Artificial Intelligence for Business – Things It Can Do for You

A human finger touching the AI finger

Artificial Intelligence (AI) has always struck us as both scary and revolutionary as a technology.

Whether it’s Elon Musk warning us that current trends indicate AI will overtake humans by 2025. Or our perception of it via movies where AI is always uprising just like in Terminator movies. And, of course, we all remember HAL 9000’s famous line from 2001: A Space Odyssey: “I’m afraid I can’t let you do that, Dave.”

But the reality is quite different. After all, everybody carries an AI-powered smartphone with them all the time. That just shows how much AI has been integrated into our daily lives and business.

In fact, the recent data shows the artificial intelligence market was worth $51.08 billion in 2020. This figure is expected to reach $641.3 billion by 2028, representing a more than tenfold increase in just eight years. 

How Is Artificial Intelligence Impacting Businesses Every Day?

Businesses use artificial intelligence (AI) to make better decisions, provide improved customer care, and enable improved employee engagement

Artificial intelligence is already being used in a variety of industries and business applications, including finance, health care, manufacturing, transportation, and more. 

AI is not something new to the world. It has been around since the 1950s but recently has had a resurgence because of advancements in technology like cloud computing and data storage. 

The term “artificial intelligence” refers to any machine that can perform tasks with little or no human intervention, including things like speech recognition, face detection algorithms for facial recognition software as well as computer vision systems that can classify objects based on what they see. 

We all know about Siri or Alexa, but these are just two examples of how AI has already changed our lives for the better. 

AI can help businesses by providing insights into how customers are interacting with products and services in order to improve customer experiences through predictive analytics, personalization capabilities, etc. Making companies more efficient at targeting consumers which will increase sales revenue overall (or reduce costs if implemented correctly).

Moreover, to understand how AI works in simple language, we recommend you to read: The 101 Executive Guide To Data Science and Artificial Intelligence

Artificial Intelligence and Business Today – Top 3 Applications 

While there are many domains and we will discuss them as well. But automation, data analytics, and natural language processing are three top applications of AI. 

These three domains are bringing a paradigm shift in business from simplifying processes to increasing operational efficiency. 

1. Automation

Automation has been implemented in many industries, from manufacturing to agriculture to healthcare. By reducing human intervention, AI improves productivity and helps reduce costs. And completing monotonous or error-prone tasks — it also frees up employees’ time to focus on higher-value tasks.

2. Data Analytics

Data analytics is employed in many sectors from retail to marketing — to improve productivity and achieve business goals. AI-powered machines generate insights from structured or unstructured data that would otherwise be too complex for human analysis. Data analytics solutions are especially useful for identifying patterns and anomalies in data sets.

3. Natural Language Processing (NLP)

NLP is used for processing text using natural language, which is often employed by companies looking to analyze their customers’ online conversations and feedback. NLP solutions are available as standalone tools or as part of language translation software, which can assist with written communication between humans who speak different languages.

Applications of AI in Business

Applications of AI in business
Image: Vecteezy

1. Artificial Intelligence in Customer Support

Artificial intelligence is used to offer solutions to common issues and problems. It also helps the customer support team to reduce the time taken to resolve issues and problems. Ultimately saving time and labor costs for businesses as well. 

A customer support agent is trained to answer questions from customers and provide them assistance. Usually, the agent has access to information and resources that can help them solve their customer’s problem. 

An artificial intelligence system is fed data and trained to find answers on its own, in a way similar to how a human brain works. But with much faster speed and accuracy. Combining the two technologies makes it possible to create an automated system that responds to customer queries with information and support instantly. No doubt — AI ultimately improves your customer retention as well. 

Here are some of the ways businesses are using AI in customer support today:

Chatbots — One of the most exciting uses of AI is the chatbot. Chatbots are software that can be programmed to communicate with customers through text messages or voice calls. These automated agents can help resolve common issues without human intervention, freeing up employees to handle more complex problems.

Automated Call Center — Automated call centers use artificial intelligence to improve call routing, reduce average wait times and enhance self-service capabilities. When a caller tries to get in touch with a representative, an automated system will prompt them with a menu of options and redirect them accordingly. If they choose an option that requires human assistance, the system can determine how long it will take for someone to answer their call based on current hold times or route them straight through if their problem requires immediate action.

