The execution of AI to enhance business can be a major challenge for many business owners. Some ignore the use of Artificial Intelligence by considering it as an odd tool which can only be used effectively by experts. There are several ways business owners can hugely benefit by using AI-based tactics to beat their competitors. AI is just like any other technology with its pros and cons. The competition and adoption rates of AI-powered applications have increased. The reason business owners should consider using it for better productivity.
Top 5 Ways Businesses Can Greatly Benefit from AI in 2019
1. Hire Smarter Employees
Some business owners face trouble hiring top-notch employees to enhance business growth, while others have adequate resources and networks to build a talent pool. From the first recruitment step to the final proposal, it can be challenging for business owners to become talent-gobbling machines. Using AI can help recruiters ease the hiring process. Streamline the recruitment process using AI by determining the most effective hiring methods and how to approach the right candidate. AI-powered applications can help recruiters evaluate the appealing methods to attract candidates, explore a range of leads, and inform the business owners about the candidate’s past history.
2. Execute AI to Serve Customers
Every company now has more chances to interact with their loyal and new customers. From the ultimate explosion of online communication channels to several consumers who expect daily engagement than ever before, it is crucial for companies to build effective ways to evaluate and address their customers’ concerns. This is a major reason some experts predict that a quarter of customer service operations must integrate virtual assistants or chatbot technology across social media channels. According to a recent survey, research experts believe that nearly 25% of surveys will be spoken to a digital assistant within five years.
3. Collect and Analyze Data
A major study that analyzed responsive feedback from more than 200 marketing leaders found that 96 percent of them expect Artificial Intelligence to manage tedious research tasks like data cleaning within five to six years. Over sixty percent think AI-based tactics will control statistical analysis within the next few decades. These remarkable changes aren’t just common in the marketing industry. While the use of Artificial Intelligence is essential for many major companies that have access to colossal quantities of consumer data, it’s also indispensable for small businesses that want to build meaningful conclusions from more modest amounts of information. Modern techniques like statistical regression analysis were not available for small business owners who are under a limited budget, but Artificial Intelligence has made them exceedingly affordable and intuitive.
4. Create Efficient Organization
People might have heard about how the rise AI will take over tedious jobs. However, it generally makes more sense now to view Artificial Intelligence as a brand new technology that takes extra tasks. Most of these monotonous tasks are on the backend which includes logistics operations like basic accounting, scheduling, and other forms of regular organization. The fact that many small business owners have a restricted number of employees, the transformation of time-consuming tasks like these to Artificial Intelligence is essential to help them use capital efficiently. When AI-based tactics are used for backend operations, it’s also less of encroachment on employees.
5. Build an AI-based Marketing Platform
Over 90% percent of marketing experts think Artificial Intelligence presents an opportunity for their industry. From reducing the need for employees to do monotonous tasks like data preparation to advanced data analysis, Artificial Intelligence is fundamentally changing the dynamics of marketing. This is true for small businesses as well as the largest companies in the world. Many businesses are restricted to whatever ads they could afford in the online markets. But AI has now given them wings to fly by giving them the ability to reach a wide range of audience online. Business owners can use AI-driven advertising platforms that have been built by giant companies such as Facebook and Google to pinpoint specific consumers. They can easily receive and analyze consumer data from multiple social channels without using marketers.