Artificial intelligence seems to be the buzzword of the year. As the capabilities of the technology increases, expect to see AI infiltrating into nearly every area of life. It’s already making computer systems more efficient, freeing up creative time and energy for growing your company.
By 2025, experts predict AI will be a $60 billion market. You already use AI technology whenever you interact with a chatbot and pull up a report from a database. Even when you call a business and interact with computer-generated responses, you’re participating in AI.
AI technology isn’t going away anytime soon, so businesses should look at it if they want to stay on trend. Investing in it costs money, so determine what elements are most helpful to your company and implement them one at a time. Here are the reasons why you should invest in AI technology.
1] Increase Productivity
Artificial intelligence increases profitability by 38 percent. AI takes minor tasks that are time-consuming, such as generating reports, and assigns them to the computer. This frees up your workers to complete other work a machine is not yet capable of.
In addition, things that used to take a long time now take mere seconds thanks to the advanced thinking skills of today’s computers. Free up your workers’ time for more creative pursuits or developing relationships with your customers.
2] Save Money
AI makes your entire business run more efficiently. You can also quickly sort through data and find issues costing your company money.
For example, if you always order too much of a product before the holiday rush, your database can now generate automatic reports about what you should and shouldn’t buy to make the most profit. The sorting capabilities of AI grow better every year and apply to nearly any type of business you can imagine.
3] Use Natural Language
Have you ever gotten a contract back and it was so filled with legalese that you could barely understand it? AI now has the ability to look for natural language patterns and suggest changes so they are easy to understand for both parties.
Once you have some basic information in the system, it can also generate contracts for you based on past patterns, saving even more time and money. Since many agreements between businesses and clients repeat necessary content, it’s a simple matter of pulling a new one together and then tweaking it to suit your needs.
4] Entertain Your Users
AI has the ability to deliver content in a way that is highly personalized and entertains your customers while attracting new fans. Netflix is an example of a company that utilizes AI to predict shows its viewers might find interesting.
Users expect a highly personalized experience, but that’s hard to deliver to each person. With the help of AI, however, you can make the experience much more targeted.
Think about your customers’ past behavior and how you might predict their future needs. What things entertained them in the past? Is there a similar way to engage them now?
5] Gain New Customers
With the power of AI, you can see what your typical customer is like and understand their buying patterns. You then know who to target your marketing efforts to and even what past campaigns were most effective with each buyer persona.
AI pays for itself over time in the number of new clients gained. Targeting a specific demographic isn’t easy, but with the help of AI, you can better figure out who your customers are.
6] Respond Instantly
Customer service is a vital part of any business. Chatbots have become more commonplace as users turn their attention online before making a purchase. Today’s chatbots utilize AI to offer answers and responses that make sense.
These are not the ones of earlier days that give nonsensical answers that only frustrate people. Instead, they can be used to answer basic questions or keep someone engaged until a live agent comes online.
7] Handle Repetitive Research Tasks
Are there some research tasks that seem neverending in your line of work? AI is already being utilized for market research to help make decisions on advertising campaigns and more.
About 35 percent of marketers believe AI will reduce the number of jobs in their industry in the next few years. Companies that automate at least part of their research process wind up bringing in more revenue.
8] Hire Better Employees
AI can also be utilized in the hiring process. Small businesses, in particular, have a hard time attracting top recruits because larger companies dedicate time and resources with big human resource departments to woo those candidates.
What if AI could sort through resumes for you and find the best matches for any given job? How much time could you save and then reach out to the best people to fill any given role in your company?
AI of the Future
There’s no telling where AI will take us in the future. As computers grow smarter and programmers learn to teach them to think more like us, machines may replace many of the jobs we do today.
However, there is always going to be a place for creativity and communication, so focus your attention on improving your work in those areas and let the computers do the rest. Consider AI as an opportunity to effectively enhance your business.