What is the Driving Force Behind Your AI Initiatives?
AI is going to take the world over by storm. Scratch that. AI has arrived, a fact, proven by statistics.
Sample this, more than 60 percent of businesses used AI tools in some form in 2017 – a significant increase from 38 percent in 2016.
Additionally, Deloitte Global forecasts that in 2019, 70% of companies will gain AI capabilities through cloud-based enterprise software. It also predicts that by 2020,
- 87% of companies will have enterprise software integrated with AI and
- 83% of companies will have adopted cloud-based AI platforms.
This is just the tip of the iceberg when it comes to the broad reach of AI. It is transforming the way people are interacting with businesses, their products and services, information, and more. The technology is only going to get better with time, and therefore, it is a given that businesses need to embrace the opportunity and make the most of AI in their respective field.
Given the massive possibilities of AI in an enterprise, the driving factors for AI adoption are many. Let us take a look at some of the most promising use cases and applications of AI.
Amplified Sales and Marketing
AI has benefitted businesses with their sales and marketing endeavors by boosting their personalization and efficiency.
While 64% of marketers that are already using AI state that it has significantly increased their overall marketing efficiency, 57% of marketers say that AI is critical for creating one-to-one marketing across all touchpoints. That tells a lot about personalization.
Amazon.com, for instance, generates 35% of its revenue with the help of its recommendation engine. The engine uses data analytics to predict the needs of the customers and suggests them the right products at the right time.
Similarly, AI algorithms can also boost sales by helping firms take their email marketing a notch up. Using AI, they can automate not just the email subject lines, but also the entire content. Think images, promotions, pre-written copy, and so on. This can lead to high engagement rates.
Improved Customer Experience
Gartner predicts that by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. Customer support has a vital role to play in customer experience and deploying AI tools can help companies create a consistent, scalable, and cohesive customer experience.
Think of chatbots, which can address some of the most basic customer queries and also solve their problems. They act as the touchpoints to manage traffic flow to the contact centers. Similarly, virtual assistants can be used to listen to customer questions and offer solutions that match their problems. For those customers who don’t want to interact with support agents and chatbots, AI and NLP (Natural Language Processing) and voice assistants can offer to be self-service agents.
Enhanced Cyber Security
Cyber strikes are becoming automated, and if organizations don’t amplify their cybersecurity, the threat can be huge. The age-old kind of security system may not make the cut in the modern environments. To make sure that cyber threats don’t wreak havoc, companies need to beef up your cybersecurity efforts. There are already a number of firms who are using AI to manage their cybersecurity operations.
Increased eCommerce Sales
We have already talked about Amazon and how predictive analysis helps the eCommerce giant increase its sales. Apart from that, companies are also using AI and analytics to learn more about their customers, their buying patterns, behaviors, and preferences. Use of sentiment analysis and monitoring what people are talking about the brand online are some of the most common use cases. Driving the right product recommendations to increase sales, optimizing supply chain operations, automating product descriptions, making searches smart, predicting sales, and simplifying the business processes – the applications of AI in eCommerce are many.
Boost in HRM
Human Resources is one of the busiest departments in any firm. Responsible for some of the most critical functions, including hiring, employee engagement, training, etc., they could use the power of AI and automation to deliver exceptional results. For instance, AI can help them reduce biases in their selection procedure using an assessment platform based on an algorithm. Even if a bias is discovered, the algorithm can be reprogrammed, and that is how the problem can be handled.
Scanning CVs and picking the right candidates is another benefit of using AI in human resources. It can help companies in quickly sourcing the resumes, selecting the best people to interview, scheduling of interviews and providing feedback after they are over. This can be crucial in landing top talent for the firm.
Are you Ready to Embrace AI for your Business?
It is evident that AI can solve more problems for enterprises and offers a wide range of benefits, especially as technology is fast evolving with each passing day. High level of personalization of marketing and sales, enhanced customer service leading to customer satisfaction, optimized supply chain, and automated operations are some of the many ways AI can drive enterprise transformation. When it comes to AI adoption, we always recommend starting small and building up based on the RoI. What would be your driving force for AI adoption?