How to Use AI to Gain Advantage in Business?
Did You Know?
As per a report by PwC, Artificial Intelligence is expected to cause the GDP to grow up by around 14.5% by the year 2030.
Also, it states that the AI cloud will contribute around USD 15.7 trillion to the economy worldwide.
Isn’t it amazing??
Artificial Intelligence is everywhere today. In fact, our smartphone is power-packed with applications, most of which are powered by Artificial Intelligence. There are AI applications that make your life easy in every possible way. It has now become more accessible than ever to shop, order groceries, book movie shows, play online games, make investment plans, and even make your diet plans.
Today AI is used in every kind of organization across every industry, irrespective of the size and location of the business. AI systems have become an integral part of businesses and are rapidly being incorporated into all departments of organizations. AI has become a disruptive force that is significantly driving the future of businesses across every sector.
Organizations are realizing the significance of Artificial Intelligence and consistently implying those systems for making perfect strategies that can improve their efficiency, productivity, and, eventually, the ROIs. many decision-makers believe that AI plays a vital role in the success of their business.
A study reveals that around 64% of organizations believe that large-scale adoption of Artificial Intelligence is going to impact their future growth. AI also enables your business to attain better profitability, increase your competitive advantage, and also acquire customer satisfaction.
With the increasing adoption of AI in almost every sector, such as Banking, Finance and Investment services, telecommunications, media and entertainment, logistics, Information Technology, and many more, companies find it difficult to find talented professionals who are properly trained, skilled and certified.
With the surge in demand for AI professionals, many tech professionals enroll themselves in AI programs in order to acquire the required knowledge and skills.
This article will let you know the way AI is applied in every type of business to drive growth factors.
Importance of Artificial Intelligence in Businesses
While many big organizations are done with digital transformation, others are struggling to find the right personnel to get this done.
Many business drivers are observing the clear impact of AI technologies, such as:
- Improved productivity
- Work automation
- Improved customer retention and customer experience
- An increasing number of employees
- Increased profitability
- Boost customer demand
- Reduced operational costs
Apart from these facts, AI is significantly increasing the number of job roles across the globe. As per a report by World Economic Forum, AI is expected to replace 85 million jobs by the year 2025. But, the report also has a piece of good news for you. This technology is also reported to create 97million new jobs that require you to upgrade your skill set.
The ways AI can make a difference to a company depend on the size of the business, the type of organization, and its work culture. Regardless of all these factors, the most important part is to apply AI techniques the right way. Here is how AI helps businesses improve in every way.
How AI makes a difference?
Below are the ways AI is making a difference in companies and helping them retain their customers along with improved productivity and returns. AI brings great benefits to the business. In order to keep pace with the evolving technology, organizations need to realize these ways. Let us have a look.
- Improved Employee and Customer Retention
It is observed that nearly 67% of customers are likely to recommend products if they get a great customer experience. AI can significantly help businesses to engage their customers and provide a personalized experience to every customer. The most common examples of personalization include the application Spotify which automatically creates a playlist of your favorite songs with the help of Artificial Intelligence.
You can now promptly help each of your customers with an AI-powered chatbot. It has revolutionized the way customers are guided regarding their queries or complaints, thereby providing a personalized experience to them, answering their issues in real-time, and that too at any time of the day. These chatbots also offer content recommendations which lead to greater customer engagement and satisfaction.
The most common example of an AI-powered chatbot providing a personalized experience is the one we use these days to book our LPG refill. We can even book our LPG at midnight, contrary to the time when we used to call and book only in specified hours.
- Automation is the new key to success
There are millions of customers that an organization is required to deal with. It is practically impossible to respond to them with conventional systems. Here comes the role of virtual assistants that are fed with automated responses and can deal with small to moderate issues on their own. All thanks to the power of automation, which has enabled organizations to retain their customers 24*7.
- AI solutions are cost and time effective
AI solutions are cost-effective because many repetitive tasks are automated, and now you don’t need to hire professionals to perform small iterative tasks. In addition, an AI-powered chatbot never gets tired and is ready to perform round-the-clock.
A report states that only chatbots are expected to save USD 8 billion for businesses each year by 2022. AI-driven leads and financial profits can drive business growth.
Analytics leads to Continuous Improvement
Data-driven decisions are now the most crucial part of organizations. There are astonishing facts about data that clearly reveal that data is gold for organizations these days.
AI techniques are used to learn about consumer behavior and enable organizations to create such content that is relatable to end users.
AI is also expected to reduce employee turnover and increase revenues with recommendation engines. A better understanding of customer requirements and satisfaction enables you to improve your business significantly.
AI is Ready to Improve your Business Outcomes
Artificial Intelligence is evolving at a rapid pace and is continuously enabling businesses to improve outcomes. To learn the ways of using AI techniques to improve business results, you can take up an online training course from an accredited training institute such as that Simplilearn.
Enroll Yourself Now!!