemporary business world operated on technology and all the latest technologies are operating on AI. So we can safely say that AI is running the business world and encouraging businesses to touch a new level of success and growth by investing good time and effort in this tremendous invention of technology.
In fact, the global market for artificial intelligence is estimated to reach $641.3 billion by 2028. Seeing the future growth of AI, it is pretty clear that almost all future businesses are going to invest in artificial intelligence for availing its extraordinary benefits. In fact, if we look at the current statistics, 91% of the leading businesses have ongoing investments in artificial intelligence.
Now the question might have popped into your mind why exactly such a large number of businesses are investing in AI? In short, what exactly are the benefits of AI that can put businesses on the right track to gaining success and growth in the highly competitive market of the contemporary world?
To answer all of these questions, this blog will effectively highlight the top 5 ways in which AI can bring revolution to your business and assist in enhancing the growth of your business.
5 Effective Manners AI Can Escalate Growth of Your Business:
1. Revolutionize Customer Service
Doug Warner correctly quoted, “In the world of Internet Customer Service, it’s important to remember, your competitor is only one mouse click away.” Hence, it is crucial to optimize your customer service to forever keep your customers with your business and not with your competitors.
To continue, in one place, where technology made it easier for customers to choose between multiple businesses and enhanced the competition, technology only became the solution to the problem.
To elaborate, AI has the ability to optimize your customer service in the most efficient way possible using its different capabilities and features. The elaboration of ways in which AI can enhance the customer experience of your business is given below,
The popularity of personalization has transformed this trend into a necessity for businesses to be able to keep their customers happy. Hence, by utilizing the ability of AI to personalize the experience of customers along with providing personalized recommendations, you can enhance the customer experience for your business.
In fact, as per the report by Evergage, 88% of marketers say that enhancement in the customer experience is the biggest driver of personalization.
Management through CRM tools
There are multiple AI-based customer relationship management tools (CRM tools) that can assist in better management of your relationship with your customers. Effective utilization of CRM tools in businesses can not only retain existing customers but can boost your customer perception which can assist in attracting new customers as well.
CRM tools can automate your basic customer services processes such as scheduling follow-up emails or auto-response to customers’ queries and many more. Utilizing such AI-based tools can assist in engaging and retaining your customers.
Uninterrupted 24*7 service
We all know that customers of the modern world are very impatient and they want everything in the quickest way possible. Hence, it is necessary to be 24*7 available for your customers in order to provide them with the best possible solution in the shortest time possible.
Moreover, if we think it through, it is humanly impossible for your sales team to be available for your customers 24*7 but the solution to this problem lies in one word, AI. AI-based chatbots can be available for your customers every time and will respond to their queries in the most efficient manner possible. |
In fact, with the combination of AI along with the Natural Learning Process, chatbots have the ability to respond to customer queries just like a human mind. This can assist in enhancing your customer service and also provide a better customer experience to your target audience.
All these key features of artificial intelligence will assist you in enhancing the customer service of your business which will contribute to the overall success of your business.
2. Better Inventory Management
If you are a retail or manufacturing business, inventory management is certainly the backbone of your business. Your efficiency in terms of inventory management is a direct measure of how efficient or scalable your business is.
To continue, one of the major issues with inventory management that businesses often face is the inefficient allocation or wastage of resources. You as a business owner might agree to the fact that this situation might not occur when you know which items to restock. This can be possible when you know the demands of your customers in the future.
That being the case, AI-based predictive analytics have the capability to analyze the internal and external data assets of the company which can forecast future trends. Knowing the future preferences of your customers will assist you in reducing the risks of overstocking which will lead to less wastage of your company’s assets and self-improvement in terms of resources.
Moreover, the automation feature of artificial intelligence will make the operational processes quicker than those performed manually. This will ensure on-time delivery and effective optimization of the supply chain of your business.
3. Enhance Employee Engagement
Till now we have effectively discovered that AI can keep your customers happy but did you know that it can actually keep your employees happier? As it is no hidden fact that employees are the biggest asset a business can possess, so keeping employees happy is crucial in the contemporary world.
To continue, we all know how boring those repetitive tasks can be which are necessary to do but do not require any human intelligence. In fact, as per the Korn Ferry poll, 5,000 professionals claimed that boredom is the top reason people look for a new job.
That’s pretty huge, right? So if you do not want your employees to look for a new job out of boredom, then it is essential to liberate your employees from repetitive and mundane tasks.
That being the case, AI can be your real helping hand in solving the above-mentioned problem. AI has the ability to handle and automate some of the tasks that are performed by your employees manually.
Tasks such as scheduling emails, posting on social media, setting reminders for calling customers, and so on can be easily automated via artificial intelligence. Automating these tasks will also free up your employees from mundane tasks enhancing their productivity and engagement.
Moreover, we all are very well aware of the fact that engaged workforces are 21% more profitable. So, what are you waiting for? You got another pretty convincing reason for implementing AI in your business. So, embrace the change by implementing AI in your business through an effective change management process.
4. Escalate Digital Marketing Efforts
Marketing is one of the keystones on which the foundation of business success is laid down. Hence, it is really essential to keep your marketing efforts up to the mark in order to attract the most customers because customers eventually attract profits and just as above in all points AI can be your best friend in marketing as well.
To elaborate, we all know that digital marketing is rapidly growing at an unprecedented pace and one of the most difficult tasks of digital marketing is generating quality content. In fact, 60% of B2B marketers find it difficult to create engaging content. If you are also one of them, AI is your answer.
AI can auto-generate content for your website or other channels which will save you the time and money of getting it done manually. Moreover, as mentioned above, AI can also schedule your social media posts which will free you from the headache of posting across all channels and will also keep you consistent in terms of posting on social media.
All this together will escalate your marketing efforts which will assist you in enhancing your online presence. The greater your online presence, the more leads you will be able to generate. This will lead to the ultimate growth of your business in the long run.
5. Lead to Real-Time Decision Making
The trends and situations change in the business world in a blink of an eye. Hence, it is essential to keep your eyes wide open in order to hop on the board of trends or other decision-making processes. This quick decision-making process will help you in gaining a competitive advantage over all your competitors.
To elaborate, as said above, AI has the ability to generate data based on the eternal and external factors of the company. Based on that data, you can effectively generate strong insights that can assist you in giving a clear and broader picture of your business situation.
You can effectively take real-time decisions related to various aspects of business such as marketing, inventory management, supply chain, pricing strategy, and so on. This will assist you in making more informed decisions and that too before it can cause harm to any of your business operations. Altogether this will help you in enhancing your business efficiency and will lead to better decision-making process mechanisms for your business.
To encapsulate, it is no hidden fact that AI is the present and the future of the contemporary business world. Hence, it is essential to understand the technology and utilize it according to the needs of your business. Moreover, the above-given ways are quite convincing that if implemented well, AI will only bring benefits that will lead to the growth of your business. So what are you waiting for? Implement AI in your business to avail its extraordinary benefits in your business.