Billions of Dollars invested-Still Indian E-Retailers not able to figure out AI and Big Data
Artificial intelligence technology has the capability to give a significant boost to the businesses in terms of productivity, capability, decision making and speedy interactions with the services and organizations. Artificial intelligence can offer significant advances in the industries ranging from financial services to life sciences.
Artificial intelligence is now a mainstream concept. Artificial intelligence is no longer in the reach of only big organizations. Small as well medium enterprises are also taking the advantage of artificial intelligence to its fullest. Every business whether big or small can implement artificial intelligence in its operations.
Artificial intelligence in business can provide a better user experience and increase the speed of operations. This is extremely important as customer’s expectations have now greatly increased. Let us have a look at how your business can get a competitive advantage of artificial intelligence:
Automate the processes
There is one thing that is important for any business. Speed. With the help of artificial intelligence applications, new automation technology, and AI-powered data analytics, businesses can make decisions more quickly based on the powerful and insights. Improved data analytics can help the businesses to get powerful recommendations and insights. Now businesses are aware of the advantages that artificial intelligence applications can have over human counterpart. Businesses can get an advantage over their competitors by forecasting the future trends and making policies accordingly.
Better Data Analysis
Top management and policymakers in any business are dependent on the history data that business intelligence provides. Artificial intelligence can analyze the real-time data and provide live insights and recommendations to the businesses. Business intelligence services can help in identifying the opportunities and data patterns that are not visible to the humans. This helps in making the businesses agiler and market ready.
For example, a delay in the delivery of raw material in the manufacturing plant can affect the production. This can also affect the real-time delivery of the high-value clients. This can also lead to the client satisfaction issue that can cause the payment issues, less repeat orders etc. If you can identify the issue at an early stage, you can eliminate all the issues that can lead to a decrease in the sales of the business. Artificial intelligence can help the businesses to overcome this situation by accurately analyzing the data.
Businesses can now powerful workflow engines that can allow them to have a powerful workflow and automate the business processes after learning the business process and without writing a piece of code. New intelligent systems can now suggest and learn and automate the process after learning business patterns and behaviors. For example, artificially intelligent machines have the capability to segment the customers based on payment and ordering behavior. Artificial intelligence can give businesses as well as organizations to work more effectively and more efficiently.
Analytics and artificial intelligence can allow you to better identify your potential client and leads on social media. Artificial intelligence allows you to leverage the social media and online media so that you can get more traffic and leads. Artificial intelligence eliminates the need to segment the customers. You can instead show unique information to different users based on their preferences and history.
Artificial intelligence applications can help you in the sales automation. You don’t have to hire additional sales staff to increase the sales. For a client who is willing to take your services can get the help from artificial intelligence applications. Artificial intelligence can make the interactions more personalized and consistent. Many businesses are using data analytics and data mining techniques to boost their sales.
Artificial intelligence software tools help the organization to predict the future trends front the past data. You can learn from the historical data and information to identify the opportunities and risks. Businesses can make decisions accurately based on the data provided by artificial intelligence applications. For example, Universities can calculate the chances of a student dropping out of a class, telecom providers can predict when a user is more likely to cancel a plan or subscription so that the organization can engage with the user before he is going to leave.
In any business, customer satisfaction is of prime importance. Your customers don’t want to wait for hours to get their issues resolved and talk to the customer support. Natural Language processing has helped in creating chatbots that can answer the queries of the customers. Chatbots can interact with the users in a natural way and can answer the queries of the customers. This has helped in decreasing the response rate. Chatbots can handle multiple clients simultaneously and is available 24*7 at the customer service.
Artificial intelligence can be seen as an opportunity to increase the production and value for businesses. The need is to just implement the right artificial intelligence applications to unlock the potential of the businesses. Artificial intelligence has the capability to transform the landscape of any business by transforming operations. Artificial intelligence companies are now helping the businesses to stand out from the competition and boost their sales.