Virtual Assistants — Virtual agents are always on call — 24/7/365 — to answer your customers’ questions. They may be chatbots or phone systems that use natural language processing (NLP) to help customers solve their problems. Virtual agents can handle common questions and direct the customer to the appropriate resources for more complex topics. They can also get smarter over time by learning from the questions customers ask and how those issues were resolved. AI-assisted chatbots are becoming increasingly commonplace in customer support.

2. AI in Accounting 

We mentioned earlier how AI is changing the finance industry. So naturally, the uses of AI in accounting have been growing steadily as the technology has improved and become more accessible. The basic premise is that accounting is a perfect fit for AI because it involves repetitive, high-volume tasks that require consistency, accuracy, and speed.

Much of the industry is still doing things manually, without the assistance of automation, but those days are numbered. 

Here are a few of the primary ways accounting firms are using artificial intelligence to improve their business — and their clients’ bottom lines:

Invoicing — The invoicing process can be time-consuming and complicated for businesses, especially if they’re sending out hundreds or thousands of invoices each year. AI makes it possible for companies to automate the process so customers receive their invoices on time and without mistakes.

Forecasting — Companies need accurate forecasting to make good decisions about how much money to invest in areas like marketing, inventory management, and employee training. Artificial intelligence can help them make these predictions based on previous data with very little manual input required. It can also gather other information that might not be readily available to humans (like weather patterns) and incorporate it into its models for even better accuracy.

Compliance — Compliance is an area in which AI can help you understand and stay on top of changing regulations and reduce the risk of financial penalties. According to Deloitte, businesses are increasingly using AI to manage compliance, such as by using algorithms to identify inappropriate transactions or document classification tools that automate the processes of collecting and reviewing relevant documents. AI will also be used to streamline processes like audit trails, data analytics, and reporting, digital contract management, and more.

3. AI in Human Resources 

Artificial intelligence in human resources

The following are examples of some of the ways artificial intelligence is currently being used in human resources, and how it is likely to be used even more widely in the future:

Resume Screening — AI can be used for filtering resumes, and identifying candidates most qualified for a particular job. This process can be automated using AI-based algorithms.

Chatbots — Chatbots are usually the first line of contact between a company’s HR department and potential employees. They are programmed to answer frequently asked questions about job openings, compensation packages and other benefits, company culture, and anything else an applicant might want to know. They also provide information on mandatory documents required at the time of application. Many HR departments are already using chatbots as part of their recruitment process.

Performance Management — HR managers can use AI to gather employee feedback in real-time by monitoring their performance against stated goals or key performance indicators (KPIs). This allows them to provide coaching where necessary and improve employee engagement.

Learning Management — AI can help employers identify which training programs are most effective by assessing which programs result in the best performance outcomes for employees. They can also help tailor training programs to individual employees based on their learning styles and skills gaps.

Recruiting — This is probably the most common use for HR AI. Recruiting software helps companies narrow down their candidate pool by analyzing resumes and flagging candidates who meet certain qualifications. Some recruiting software even screens candidates automatically by asking them questions over the phone or through chatbots.

Diversity — Many companies have embraced diversity as a core company value. And some HR AI helps companies to determine whether or not they are meeting those goals (or at least moving in the right direction) by analyzing employee demographics, including race, gender, age, etc., 

4. AI in Contact Centers

Artificial intelligence in contact centers

AI is being used in contact centers to help with everything from training customer service representatives (CSRs) to better understand the needs of customers, to actually talking to customers directly without any human intervention. 

Here are some ways AI is helping in contact centers: 

Personalized Customer Experience — AI can help to deliver a personalized experience for your customers. By leveraging AI, you can learn what kind of previous experiences your customers have had with your brand and use that information to better serve them in the future. This will allow you to identify your customers’ needs and wants before they even ask, which will impress them and help you build a long-lasting relationship with them.

Intelligent Virtual Assistants — AI-powered virtual assistants can help contact centers in many ways. They can handle routine tasks like scheduling appointments or answer frequently asked questions, freeing up agents to focus on more complex issues. They also provide an easy way for customers to interact with your customer service team without having to wait on hold or navigate through voicemail menus. With these benefits, it’s no wonder that intelligent virtual assistant adoption is on the rise!

Customer Support — Contact centers are using AI for customer support by leveraging their capabilities in natural language processing (NLP) and machine learning (ML). This will allow them to continually improve how they interact with customers over time by gathering data from previous conversations as well as other sources (e.g., social media posts). The more information they

Proactive Engagement — More than ever, customers expect companies to anticipate their needs, be proactive with offers and be available when they want them to be – whether it’s during the workday or late at night. Technology like speech analytics, social media monitoring and predictive routing can help contact centers meet these demands.

