How to Use 5 AI Strategies to Outpace the Competition and Increase Your Revenue

Artificial intelligence (AI) is not just a buzzword or hype. It is a powerful technology that can help businesses achieve their goals and gain a competitive edge in the market. AI can help businesses improve their efficiency, productivity, innovation, and customer satisfaction. But more importantly, AI can help businesses grow their revenue and outsmart their competitors.

1. Identify market niches: Demographics and consumer preferences can be used to find market opportunities, which is one way AI can help the bottom line. For instance, Frito-Lay employed artificial intelligence to determine that one in six people of Frisco, Texas, were of Indian ancestry. After that, AI suggested that the business offer a spicy snack food in Frisco that it had previously only offered in India, giving it a significant competitive advantage there.

2. Support adoption: AI may also help you enhance your offering and grow your market share by evaluating client sentiment for both new and existing goods and services. Large language model AI is used by AI-driven customer care platforms like IrisAgent and Intercom to find product faults, customer needs, and pain areas among the support tickets that have been logged.

3. Forecast demand: A building materials business paid attention to AI's predictions that the Deep South would experience more frequent and powerful hurricanes. Large sections of the company's inventory were transferred to Florida-based warehouses. It was the only business with enough local supplies to meet demand when Hurricane Ian struck a few weeks later. The company merely needed to be ready; neither its product line nor its marketing required to be altered.

5. Create new products: Even the creation of wholly new products by AI can generate new revenue streams. For instance, INS018_055 is a novel pulmonary fibrosis medicine now undergoing clinical trials that were fully developed and founded by Hong Kong-based InSilico Medicine utilizing artificial intelligence. But using AI to create new products is not just for the pharmaceutical industry.
6. Optimize pricing: Economists and businesspeople have known for more than ten years that a price rise of just 1% without a sales decline leads to a nearly 9% gain in operational profit. Until now, the challenge has been determining which products and how much of a price hike they could withstand.