In today’s competitive business environment, connecting with future customers and marketing your products can be a real challenge. Users have a limited amount of time and an increasing number of businesses competing for their attention. You can’t solely rely on the same “tried and tested” marketing methods you’ve always used. These days, it’s all about creativity and finding innovative solutions to the everyday problems your business faces.
Your business doesn’t have to get left in the dust, though. With the power of technology on your side, you can take control of your business’ fate. Imagine your products reaching exactly the kind of customers. Imagine being able to predict what people will want in a few months, with just enough time to make sure your business is the one providing it to them.
This is just one of the many cases where AI can be a godsend for your business. Some of the biggest players in the field employ AI technology now, and it saves them a significant amount of money. Netflix, for example, saves a total of one billion dollars a year with its movie recommendation AI software. Keep reading to learn more about the benefits of AI and whether or not it’s a good option for your business.
What Is AI in Business?
First things first, you probably have some questions about what AI is and what it can do. Is it really going to steal jobs and take over the world? Well, you’ll be happy to know that those stories are all the stuff of science fiction. Let’s clear up some of the rumors.
Artificial Intelligence is exactly what it sounds like: machines programmed to think and behave as humans do. Not only that, sometimes AI software can solve problems and learn like humans, too.
Companies all over the world are taking part in the new digital transformation. Gone are the days when repetitive tasks need to be performed manually. Today, it’s all about automated processes, trusting Artificial Intelligence to know what to do, and utilizing Machine Learning processes to predict future market trends.
Here are some of the ways AI helps businesses work better.
- Understanding customers better: With the help of AI software, companies can now judge which strategies and tactics will work for their business and which won’t. They can do this by running previous data and future plans through software that learns via Deep Learning. The software learns from all the data that was fed into it and predicts future trends accurately.
- Better customer service: AI software has made it possible to use chatbots that are fully equipped to handle day-to-day customer interactions, solve any problems they have, and generate orders. If you train an AI with deep learning methods, it can carry out almost all the tasks a human would and even make decisions independently.
- Keep your customers engaged: Companies like Netflix and Spotify use AI software to monitor what their customers watch and listen to, then use that data to provide tailor-made recommendations to each user. This way, customers stay engaged with their platforms most effectively.
- Efficient marketing: If you’re trying to sell a particular product, you can use the data obtained by your customers’ online activity to predict who would be interested in your product and market it directly to them.
How Do I Use AI in My Business?
If you feel like your business could benefit from AI, your next question would be, “how?” How would you incorporate AI software into your workflows, get your employees to adjust to the change, and ultimately make it all work?
It may seem overwhelming, but hey, you’re in the right place to get all of these answers. Here are some of the things you need to consider before you can start benefiting from AI.
1. Know What You’re Getting Into
Integrating AI into your work processes is no joke. It wouldn’t be an understatement to say that it will change the way you do business. Not only that, but it will also change the way your employees do their jobs.
Your marketing team, your customer service department, or whatever you’re looking to modify with AI will all need to be on board and collaborate to make it work. They may need some extra training, and they may or may not like the changes.
It’s not as simple as installing a new coffee pot in your office!
2. Know What You Want
Once you’re sure that you’re ready for the commitment, the next step is to figure out what you want AI to do for you.
Are you looking to improve your sales? Increase revenue? Streamline your internal business processes? Use the predictive power of Machine Learning to get ahead of the game or get Deep Learning software to take care of customer interactions for you?
Once you have all that figured out, you’re ready to move on to the next step.
3. Is Your Business Ready?
More specifically, is your business ready to give you the results you need?
Before you embark on this journey, make sure you’re setting realistic goals. Focus on the short-term goals you hope to achieve with AI. Don’t get too hung up on the bigger picture initially, but do keep it in sight.
Another very important thing to ask yourself is whether your IT team can handle the job or not. Making AI software is a huge undertaking that requires specialized knowledge and skills. It’s not just something that anyone can learn quickly, and even if you trust your IT team to handle the job, you might want to consider hiring a specialist.
4. Find Out What Suits You Best
You don’t always have to dump the load of developing an AI solution on an unsuspecting IT department! Sometimes, it’s better to get an AI product off the shelf, collaborate with a knowledgeable partner, or even outsource the whole process to an expert AI team.
You need to know what suits you best and consider all the possible pros and cons.
5. Get Your Data Together
Once you have the perfect AI software in your hands, you need to run a lot of data through it to actually make it useful. The more data, the better, but it’s not all about the quantity.
The data you feed into your new software has to be as accurate as possible and free from any kind of bias. Biased data created disasters for face recognition software developed for law enforcement agencies, and you don’t want that happening to you!
The Benefits of Using AI
After reading through the last section, you might be wondering if introducing AI into your business is even worth it. After all, how much would a bunch of code really help you?
Well, the answer might surprise you. Here are some of the most common ways your business can benefit from AI technology.
Increase Employee Productivity
With the help of some cutting-edge AI technology, you can automate most of your employees’ repetitive day-to-day tasks. The result? Your employees are better at their work, and they do it faster. They also have more time to work on other projects that require special skills or creativity — the fun stuff!
Market Your Products Better
With the help of AI, you can put your product in front of consumers who need it. That way, your marketing budget is well spent, and you increase the chances of people buying your product thanks to your advertising. This way, you can increase your sales exponentially.
Get the Most Out of Your Business
If you want, you can use AI to predict future trends and shifts in the market with past data. This way, you’ll know what the consumers need in advance, which allows you to stay ahead of the game.
A Real-life Example
The above benefits are pretty general, but there is no limit to how AI can help your business. The streaming giant Netflix uses AI technology to keep its viewers hooked in some of the most clever and successful ways.
Personalized Recommendations
This one is no secret. You already know that Netflix is carefully watching what you view and giving you recommendations based on it. By using this method, Netflix has successfully captured and kept the attention of millions of viewers worldwide.
Thumbnail Display
Netflix realized that the title of a movie or show alone wasn’t enough to convince people to watch. Now, every thumbnail shown to you on the app is specially chosen to increase your chances of watching.
Better Streaming Quality
You might not know it, but it’s hard for Netflix to provide every one of its users with the best streaming experience. Lucky for Netflix, though, it can use AI to help it predict future demands, which makes it possible for Netflix to position all its resources and assets accordingly.
Are You Ready?
It’s difficult to deny that AI is an ideal option for you right now, especially if you want to grow your business. Organizations and businesses all over the world are taking advantage of this intuitive, new technology, and the only limit to its usefulness is your imagination!
