Looking to learning how AI aids business transformation? Artificial Intelligence, abbreviated as AI, is a kind of machine intelligence that works similarly to that of a human being. It is designed to emulate human behaviours and activities. It incorporates computer programs that enable AI to discover, analyse and solve problems in real-time, just like a human brain.
How Does AI Work?
AI makes use of machine learning to imitate the intelligence of human beings. It learns and grasps how to respond to certain human actions. It carries out such actions using historical data and algorithms to create a propensity model, which further gives predictions, such as scoring leads. The objective of AI is to make humans’ work simpler and easier.
Artificial Intelligence is a broad concept and is divided into two parts:
- Narrow Artificial Intelligence: Its importance can be gauged from the fact that it has some specific tasks to perform for humans. During the last decade, it has made many breakthroughs and tremendously contributed to the economic development of the nation. Its best-realized examples include Google Search, Image Recognition software, Siri, Alexa and other personal assistants, self-driving cars and IBM’s Watson.
- Artificial General Intelligence (AGI): Also known as ‘Strong AI,’ this is the kind of AI that can be seen in the movies, such as the humanoid robot Data in Star Trek and the animated robots in Westworld. It is a machine with average intelligence, similar to a human being. So, it can be used to get a reasonable solution to any moderate problem.
Artificial Intelligence to Bring Revolution in the Business
As per the latest survey, 85% of customer interactions have been managed without the help and support of human beings. It has been successful in achieving sales targets by accessing potential customers. Also, Gartner predicts one in four digital workers will use virtual assistants in the workplace by 2021. Following these trends, many businesses have started to make use of different forms of artificial intelligence technology for effective collaboration in the workplace.
4 Chief Ways Artificial Intelligence Can Transform Business
Although there are many ways how artificial business can transform businesses, the chief ones include the following –
1. Artificial Intelligence Coaches Your Sales Staff: Nowadays, most companies employ a sales team aimed at making a quick return on investment. Sales representatives are very important for achieving success in business. AI coaches and trains sales staff to sell products confidently to earn money for the company. Tools such as Chorus, Gong and Jog transcribe and record the calls of sales representatives. Then, they compare strategies implemented by the most successful sales representatives to the strategies of all other representatives employed in the company. By making use of machine learning, the tools can analyse a large variety of variables. They also analyse the performance of sale representative and coach them to have more effective communications with customers.
2. AI-enabled Security: In today’s digital world, no application is safe from security threats. The scammers have started targeting gullible customers through their sophisticated tactics and strategies. When it comes to artificial intelligence, it requires to be digitally safe lest its data is leaked or stolen. At this juncture, AI-enabled security comes to the forefront. Once it is installed, artificial intelligence will remain safe forever, and there will be no threat or insecurity to the data fed in the computer program. Hence, AI-enable security is a very valuable application for any business to flourish in today’s digital era.
3. Artificial Intelligence Helps the Marketing Team Make Better Ads: The best example for this: In 2017, online social networking service Facebook made $12 billion in revenue. The credit for this huge success goes to the artificial intelligence that identified the right audience for the given advertisement. ‘Lookalike audience’ is the technology that undergirds many of Facebook’s ads. The role of marketers is to provide a list of their best customers to Facebook. This information includes customers’ email addresses, phone numbers and addresses. The machine learning software of Facebook builds the same audiences for its advertising based on that data.
4. Intelligent Analytics: At present, there is stiff competition in the market. Unless you seize your monetary opportunities slyly, it will be difficult for you to stay ahead of the pack. So, it is important for you to know the right locations where your customers tend to spend more time and mobilize and display your products according to sales requirements. In addition, you need to know the fashion trends that are in great demand in the market. Intelligent Analytics is the right application that helps you to target your clients in a proper way and you are not misled. Whether you have a small or large business, it is a must for the smooth conduct of your business.
AI Helps Improve the Engagement of Employees
It has been found that about 70% of employees do not always fully engage themselves in their work. They are the biggest asset of an organisation. So, if they do not engage themselves in work properly, it will be impossible for a business to succeed. Moreover, it will be hard for small businesses to invest their capital and time into building a strong HR team that can engage employees and coach managers to inspire their team members. AI solutions, such as Rocketbot and Tangowork offer internal “chatbot” solutions to employers. These solutions give access to employees to get HR information around the clock.
Sometimes, chatbot solutions can make it easier for employers to communicate with employees more effectively than live human beings can. This encourages employees who are too hesitant or introverted to express their concerns or share feedback with their employer. In the event a chatbot is not able to answer the employee, it can route questions to the right individual in a management team. In this manner, internal chatbots can give impetus to communications that otherwise would have been impeded in the business workplace.
It is easier for businessmen to find product-market fit through AI specialities, such as machine learning, audience segmentation, and natural language processing. Before the advent of AI, collection of feedback from users required manual shifting through verbal or written data to detect patterns. But, now one should be indebted to tools like Monkeylearn and Keatext, which provide AI platforms with customer feedback and get the sentiments of customers in return.
In a nutshell, in today’s scientific era, Artificial Intelligence has become de rigueur for the businesses to run on the right track. With its help, both employees and employers will be in the right position to execute their tasks. They will never succumb to their work pressure and stay cool and composed.
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