Using AI to Boost Your Business
Guest Blog by Carly Thurgood
“I think because of artificial intelligence, people will have more time to enjoy being human beings”
Jack Ma, Alibaba co-founder.
The idea of Artificial Intelligence (AI), may for some people, bring ideas of sci-fi films, Elon Musk, or robots. However, for people wanting to build their online empire, it is quickly becoming an immensely important part of everyday life.
Recognised tech giants including Microsoft, Facebook, and Google are already extremely invested in using AI tools to drive their businesses. The excitement surrounding AI has hit a record high, with the AI software market predicted to hit $126 billion by 2025.
For businesses managing a website, wanting to attract more business, the question is, how can we utilise AI tools to their full potential, as an avenue for growth and ultimately more conversions.
Countless websites are now using extremely innovative AI technology to manage their online sales, with a wealth of choices available. With so many website owners struggling to choose suitable tools to enhance their businesses, in this article you will discover what can be achieved with AI, and how it can boost your business.
How Companies are using AI
AI is revolutionising the way we live, travel, work, and do business in the 21st century. With the assistance of AI, businesses can heighten customer experience, enhance employee performance, automate work processes, and develop intelligent workers to help with repetitive business processes.
JPMorgan gave us a prime example of how they automating repetitive business processes when they used AI to automate high finance and boost employee productivity. Remarkably, this new software completed tasks in seconds, which previously took lawyers 360,000 hours.
What else is happening in the world?
- LoopMe assists brands such as Microsoft and Disney in running more compelling mobile video advertising campaigns. By analysing customer data to establish which online users are most likely to purchase a product or visit a store.
- Arctic Shores, a start-up that creates custom mobile games that businesses can use to gauge potential employees. A job applicant would play one of their games, and the software would record more than 3,000 behavioural data points formed from the choices made, using machine learning to collect worthwhile insights about the applicant’s profile.
- NquiringMinds, a “smart cities” start-up company that uses data science and sensors to share guidance about how urban areas can function more efficiently. For instance, an analysis of traffic data detected by an internet-connected, or ‘smart’ lamppost could help cities cut air pollution and congestion dramatically.
- Finally, even though Facebook’s AI research group, FAIR, are continually advancing in the field of machine intelligence, developing new technologies to supply people with more efficient ways to communicate. Mark Zuckerberg’s recent AI project was eventually shut down, as their two AI robots Alice and Bob began communicating in their own secret language.
What can AI do for your business?
Information Technology and Security
The leading way businesses are currently using AI is within security and IT.
The volume of data around the world is exponentially growing each day. Data is being produced from network devices, the cloud, endpoints, and so many other areas. With more and more data, businesses are continuously seeking security analysts to protect their services. But what if machines could do what we cannot, by making real-time threat detection a reality by automating analysis and migration.
With the adoption of AI skyrocketing, studies are showing that more than half of all businesses wouldn’t be able to detect threat without the use of AI. With three out of four executives saying that using AI allows their business to respond much faster to breaches and even lowers the cost of detecting and responding by 12%.
Sounds good, right?
So, what is available to help you right now?
- FortiAI is a tool that can expand the security professional. AI can do the hard work by analysing data, allowing engineers to spend more of their time fixing any issues. FortiAI also carries out malware analysis to understand the type of malware, creating a timeline for each infection.
- HANA is SAP’s cloud platform and machine learning solution, which businesses are utilising to manage databases of information that they have collected. For example, customer information, sales transactions, apps, relational databases, and other sources.
- Cylance supplies various cyber security products and services that proactively avert, rather than reactively detect, the implementation of advanced constant threats and malware. Cylance is even the tool of choice of some government institutions and Fortune 100 organisations.
Marketing, advertising, and sales
Moving on to one of the most important categories for the future of your business, marketing, advertising, and sales.
Platforms such as Adext AI employ AI and machine learning to digital advertising to find the best demographic group or audience for any ad. They automatically manage budgets across diverse audiences on several platforms, such as Facebook ads and Google AdWords, optimising every single ad about 480 times every day. Making its present average improvement of +83% more conversions by the 10-day mark, an obvious choice.
CEO and founder of LeadCrunch, Olin Hyde, suggested that AI creates ‘superhuman salespeople’. They cannot be fully replaced by a machine, but a machine can unquestionably make them stronger and smarter. Simply, while the machine pinpoints leads, salespeople will be responsible for adding the important human touch.
Another company that has seen noteworthy benefits of using AI is Epson America. They implemented an AI-powered sales assistant made by Conversica. Their virtual assistant, named Angie, sends around 30,000 emails each month and clarifies the responses to understand who a strong lead is. Angie will then set an appointment for the relevant salesperson and logically hands over the conversation to the human salesperson.
This application is said to have helped to generate $2 million in incremental revenue in 90 days, with a 75% increase in qualified leads.
Build on Customer Insights and Behaviours
When you establish a business online, it is important to analyse how consumers behave when they visit your website. The more you know your customers, the better, and to deliver the best customer experience, you need to know as much information as you can.
Employees in customer-facing roles cannot be expected to know a customer’s complete history and extract their own insights from them in real-time. Automated systems also cannot be hand-programmed with guidelines to handle every possible customer history, on top of locating patterns across an inordinate number of data points.
Enter, AI, and the transformation of customer service.
The role of virtual assistants is to use AI to follow instructions or answer questions. Some of the top intelligent personal assistants or automated personal assistants around today are Google Assistant, Nina, Viv, Cortana, Siri, Amazon Echo, and Google now (amongst many, MANY others).
Online retailer Spring was one of the first to begin using Facebook’s Messenger Bot Store to supply a personal shopping assistant. Assisting shoppers to find what they are looking for by engaging them in basic conversations.
AI is assisting businesses in creating experiences that integrate naturally with customers’ daily lives. Intelligence prediction and personalisation will make customers feel as if each and every brand or product experience was tailor-made just for them.
Meaning businesses will be able to gauge individual shopper records and customer behaviours to predict and deliver goods, even before they realise, they’re running low.
The best customer experience is reached when a business remembers each customer and treats them with consideration throughout their customer journey.
The beauty of AI customer analytics is that it can sort through much greater and more intricate data, uncovering far more business opportunities for you. Perhaps even opportunities that you didn’t know you needed to look for.
AI customer analytics uncovers every relationship in the data which exists, predicting the probability of future behaviours with precision.
With the power of these technologies, marketers would be able to accurately predict the value of each customer, producing more profit for retail businesses.
THOUGHTS REGARDING ARTIFICIAL INTELLIGENCE IN BUSINESSES
Trends in business management are becoming more customer focussed, data-driven, and personalised. After all, it is all about producing real customer value. Regardless of how businesses achieve this, being open and flexible to change is one step closer to remaining competitive, undeterred by new challenges, either brought by humans or technology.