Artificial intelligence (AI) encompasses machines’ ability to learn and make decisions based on data and analytics. When strategically employed, AI can significantly alter the way we work.
While automation is a common association with AI in business, its potential extends far beyond that. AI and machine learning offer a wide range of applications beyond mere process automation.
In this guide, we’ll explore the benefits of AI for businesses and highlight various use cases where AI, machine learning, or big data can be effectively utilized.
How AI benefits businesses
AI’s applications are vast and impactful, with automation, data analytics, and Natural Language Processing (NLP) standing out as key areas. These technologies simplify processes and enhance operational efficiency in various ways.
Automation: AI-driven automation streamlines tasks, freeing up time for more meaningful work. By handling repetitive tasks, teams can focus on strategic objectives, leading to improved productivity and job satisfaction. Furthermore, AI automation reduces errors, ensuring that critical information is not overlooked.
Data Analytics: AI-powered data analytics unlocks valuable insights from vast datasets, revealing patterns and correlations that were previously hidden. This enables businesses to make informed decisions and optimize operations for better outcomes.
Natural Language Processing (NLP): NLP enhances communication and accessibility. It enables search engines to deliver more relevant results, chatbots to provide more personalized assistance, and improves accessibility for individuals with disabilities, such as those with hearing impairments.
These applications of AI demonstrate its transformative potential in improving efficiency and effectiveness across various business functions.
AI can be integrated into almost any business strategy. To begin with AI, it’s crucial to first comprehend the role of data collection and analysis in artificial intelligence. By familiarizing yourself with AI’s methodology, you can more effectively assess how AI could benefit your industry.
Now, let’s explore some of the most prevalent and beneficial applications of AI in business!
1. Artificial Intelligence in Sales
Sales experts and companies are reevaluating the role of humans and machines in sales, with AI automation already making an impact and set to continue doing so. According to a study by Harvard Business Review, companies using AI in sales can increase leads by over 50%, reduce call times by 60-70%, and achieve cost reductions of 40-60%. These figures underscore the importance of businesses considering AI to enhance their bottom line.
AI finds various applications in sales:
– Outbound email campaigns: Email campaigns are a staple in sales and marketing, delivering results. However, managing responses from hundreds or thousands of emails can be overwhelming. AI solutions like Levity can monitor, categorize, and organize email responses, eliminating the need for manual monitoring and highlighting important emails. Incendium, a B2B growth consultancy firm, is a testament to AI’s success in sales.
– Demand forecasting: AI streamlines the creation of accurate sales projections based on client interactions and historical sales data.
– Lead scoring: AI facilitates lead prioritization by ranking opportunities or leads in the pipeline based on their likelihood of conversion. This is achieved by analyzing historical client data, social media activity, and the salesperson’s customer interaction history.
2. Artificial Intelligence in Marketing
In the realm of marketing, achieving a balance between operational efficiency and customer experience is paramount. One of the most effective approaches to optimize both aspects is through the adoption of intelligent technology solutions.
Here are some notable methods to achieve this:
– Market research: AI tools like Levity can analyze customer feedback and other quantitative responses at scale, eliminating the need for manual tagging. This centralizes insights for easy access.
– Competitor analysis: Instead of manually scouring competitors’ tweets, AI can categorize them by topic or theme and notify you of trends.
– Image recognition: Computer Vision enables computers and systems to derive meaning from digital images, videos, and other visual inputs, allowing marketers to analyze images published on social media to understand how products or services are used. This helps measure market penetration and brand awareness in innovative ways.
– Search Engine Optimization (SEO): Machine Learning algorithms are enhancing SEO efforts by providing a better understanding of search term intent and content relevance. AI can also analyze competitor SEO strategies to identify gaps or leverage untapped keywords. Additionally, AI can generate SEO-friendly marketing content for your website.
