AI can automate business processes and help gain insights through data analysis, freeing you up to focus on high-impact activities that help reach key business goals.
Numerous sectors are now using artificial intelligence for marketing, prospect analysis and customer service purposes. AI has the power to transform how businesses function.
Improved Productivity
AI can boost productivity for businesses by automating time-consuming tasks and improving communication tools. AI-enabled chatbots and virtual assistants engage customers real time, cutting customer support call times in half while freeing employees up to address more complex problems.
AI can make knowledge workers more efficient by automating repetitive tasks and aiding with decision-making; however, its effects haven’t been as dramatic as some have predicted (Brynjolfsson et al. 2019).
Reasons for this gap could include delays in developing complementary inventions, retraining workers and implementing changes to business processes. Furthermore, AI’s proliferation could increase super firm power that control market share and limit diffusion of competing technologies (Acemoglu and Restrepo 2019), potentially impeding growth for all firms by restricting access to new ideas and products that could contribute to further innovation and expansion of markets (Acemoglu and Restrepo 2019). Therefore it is imperative that measures are put in place urgently to address these concerns.
Increased Customer Satisfaction
AI has transformed customer service by equipping companies with tools that can answer customers’ inquiries, assist with the purchasing process and even personalize the experience for each individual customer. AI technology has proven its ability to improve fraud detection, enhance CX with online banking applications and identify patterns in customer credit analysis.
Artificial intelligence (AI) can also aid customer support management by recognizing customer sentiment and intent based on existing data and prior interactions, then prioritizing and routing calls directly to an agent, thus helping reduce wait times on the phone and improve first call resolution rates.
43% of business owners are concerned that their reliance on AI may become excessive. It is essential for brands to understand its specific benefits while balancing its potential drawbacks – this will ensure AI is designed, developed and deployed responsibly.
Increased Sales
AI is already helping businesses increase sales in multiple ways. It has reduced entry barriers into new markets, reduced product development cycle times, increased productivity and reduced the risk of errors during business processes – all while adhering to standards more closely.
AI allows businesses to automate customer support calls by understanding the context of questions and providing appropriate responses, freeing up staff for more complex issues while increasing customer satisfaction and retention.
AI can also enhance business models by enabling data analysis and uncovering new revenue streams. AI-powered log analysis, for instance, can detect anomalies and prevent system failures by flagging them; accounting teams can also enlist its aid by reading receipts and analysing expenses to comply with company policies. However, its success in sales depends on its implementation strategy; for optimal success using AI in sales efforts it would be wise to involve boundary spanners who understand both technical aspects as well as user needs in creating solutions which are usable, useful and sustainable solutions.
Increased Productivity
AI can make businesses more efficient by automating repetitive tasks and improving customer service, as well as by helping companies develop products and services tailored to customer data. Furthermore, AI helps companies increase sales and profitability by anticipating demand and supply.
Credit card companies utilize AI to identify fraud risks in real time and respond faster and protect their customers. Other uses for AI include voice-based smart assistants like Alexa and Google Home; automated customer service systems; self-driving cars; as well as communication tools tailored specifically to individual user’s needs and learning styles.
One study reported that using AI tools to provide advice to tech support agents increased productivity by 14%; however, this research employed keyword matching technology that only accounts for patents that describe AI technology without considering other technologies with similar impacts; this may overstate its effect on business productivity.
