Ai in Business: 4 (plus) benefits of Artificial Intelligence
A recent article by Neoteric posed the question "What are the benefits of artificial intelligence?" in their article about Ai in business.
Backed by research from various sources, the article aligns with our own experience - and a few of the reasons we created our own CXM (Customer Experience Management) platform based on Ai.
More than just a buzzword, Ai is helping to give business leaders and Powersports dealers a competitive advantage.
Here are 4 benefits in excerpts from the article that PSXDigital also finds as being of key importance to Ai in business:
SAVE TIME AND MONEY
Machines are more efficient than humans. They can work 24/7, they don’t sleep, don’t need breaks, don’t get bored. This means you can rely on them to notify you about important events right at the moment, even in the middle of the night, or to chat with customers whatever time of day it is..and more. Artificial intelligence can analyze vast amounts of data in a blink of an eye – a task that would take hours of arduous human labor or would be even impossible to accomplish. Ai can also take repetitive jobs away from people by automating routine work.
And what about the money? With process automation, the reduction of error, and Ai’s capabilities boosting customer experience and sales, you can not only save money on otherwise expensive business processes but also increase revenue (and prevent churn!).
GENERATE BUSINESS INSIGHTS
Data is sometimes called “the new oil” as it’s become an invaluable resource of the digital economy. But even big data is useless when you can’t make sense of it. Artificial intelligence can help businesses mine data; processing billions of data points in an instant. Whatever question you need Ai to answer, it can do it and it will keep getting better at answering:
- What color Polaris does Jane prefer?
- Will customer X churn?
- Will this unit sell out?
Ai can provide accurate predictions about future outcomes based on historical data. Artificial intelligence converts information into knowledge and even gives you insight into the future! Of course, Ai is no fortune-telling technology but it can support your business with predictive analytics. Predictive analytics is a form of analysis with the use of machine learning – the algorithms analyze historical and current data to make predictions of future outcomes.
Ai-powered tools help companies gain a competitive advantage by creating better products and services tailored to their customers, reduce risk of failures or downtime, reduce costs thanks to predictive maintenance, increase operational efficiency, improve safety and compliance, instantly process data, and to get a better understanding of their customers.
Artificial intelligence isn’t error-free. It can make mistakes, but generally speaking, it’s much more accurate than humans. In many cases, the accuracy is around 99% - a great advantage is that it makes decisions based on the available data only. It doesn’t have opinions, it doesn’t have emotions.
Bias can occur as a result of a number of factors, starting with how the data is collected. If, for example, data is collected by means of a survey distributed to gain objective feedback from customers, we have to be aware of the fact that the answers (data) come from only those who have purchased from our company, which is a limited group of people. Data collected this way is not representative of the entire population. Not a bad thing at all!
ENHANCE CUSTOMER EXPERIENCE
Artificial intelligence solutions are beneficial to both businesses and their customers. It’s much easier to justify collecting different types of data when you actually bring value. Most people are well aware of how much information companies such as Google or Facebook gather from them. But in return, we get what is called a “free” service. In reality, it’s “free” in terms of monetary payment – the currency we use to pay for such services is our personal information. And we’re mostly fine with that.
Users love the fact that Netflix shows them the movies that are actually fun, Spotify creates personalized playlists that they enjoy, Uber arrives fast and gets them to the destination at an affordable rate, Alexa prepares their shopping list. Companies know where we live, what our jobs are, where we are at a given time of the day, what we buy, what we watch, what we listen to. Thanks to observing users’ behaviors, they can make sure that the products or services they offer are relevant and attractive. They create customized experiences.
Another important thing here
AI is available non-stop. AI-powered apps can assist customers no matter the time of the day: to communicate with customers in real-time to send personalized and most up-to-date information.
Ai-powered solutions help create great customer experience which helps increase customer loyalty and boost sales. A study conducted by Zendesk shows that 42% of B2C customers purchase more after a good customer service experience, while bad customer service interactions result in 52% of customers not buying. 59% of shoppers who experienced personalization think that it has a big influence on their purchase decisions. When Amazon introduced their recommendation system, they saw a 29% increase in sales. These numbers show that the “everyday” use of Ai that customers are already accustomed to brings real value.
LIMITLESS ADVANTAGES OF Ai?
The advantages we've listed are all a bit general. Because every use case in every other industry outside of Powersports also brings about different benefits. Artificial intelligence can improve customer service with the use of chatbots and recommendation systems, increase revenue by identifying and maximizing sales opportunities, predict product demand, classify customers, predict customer behavior, detect fraudulent credit card transactions, detect malware, review documents, do research, help diagnose patients… The list could go on.
The key in looking for the benefits of Ai is not in what other people think about it – it’s about finding the value it can bring to YOUR organization.
Source: "Ai in business"