3. Artificial Intelligence in Customer Support
Customer satisfaction is crucial for business success, and resolving their issues promptly is a top priority. However, dedicating resources to monitor and respond to customer messages can be time-consuming and costly. Customer support teams may experience fluctuating volumes of inquiries, leading to inefficiencies in resource allocation.
AI offers solutions to these challenges:
– Automated message assessment: AI tools can analyze the tone and purpose of incoming customer messages, going beyond simple keyword detection to understand the entire message context. This ensures even lengthy messages are categorized correctly and routed to the appropriate team. Tools like Levity provide this functionality and are designed for easy implementation without requiring coding knowledge.
– Tagging urgency and triggering actions: AI can sift through large volumes of customer conversations to identify keywords indicating urgency or intent to purchase. For example, AI can flag crisis-prone words or sentences like “I’ll leave your business” in customer queries, or identify potential sales opportunities based on phrases like “This offer sounds interesting” or “I’d like to buy next week” in leads’ messages.
4. Artificial Intelligence in Operations
AI in business operations, known as AIOps, is playing a crucial role in driving successful digital transformations. Here are some ways AI enhances business operations:
– Inventory Management: Machine Learning, a subset of AI, improves efficiency and productivity in various processes, such as inventory management, through image recognition. By uploading image data to an AI tool, defects can be detected, and images categorized and labelled. Integration with existing tool stacks or online shops automates the labelling process.
5. Artificial Intelligence in Human Resources
The human resources landscape has undergone significant changes, particularly with the rise of hybrid and remote work spurred by the COVID-19 pandemic. Virtual recruiting and a greater focus on diversity and inclusion have introduced new dynamics, necessitating new platforms and technologies to stay competitive, with AI playing a central role in this evolution.
Here are some current applications of AI in human resources:
– Candidate profile analysis: Many companies utilize AI in the hiring process to analyze candidates past work experiences and interests, matching them with suitable roles.
– Organizational Network Analysis: AI can analyze formal and informal relationships within a company, aiding in the development of strategies that enhance the organic exchange of information, thus contributing to the company’s sustainability and success.
6. Artificial Intelligence in Accounting
AI’s ability to automate tedious tasks, enhance accuracy and efficiency, and reveal hidden trends makes it a valuable tool in accounting. AI can upload, read, and classify files into the correct accounting codes, offering a tireless, error-free alternative to manual processes.
Here are some key applications of AI in accounting:
– Performing repetitive tasks: AI can handle repetitive actions such as data recording, transaction categorization, account reconciliation, correlating data from scanned receipts and invoices, evaluating employee expense reports, and tracking pricing changes. By automating these tasks, AI reduces errors and frees accountants to focus on other critical work.
– Semi-automating complex processes like payroll: AI is poised to revolutionize payroll processes. Unlike automation, which follows predefined rules, true AI systems can analyze data, learn from failures, and strategically solve problems. The market for cloud-based payroll software was valued at $7.88 billion in 2018 and is projected to reach $13.37 billion by 2026, indicating a growing interest among executives in investing in advanced AI-supported payroll systems.
7. Artificial Intelligence in Contact Centers
Efficient customer service is crucial for contact centers, as each interaction with a consumer can either build loyalty or drive customers away. Contact centers gather a wealth of data, and AI can help businesses glean valuable insights from this data to better understand their clients.
One of the most popular uses of AI in contact centers is:
– Running outreach campaigns: AI-powered voicebots can reach out to hundreds or thousands of individuals to present and sell your product’s offerings. These bots can handle simple questions and pass more complex inquiries to a sales representative if the person shows interest. Automating this process was previously challenging for many businesses, but with accessible AI tools, any business can leverage this technology.
Conclusion
In summary, AI and Machine Learning have already transformed and will continue to transform businesses for years to come. From marketing to operations to sales, integrating AI into business operations reduces time spent on repetitive tasks, boosts employee productivity, and enriches the customer experience. Additionally, it aids in error prevention and crisis detection.
Given these benefits, it’s not surprising that businesses are incorporating AI across all functions, and you should consider doing the same.
