Leveraging AI to Gain Business Advantage
Artificial intelligence (AI), a technology that has made people think twice is continuously evolving as a prominent feature in business. Inventions like automated chatbots and recommendation engine virtual assistants are becoming a critical part of business empowerment. At the same time, machines are taking centre stage by showing their potential in various industries. Companies like Google, Amazon, Salesforce as well SovTech, have implemented intelligent layers into each stack of their business management, in order to better service their customers and increase the efficiency of their everyday operations.
This isn’t the kind of AI shown in Avengers or Transcendence. This AI is evolving under the surface, making our business culture smarter and unleashing previously hidden potential. Practical AI applications can be implemented in various forms for businesses. Enterprises can leverage AI for mining social media data to optimize supply and distribution efficiency by asset monitoring.
Let’s explore how AI can increase your business value with its incredible inventions:
Consumer interactions like emails, social media chat, share, calls, online chat are managed by human interaction. AI is enabling the chances for automating these communications. The data collected from existing communications are automated with designed programming models for providing accurate responses to consumers. AI enabled chatbot used in websites is the best example where AI is automating consumer interaction.
Scientists have estimated that 85 percent of the consumer interaction will be automated completely and performed by the machines by the end of 2020. The days of call centres will soon be extinct.
The sales sector is using machine learning and AI in the most prosperous way, primarily the use of pattern recognition features of machine learning – yes, AI can observe each and every segment of the customer journey i.e., what customers choose, buy, product recommendations, prospect closing, profiles and historical data etc. This information is very beneficial in terms of tracking the conversion rate, allowing a business to prioritise its team’s focus, timings and many other factors to close sales. As a business you can either hire developers and analysts to manage these tasks or you can adopt SaaS based AI solutions, services all offered by SovTech. If you’re an engineer looking to getting a better understanding of these services, you can join the Artificial Intelligence Course and explore this world of innovation to deliver effective results.
Cloud based AI applications can process huge amount of data within no time. They can address critical and relevant findings and provide valuable insights by analysing those data. Thus, businesses can mark their effective presence in the marketplace.
One more advantage of AI is that it can predict future outcomes. Yes, you read right, future forecasting is made possible and more accurate with automated data analysis. By recognising customer information, tracking what products they buy and the quantity of their purchase, AI can predict the demand and supply of products in the market. It assists enterprises in purchasing the future stock. This prediction capability of AI is just not limited to marketing but also helping the banking sector, healthcare, automotive etc.
The machine learning algorithms can differentiate or catch anomalies in transactions, or other data. Making AI and essential tool for the financial sector. Currently this is how the Finance industry detects fraudulent transactions from their database.
Process Automation is a different application of machine learning (ML), it’s the process of transforming manual operations into automated work, such as moving manual data entry into automated data entry. ML is looking forward to convert those processes which are difficult and monotonous for humans into seamless and accurate, automated processes. Work that follows the same pattern, constraints or boundaries falls under this category.
Another way businesses can leverage AI is through support channel automation. If you are looking forward to this then you should be looking into conversational interfaces or chatbots. When these are implemented correctly they can drastically reduce the support team’s work load. The data used here is not about sales but rather about recognising customer profiles and support ticket comments. Though the data is usually qualitative rather than quantitative, there are various ways AI is able to convert these classical human judgement processes into automated patterned clusters of information.
Every business is concerned about reaching their KPIs and optimizing their work flow. To implement AI successfully the availability of good data is necessary, AI will then divide that data into chunks and push your efforts onto cohort analysis. The tool then looks for opportunities in those chunks and delivers valuable output relevant to your business. Thereon, you can analyse how automation take your business to another level, proving how essential it is to adopt technology in your business strategy.
Got no idea where to start with data analysis? Don’t worry, thanks to cloud technology it’s so much easier to adopt technology from any corner of the globe. You can leverage ready made or on-demand tools to analyse your data and follow ongoing trends through it. SovTech is one such leading custom software development giant which can provide you on-demand cloud applications that can analyse your business information and propel your business to the next level.