It’s been around for a while, but it’s only getting better. Find out how you can elevate your business using AI.
Artificial Intelligence has been around since 1956, so it’s not a new piece of technology. But, its capabilities are getting more and more advanced as time goes on. Businesses are using AI more and more throughout their operations, so it’s only wise you do to.
What is AI?
Artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.
Real world applications of AI
AI systems are in place everywhere, they tend to be more common than not. But here are the most popular applications of AI:T
Speech Recognition: It is also known as automatic speech recognition (ASR).
computer speech recognition, or speech-to-text, and it is a capability which uses natural language processing (NLP) to process human speech into a written format.
Many mobile devices incorporate speech recognition into their systems to conduct voice search e.g. Siri, or provide more accessibility around texting.
Customer Service: Online chatbots are replacing human agents along the customer journey.
They answer frequently asked questions (FAQs) around topics, like shipping, or provide personalised advice, cross-selling products or suggesting sizes for users, changing the way we think about customer engagement across websites and social media platforms.
Computer Vision: This AI technology enables computers and systems to derive meaningful information from digital images, videos and other visual inputs, and based on those inputs, it can take action.
Powered by neural networks, computer vision has applications within photo tagging in social media, radiology imaging in healthcare, and self-driving cars within the automotive industry.
Recommendation Engines: Using past consumption behaviour data, AI algorithms can help to discover data trends that can be used to develop more effective cross-selling strategies.
This is used to make relevant add-on recommendations to customers during the checkout process for online retailers.
Automated stock trading: Designed to optimise stock portfolios, AI-driven high-frequency trading platforms make thousands or even millions of trades per day without human intervention.
How can it be used in business?
We’ve just touched on some of the ways AI can be used in business, but lets delve a little deeper.
Currently, automation, data analytics, and natural language processing (NLP) are among the top applications of AI.
Automation: People are no longer required to undertake repetitive activities as a result of automation. It frees up employees’ time to focus on higher value work by completing monotonous or error-prone tasks.
Data Analytics: Data analytics allows organisations to gain insights that were previously inaccessible by discovering new patterns and correlations in data.
Natural Language Processing (NLP): Natural Language Processing is beneficial because it empowers search engines to be smarter, chatbots to be more helpful, and boosts accessibility for those with disabilities, such as hearing impairments.
Other current uses of AI for business include:
- Data transferring, cross-referencing, and file updates
- Predicting consumer behaviour and product suggestions
- Fraud detection
- Advertising and marketing messages that are tailored to the individual
- Customer service using a telephone or chatbot.
According to a study by Harvard Business Review, companies using AI for sales are able to increase their leads by more than 50%, reduce call time by 60-70%, and have cost reductions of 40-60
Demand forecasting – Artificial intelligence enables the creation of automated and accurate sales projections based on all client interactions and historical sales results.
Lead scoring – AI aids in lead prioritisation. These tools help sales professionals prioritise customers based on their probability to convert.
The algorithm can rank the opportunities or leads in the pipeline based on their chances of closing successfully by compiling historical information about a client and social media postings and the salesperson’s customer interaction history.
Sales rep chat/email bot – Chatbots can help start the conversation by sending a tailored message, making it simple for customers to interact right away or come back later. AI algorithms can also produce personalised emails.
AI is used a lot through different areas of marketing due to its ability to analyse, automate and personalise. It helps to improve efficiency whilst increasing the customer experience.
AI enables marketers to acquire a deeper insight into their target consumers. This data can then be utilised to increase conversions while also reducing marketing teams’ workload.
Better CRO and customised website experiences – while artificial intelligence is still far from being able to construct whole new websites, it can assist in improving the visitor experience on a website through intelligent personalisation.
Intelligent algorithms can aid in the personalization of:
Website experience: A single user’s location, demographics, device, interaction with the website, and other information are analysed using artificial intelligence, which then displays the most relevant offers and content based on the analysis.
Push notifications: Push notifications can be tailored to individual users with behavioural personalisation, ensuring that they get the most relevant message at the most appropriate moment.
Image recognition: with computer vision, computers and systems can infer meaning from digital images, videos, and other visual inputs and then act or recommend accordingly.
Marketers can use this to analyse the millions of pictures published daily to social media sites to gain insight into how and where products or services are used. By doing so, market penetration and brand awareness can be measured in new ways.
SEO optimisation: In search engine optimisation, the term “search volume” informs us of how many people are searching for specific terms and phrases while looking for items or services.
Machine learning algorithms are now being used to gain a better grasp of the intent behind search term usage as well as the substance of searches. AI can also aid in analysing competitor SEO tactics and identify any holes that may exist in your own, or to take advantage of keywords that competitors aren’t using. As well as creating SEO-friendly marketing material for your own website.
As previously mentioned, AI is valuable within customer support as it enables quicker response times. However, some customers can get frustrated with chatbots as AI is not advanced enough yet to fully replicate human intelligence.
Chatbots as front-line customer service agents: AI-powered bots help organisations handle jobs, fix issues, and even communicate with potential consumers.
Using chatbots as a first encounter can assist in identifying consumer needs and guarantee that they get connected to the right people. Meaning it can cut down on wait times and the amount of time that customer service agents spend answering the same questions.
Voicebots reduce the number of calls: Artificial Intelligence voice bots are capable of listening to the caller, interpreting their mood, and detecting the seriousness of the situation.
An AI voicebot, similarly to a chatbot, may be trained to offer responses to common questions on its own, much like a chatbot but in a speech format. Because they are capable of understanding queries, they may also be used to improve call categorization and making sure that callers get connected to the most appropriate department.
AI can automate tedious activities, improve accuracy and efficiency, and uncover hidden trends. It can upload files, read them, and classify them in the correct accounting codes. AI never sleeps, tires, or makes human errors.
Performing repetitive tasks – repetitive actions like: recording data, categorising transactions, reconciling accounts, entering and correlating data from scanned receipts and invoices to transactions, evaluating employee expense reports and tracking pricing changes – these are just a few things that take up a lot of accountants time. Furthermore, AI can do all of these tasks with much less error than a human. Thus, employees are saved from mental overload and can focus their work on other ongoing tasks.
Semi-automating complex processes like payroll: AI is likely to alter the future of payroll.
Unlike automation, which is based on cause-and-effect, true AI systems can analyse data, learn from failures, and solve issues strategically.
Analysing candidate profiles: Many companies have invested in AI to help with the hiring process.
Using AI, HR managers can analyse a potential candidate’s past work experiences and interests and match them with the best roles.
Organisation Network Analysis: to assist your company in becoming more sustainable and successful, AI can be used to analyse formal and informal relationships in the business, which can help develop business strategies that increase the organic exchange of information.
Those are the top ways artificial intelligence can help the efficiency of your businesses operations. This is by no means an exhaustive list, but we hope it can highlight some of the benefits of transforming your business into the digital world.