The global market size for artificial intelligence (AI) was worth $27.23 billion in 2019. That figure is expected to skyrocket to a mind-boggling $737 billion by 2027, an impressive CAGR of 42.2 percent.
It’s easy to see why AI has become such a hot commodity in recent years. This technology is rapidly revolutionizing the way we do business, with 86 percent of executives stating that AI will be a mainstream technology at their organizations in 2021.
What Is AI?
Artificial intelligence (AI) is the ability of machines to understand the environment around them. Machines learn what goes on around them and make decisions in the same way the human brain does. Thanks to this technology, machines keep getting smarter every day.
Contrary to popular misconceptions about AI, machines aren’t going to become human’s evil overlords due to this ability. Instead, AI is making real, positive contributions to our world, especially in business. This platform is a great example.
Advantages of Using AI for Business
Investing in AI for your business can have numerous tangible benefits. Here are seven of them.
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AI Can Boost Your Marketing Campaign
Any company that’s not using AI in marketing is already behind. AI for small business marketing can help you develop effective marketing strategies. More importantly, AI can help you execute those strategies.
Currently, many enterprises use AI to sort their prospects according to interest, demographic, and so on. AI also helps in targeting ads to prospects based on their browsing history. The technology can also power recommendation engines and help you offer consumers exactly what they want.
Another way organizations are using AI to market their products and services is through chatbots. Bots can help tackle customers’ problems and suggest new products and services.
Marketers are also using AI to analyze data on customer behavior more quickly and more accurately than people can do. With these insights, companies can adjust their marketing campaigns to make them more effective.
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AI Enhances Your Sales Efforts
Sure, a large part of selling your products and services is uniquely human. However, AI can provide your sales team with insights that help boost the sales function.
AI enhances sales forecasting and helps predict your customer needs. This technology also helps improve communication, which is a vital component in sales.
Sales professionals who use AI products for business also manage their time better. That’s because AI helps them identify prospects they need to focus on and when to do so. Intelligent machines can also accurately predict when customers may be ready to convert so your sales rep can make the right move.
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AI Is Helpful in Research and Development
When it comes to innovation, AI is the ideal tool. Intelligent machines can help you build a better understanding in almost any industry, from pharmaceuticals to healthcare to automotive.
These machines collect and analyze astounding amounts of information with incredible efficiency and precision. AI helps you not only research problems but also develop solutions never before heard of.
Artificial intelligence can automate numerous tasks. Moreover, it can open doors to new discoveries and ways of enhancing products and services. In other words, AI can help research and development processes become more effective and strategic.
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AI Boosts IT Operations
For many organizations, AI for IT operations (AIOps) is the first experience they have when implementing AI internally.
In IT systems, AI can help in log file error analysis. It can also help with the management of these systems and in automating most routine processes.
Your IT team can also use AI to identify and proactively fix issues before your IT system goes down. All in all, AI helps improve the performance and services of your IT system.
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AI Can Help Support Your Human Resources
It may seem unlikely that machines have a place in your human resources, but the fact is AI can significantly boost this business function. In fact, 96 percent of senior HR professionals say that AI can greatly boost a company’s talent acquisition and retention.
Some companies have used AI in recruiting candidates with great success. A good example is PepsiCo, which recently used a robot called Robot Vera to call and interview candidates for sales positions.
AI can also help enhance efficiency and save your company money by automating repetitive tasks. In addition, AI solutions and machine learning can help your HR department with making decisions based on data.
When it comes to recruitment, chatbots can make things easier by answering common questions about your company policies and benefits.
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You Can Use AI in Your Contact Center
Most organizations are already using AI in their contact centers. The aim is not to replace humans but rather to enhance performance.
In these contact centers, AI helps collect a huge amount of data to assist companies in learning more about their clients and predicting their intent. This makes it easier to improve the next best action, so there’s better customer engagement.
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AI Helps Boost Customer Experience
Another way AI and big data are helping businesses today is in boosting consumer experience. AI helps enhance customer relationships, which ultimately enhances sales.
For instance, you can gather shopper’s data through your loyalty and reward program. You can then use this data to provide tailored suggestions when customers shop at your online or physical stores.
You can also use chatbots innovatively during industry events to offer an exceptional customer experience.
Use AI To Take Your Business To the Next Level
Artificial intelligence may still be in the early stages of adoption in most industries, but business leaders are not blind to its extraordinary benefits. For enterprises that have already implemented AI for business, this technology is already proving its worth. From boosting marketing campaigns to streamlining administrative tasks, AI is proving useful in enhancing efficiency and productivity.
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