8 Ways Artificial Intelligence Helps Entrepreneurs Grow Their Businesses
One of the most path-breaking technologies of all time, Artificial Intelligence or AI, is the one most of businesses are looking forward to.
Many enterprises located worldwide are already realizing the potential of Artificial Intelligence (AI) by implementing AI-based solutions. The implementation of AI ranges right from automating specific tasks like customer communications to determining the correct market/product fit. Several pieces of research also show that the AI industry will be earning around $118 billion a year by 2025.
A plethora of industry sectors have made profits and expanded their business through AI in recent years as the technology gives the business a much-needed edge to stay modern.
There are AI tools for virtually every task today, and the following are some of the significant benefits that you will find with AI.
- Reduced time spent on tasks
- Lowering of costs
- Better results and ROI
- Improved flexibility
- Reduced risk
Whether you have already started utilizing the potential of Artificial Intelligence or not, there is a high probability that you might not know about all the possible benefits that the technology has to offer.
As a leading AI app development company, we know that there are many apprehensions amongst entrepreneurs regarding this relatively new technology. In this article, we won’t delve into the technical details about AI, but focus on what AI as technology can do to your business.
You can use AI to provide your company with a competitive edge by utilizing its potential in the company’s marketing, long-term strategic planning, management, and other essential areas.
Let’s look at the various ways in which AI can help in the growth of your business.
Giving personalized experience to users
Using the innovations happening in AI technology, marketers can now improve user engagement by personalizing their experience. By amalgamating AI with techniques like search engine optimization (SEO), one can enhance the results to a great extent.
By using AI with SEO, one can yield impressive results as it improves the way a brand responds to its key performance indicators (KPIs).
When combined with SEO, Artificial Intelligence algorithms can help you understand your customers’ needs by building a persona-based intelligence. Every customer is unique, and if your brand is successful in catering to those unique needs of all the customers, then you will taste phenomenal success. Artificial Intelligence systems will help you understand your customers’ individual needs and plan your next move accordingly.
An AI system will identify exciting patterns in the customer’s purchase behaviour, make credit checks, and efficiently perform other functions. Automated AI systems also handle social media chats, e-mails, and phone calls today, freeing up valuable human resources to do more productive work.
E-commerce players are efficiently using AI in various ways. The AI algorithms identify the patterns in customer purchase behaviour by analyzing customers’ previous purchase behaviour. An AI system can quickly analyze millions of such transactions and derive meaningful inferences from them, helping your brand target your customers with personalized offers.
A prime example of personalization through the use of AI is Google. The company has updated its algorithm, and that has impacted the way paid advertising is done. The Google AdWords campaign is no longer optimized through humans, and Google’s own machine learning algorithms now manage it. Google customizes its ad campaigns after analyzing the demographic, geographical, and socioeconomic components. Semantic search engines combined with AI are going to be an essential trend in the near future.
Acquire Competitive Intelligence
It is every company’s goal to acquire in-depth competitive information about their competitors. Using the power of AI, you can achieve this. Your competitors will produce a wide variety of digital information daily right from social media posts to write as well as video content. It isn’t humanly possible to keep a tab on all the social media content yourself, that too on all the competitors.
It is where AI comes to the rescue, as using sophisticated AI systems, you can quickly know what your competitors are up to by analyzing the vast troves of data that they generate.
Tools like Crayon, for example, use AI to track competitor activity across different digital channels like social media accounts and websites etc. It can capture even the slightest adjustment in pricing and the marketing language.
Using such kinds of AI competitive intelligence tools, you can collect information about your competitors much faster. It allows you to respond to the changes brought in by your competitors speedily, allowing you a competitive advantage over your competitors.
Unleash the power of automation
AI systems can save a significant amount of time for your human workers by automating a wide variety of tasks. These freed-up workers can utilize their talents in much more creative work, pushing the company nearer to achieving its goal
Chatbots have become a regular feature in many businesses today, and they are proving instrumental in providing relief to the overworked customer care executives.
If you are a startup, then the chatbots can prove to be a boon for you as they allow you to do without a dedicated customer service team. The AI systems will enable you to focus your premium resources for strategic tasks and plans than on general works.
Pioneers such as Hanson Robotics have built chatbots that are surprisingly human-like in their conversation. When we are talking about chatbots, how can we forget about Siri, the smart assistant! The trailblazing smart assistant, being the pioneer, paved the way for other intelligent bots like Alexa and Google Assistant.
Customers seldom make buying decisions based on facts and logic rather they depend more on emotions. AI can help you make sense of your customers’ sentiments by analyzing their responses through surveys, social media chatter, image recognition software, and other techniques. By conducting a thorough sentiment analysis, you, as a business, can predict your customers’ behaviour.
As a very prominent example of using AI in analyzing the sentiments, in the campaign of Presidential candidacy, Obama’s team used the technology to gauge public opinion about his decisions.
Also, the amazing technology of Artificial Intelligence is integrating identifying the change in the tones of their customers to identify a person’s mood. Researchers are also going on working on monitoring a person’s face to find out their response.
Combining the power of AI and Big Data
One has to understand that there cannot be smooth functioning of the organization just from having truckloads of Big Data without having them neatly organized into spreadsheets and charts. You will need actionable insights derived after chewing upon this data. It is where AI comes into the picture. Using AI, you can get a story based on data, making it easy to analyze and work on building newer business strategies.
Fewer employee expenses
Organizations spend a lot of money on hiring and training their staff. If you add employee benefits like health insurance, paid vacations, flexible payments, then the cost of hiring staff far exceeds the value of building an AI robot.
By hiring an AI bot instead of the individual staff, you will be able to automatically execute a few tasks, cutting down on the employee expenses and saving the company’s resources for other pursuits.
Reduce waste of time
According to research, an average worker is productive for only 3 hours a day. Wasting time means missing deadlines, stretched work, and an unproductive culture in the company.
Think about the time wasted by human employees and the time that an AI system will save. The robots will execute their tasks without spending time according to predefined instructions.
Take better decisions
Any successful business thrives on the decision making ability of its owners. AI will help you in making better business decisions as such decisions, suggested by AI, are based on core data and not on a hunch.
Another important area where AI can help you is in data collection. The inferences gained from data are as reasonable as the data itself. If the information is inaccurate, then the inferences will also be incorrect.
Some businesses have evolved with the changing era and have embraced Artificial Intelligence, while others are yet to come aboard. The faster you realize that AI is here to stay, the better it is for your business. AI has the potential to run your business smoother which is important for an entrepreneur. AI-enabled neural networks prove their worth in various areas like process management, problem-solving, image recognition, and voice recognition.
You too can utilize the power of AI by hiring efficient AI developers from Prismetric. Even if you are a small business, AI can be deployed at affordable prices. Today, with the rise of AI startups, even small businesses realize the potential of AI.
With in-depth knowledge in International Business Management and Information Technology, he can effectively craft business enhancement strategies and can skillfully untangle technical complexities. Writing about the new age technology and sharing his thoughts on the continuously evolving business trends keep him content.