How Artificial Intelligence is Transforming Business? - IQVIS Inc.

How Artificial Intelligence is Transforming Business?

The speculation and the emergence of Artificial Intelligence will contribute largely in the next five years. Therefore, many businesses including e-commerce, retail and B2B are deploying AI in the business context to reap greater benefits.

AI has gone beyond robotics and science fiction. It has gone far and beyond what we could have imagined in the past. In fact, it is becoming the mainstream in everyday common man’s life.

According to Business Insider, 85% of business communication by 2020 will be handled without human involvement.

From phone calls to emails and social comments to chats, all of the tasks are handled by the automated system, programmed to replicate human functions. Artificial intelligence is changing the overall face of interacting with customers, but the important question to ask is how it is changing the face of business both online and offline.

First, have a look at some of the statistics that would help you in determining the importance of AI in business.

  • There was more than $300 million in venture capital invested in AI startups in 2014, a 300% increase over the year before. (Bloomberg)
  • By 2020, 85% of customer interactions will be managed without a human. (Gartner)
  • By the end of 2018, “customer digital assistants” will recognize customers by face and voice across channels and partner (Gartner)
  • Artificial intelligence will replace 16% of American jobs by the end of the decade. (Forrester)
  • 80% of executives believe artificial intelligence improves worker performance and creates jobs. (Narrative Science)

The use of artificial intelligence in business holds great potential, but for many entrepreneurs, it is quite new and doesn’t know the power of it. As the artificial intelligence is gaining hype, many of the small and big enterprises are looking forward to eliminating the cost and remain ahead of competitors.

Many companies, including fortune 500 companies, are using AI across the board. If you want to know how AI can benefit businesses, read the article.

Developing a Personalized Customer Experience

Artificial intelligence allows sales representatives to offer a personalized experience to the customers. It is all due to the ability of AI to develop more holistic platforms and solutions that automates business intelligence and analytics processes.

The ability allows viewing similarities between customers, past purchase activities, and other common practices. Transactions on a large number can be analyzed each day to present offers to the single customer.

Artificial Intelligence will help e-commerce businesses to solve business challenges with timely intelligence. It can help sales rep to identify the product that customers would more likely to buy. For instance, if they chat with a potential buyer, they will be well aware of what they need and present the product successfully.

Writing Stories from Algorithms

Storytelling has always been the weapon for brands to entice customers. Writing stories from the available data can be much simpler than conventional story writing. However, the conventional stories mislaid the foundation behind a conclusion.

Nowadays, companies are grossed to data monetization through Natural Language Generation software to write content about data automatically. It would not be possible for a common person to write without proper resources. Data-driven stories are more focused on the needs and requirements of the potential customer, leading them to drive more sales through stories.

Better Customer Service and Support

Chatbots are going to be the next sales representatives and offer support to the customers. Instead of searching for the relevant answers to your questions, simply ask chatbot to get the answer and the help you need. Moreover, the bot will also look at whether to precede the query to the higher management or issue a ticket.

The whole process of customer service will speed up. Without any doubt, there would be fewer chances of any human errors and the speed of the support process will save time. Moreover, the information can be incurred by chatting with chatbot instead of reading articles, FAQ page, and about section.

Differentiate Brand with Human Concierge

Premium brands will be able to set them apart by offering a real person on the line, phone or chat. The majority of people would like to listen a human voice instead of a automate bot voice. Therefore, the human touch would be a great opportunity to outshine a dumb bot.

The artificial intelligence tools are forming new opportunities for your business to stand out. There might be no robots that can keep pace with the humans, or have abilities to think like them, but with the passage of time, they are getting realistic and transforming the business scenario.

Marketing and Advertising

New and innovative technologies have changed the way marketing and advertising have been practiced. For example, you can view ads of products or services of your interest without telling. It is all because of artificial intelligence adopted by most of the companies. They identify your past searches and display results based on your history.

Artificial intelligence is hence the means of promoting products or services in a better way. Without even letting the audience, companies can push their products to buy. With artificial intelligence, marketers can automate loads of routine work, gather important data and spend the time to determine ways on how to increase customer satisfaction and revenue.

Automation of Manual Tasks

The rise of technology has given rise to automation of work. Machines such as cars, home appliances, and industrial robots have replaced the human labor, saving much of the cost. Moreover, the advanced robots are capable of working side by side with humans in factories.

MIT Economist, David Autor sees a new era of automation emerging where the division of labor is not categorized as white collar VS blue collar, but routine vs. non-routine work.

These smart technologies can work 24 hours a day, 365 days a year without the need to take coffee breaks. For instance, an investment bank can use Artificial Intelligence to automate human work of gathering data from different sources and perform an analysis to determine company’s profitability.

Conclusion

The use of artificial intelligence across the organizations and businesses has widespread and there is no stopping. Those who are adopting new technologies will stay abreast of their competitors while others will just watch the tables turned upside down. Artificial intelligence is not going to stop in any way and you have to adopt it before anyone else does.

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Comments (1)

Data has become very important for modern businesses. This is the time of Big data. There are a great amount of data being created and consumed on various platform these days. As data has taken such an importance role in the future of businesses, companies around the world are focusing large investments in creating software and hardware for Big Data.

Due to the rising prominence of data in the corporate sector, new fields like Deep Learning and Artificial Intelligence (AI) have emerged as a disruptive trend in technology.

Well written article. Thanks a lot

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