Artificial intelligence (AI) made possible by recent technological advances and supported by developments in big data and machine learning, is starting to have a huge impact on businesses in every sector.
In addition to being used in all industries, the flexibility of artificial intelligence and its range of applications means it can be integrated into every area of a company’s operations such as management, e-commerce, and marketing. The advantages of implementing AI technologies into business operations include:
- Increased efficiency and productivity; AI can complete tasks and process information at greater speeds and scale than humans
- Shorter lead times; businesses can deliver their products and services to customers much faster
- Opening up new capabilities and opportunities; data collection and analytics provide companies with the ability to identify new revenue streams and improvements necessary to maximize existing sales channels
- Customized and personalized interactions between customers and businesses resulting in better customer service
- Enhanced monitoring; AI software can identify predict equipment problems and when maintenance is due
- Improved product and service quality; the risk of human error is significantly reduced as repetitive functions and tasks are automated
For business managers and owners considering the integration of artificial intelligence solutions to improve efficiency and productivity, here are six useful tips about how AI can be implemented in a business.
1. Utilize AI Management Tools
There are numerous types of artificial intelligence business management software and tools, specialized for almost every task. Now, many law firms use legal department software to create custom case templates, define custom case attributes, store and organize documents such as invoices, and set budgets. Additionally, AI business management systems and tools universally used across many sectors include:
- Data-driven automated insights
- Automated customer support such as email responses and chatbots
- Demand and sales forecasting
- Process automation; AI can control most repetitive actions
- Security surveillance
- Email spam filters
- Voice to text functions
- AI personal assistants
2. Use Website Chatbots
Traditional customer service solutions involve quite a bit of back-and-forth communication between a company’s employees and their customers, this is especially true in the early stages of customer engagement which can be considered low-level fact-finding communication. To improve employee productivity by saving their energy and time for other tasks, companies can install a chatbot on their website to respond to customers’ early-stage inquiries.
In addition to responding to simple inquiries, the other key function of an automated chatbot is to collect potential or existing customers’ basic information, names, contact details, and information about the problem they are experiencing. Once this information is captured it is related to a human employee to handle.
Related: What is a Chatbox? Methods to Increase Conversion on the Site Using Live Chats
3. Information Retrieval
The process of information retrieval focuses on the storage and representation of information followed by the action of finding specific information based on a user’s requirements. Furthermore, AI can analyze digital information quickly and effectively resulting in critical insights being uncovered that may have otherwise been missed.
Essentially, AI software can be used to reduce document review times by extracting and retrieving information from longer sources and multiple documents within a short timeframe.
4. Forecasting Sales
By using AI technology businesses can predict sales and generate certain leads, this requires the work of algorithms and other AI solutions to process large amounts of data to identify patterns and trends in consumer behaviour. Other data analyzed by AI systems include common behavioural patterns, market data, and historical sales records. The information collected by AI systems is then used to build customer profiles which are helpful in the prediction of sales.
5. Social Media Marketing
The majority of businesses have a social media presence, and for many companies, it is an important marketing tool. Artificial intelligence is a central component of popular social media platforms such as Facebook and Instagram that use machine learning to target users with advertising and content based on their interests and preferences. Furthermore, there are AI tools that can create and distribute optimized advertising across several social media networks.
6. Content Creation and Curation
Due to recent developments in machine learning algorithms, marketers are now able to use artificial intelligence software to automatically generate written web content such as social media posts and website content.
AI tools can also be used to curate content on apps, social media, and websites to ensure audiences are viewing content they find engaging and relevant to their tastes, the result of which is greater engagement and higher conversion rates.
Artificial intelligence is becoming a game-changing technology in the business world due to significant improvements in efficiency, productivity, and quality. Almost every business operation is affected by AI technology, therefore business managers need to be aware of the useful ways AI can be applied.