Social Media Monitoring — Social media monitoring is when businesses use social media channels as another way for their customers to reach out with concerns or questions. Customers can post these messages or comments without having to interrupt their day or take time off work to make a phone call during normal business hours. Businesses can monitor social channels, respond as necessary, and even set up automated responses letting the customer know someone will be in touch soon.

5. AI in Marketing 

Artificial intelligence in marketing

Personalizing every interaction with customers and potential customers is a growing trend. And AI has been helping big time to bring digital transformation. In fact, It might be difficult without the help of AI. Various tools are used to understand the various needs of customers and then provide them with personalized services.

It is not surprising that marketing has been majorly impacted by AI, which is proven by statistics that show over 90% of marketers agreed that AI helped them improve their workflows and performance. 

The following are some ways in which businesses are using AI in their marketing strategies: 

Adaptive Targeting — Targeting customers based on their online behavior and purchase history helps marketers better understand who they are reaching and how best to reach them. This data-informed approach allows businesses to create highly personalized ads that are relevant to the target audience.

Content Creation — With the help of AI, a company can automate content creation for blogs, articles, and advertisements. AI can also help businesses create content that is more likely to go viral by analyzing patterns and trends in social media based on content type, topic, time of day, and other factors.

Predictive Analytics — Predictive analytics is perhaps at the heart of most AI uses in  Marketing. By analyzing customer data, businesses are able to predict customer needs and behaviors as well as determine what products or services will be most successful in the near future.

Optimizing Paid Ads — One of the most common uses of AI in marketing is optimizing paid ads. There are various platforms like Facebook, Instagram, and Google that allow advertisers to use AI-powered tools to optimize their ad campaigns. These tools can help marketers find their target audience and help in converting their potential customers into paying customers. It also helps in finding the best time for running ads on different platforms.

Content Curation — AI can be used to curate personalized content for your audience based on their interests. You can also leverage AI technology to analyze existing content so you know what types of content resonate best with your audience.

6. AI in Sales 

Artificial intelligence in sales

When it comes to the sales process, one of the greatest benefits that AI brings is the ability for companies to personalize the customer experience. By having a deeper understanding of what people are looking for, businesses can use AI to provide customers with more relevant information at each step of a purchase decision. 

In fact, 55% of consumers are willing to share personal data in exchange for a more personalized experience. With that, here are uses cases of AI in sales: 

Personalization – AI enables companies to collect, analyze and use huge amounts of data to automate personalized communications and find the right customers, who are most likely to convert. This is especially helpful for e-commerce sites. Using chatbots, companies can provide 24/7 assistance through messenger apps like Facebook, while gathering huge amounts of data on customer behavior as well as preferences.

Lead Scoring — With the help of algorithms, AI can track millions of leads and score them in real-time based on their likelihood to convert or buy a particular product or service. It is also used for sorting emails. Companies use AI to scan through emails and provide responses based on email content.

Automation — AI helps companies automate tasks that would otherwise be performed manually by humans, thus saving time and effort. The best example is chatbots; they are powered by AI, providing the benefit of 24/7 assistance while automating large volumes of queries at a time. They can also be trained to deliver more complex conversations with customers without any human intervention whatsoever.

Conversational Commerce – Many companies are using chatbots to improve customer service. Chatbots can provide instant answers to customer questions and can make recommendations based on a customer’s history or previous purchases. They can also provide an improved user experience since they allow customers to shop online at any time of day instead of having to wait for business hours. Some people prefer to interact with chatbots rather than humans (particularly when it comes to issues like returning products or getting refunds), so this is a valuable addition to any company’s online presence.

Social Media Management – Many businesses use social media management tools that use AI and machine learning algorithms to get more social media engagements. These tools can help companies analyze data and make more informed decisions about how they post content on social media platforms like Facebook and Instagram. This can lead to increased engagement with customers through these channels, which is important for building brand loyalty among consumers or potential clients.

Ai Is the Future

While artificial intelligence has been around for decades, we’re now reaching a point where this technology is becoming larger in its scope and applications. 

Furthermore, with the recent increases in computing power, large amounts of data can be more efficiently analyzed with AI, making it more cost-effective to implement. 

And as robotics becomes more advanced and widespread, automation will become increasingly common. Ultimately, it’s clear that AI will continue to bring innovation to business processes in the coming years — and that trend isn’t going anywhere.

Learn how AI can be applied in your business to boost revenue growth