Implying AI in Business to Evolve from Minimum to Million

Artificial intelligence, the concept that existed only in Hollywood fantasy a couple of decades back is now a fast-evolving reality. At its core, AI seeks to transform information into intelligent, automated action. Among the many industries that are adopting artificial intelligence into their routine, business stands out by almost exponentially relying on the technology. With the increasingly vast amount of data available today and the constantly evolving preferences and complexity of customers, businesses can no longer believe in traditional business models to drive growth. These radical pain points have opened up the realm of AI adoption to accelerate business growth through actionable insights generated from customer data.

The term 'artificial intelligence' was initially coined by John McCarty, but Alan Turning holds the gratitude for popularising it. In the early days when artificial intelligence was still at its first phase of development, people believed that it is a machine that will stimulate intelligence and human logic. As years passed, the technology grew over human logic and is performing intellectual tasks. Artificial intelligence in today's world is at the cutting-edge of the digital revolution. The technology is marching into the global business ecosystem across all its touchpoints. While applied for business purposes, AI reduces operating costs, increases revenue, and optimizes the customer experience. As technology evolves, AI tools are getting more sophisticated and advanced, changing the entire way of working. Besides implying AI in business, business executives are looking for ways to embrace the technology in the company's culture. That will further stabilize its presence in the business operations. Here are some of the smart ways that businesses can imply AI into their working system.

AI for customer service, 'Hi, I'm the AI bot'

Customer churn is a big challenge that businesses combat on daily basis. Creating loyal customers is the baseline of building a proper business cycle, but losing them over service issues is the worst nightmare. Henceforth, companies are hunting down bot services to give their customers the satisfaction and pride of being heard. Bot unravels the facility to make customers engage in basic conversations with the company without human presence.

Providing the customized joy

Customer preferences vary on many grounds such as geographical area, season, mood, etc. The Covid-19 pandemic has become one of the major contributors to behavioral changes. Therefore, smart leaders are using AI as part of a customer journey orchestration strategy to improve customer lifetime value. AI drives individualization at scale and in real-time. It gives brands the ability to identify customers' needs and personalize the offering.

Automation takes over monotonous tasks

One of the most advanced and appealing applications of artificial intelligence is leveraging automation to contemplate time-consuming business processes. Besides minimizing employees' labor, automation also boosts their productivity and satisfaction. With automation taking over repetitive and monotonous tasks, employees can focus on more meaningful and fulfilling tasks. Numerous studies have also unraveled the fact that happier employees perform better and automation is acting as a core substance for it.

Analytics at the core of business insight

While some applications of AI are taking over basic tasks in business, advanced analytics outperforms the routine and stands out with its features. Advanced analytics uses machine learning algorithms to detect patterns in vast volumes of data, interpret their meaning, and make decisions just like humans. In addition, cognitive analytics espoused with the implementation of chatbots or search assistants can understand queries and interact with humans in natural language.