How AI is Shaping the Future of Business World

  • By Antonia Ava
  • 31-12-2020
  • Artificial Intelligence
ai in business 2020

In this era of digitalization, it is easier to state how Artificial intelligence has influenced our daily lives and how it is significant in impacting different aspects of our daily life, society, and different business operations. Artificial intelligence is helping us to improve efficiencies and is enhancing human productivity.  It is a very transformative industrial revolution that we haven't observed before. 

What is Artificial Intelligence
Artificial intelligence is the working of machines in the way that they help in making decisions like human beings. This technology is influencing the large array of fields like the consumer market, healthcare, finance, retail, and diverse manufacturing units. The data we get daily from computing has made artificial intelligence more advanced in these years.

The Importance of AI in Business
The importance of AI in business is well understood by the fact that it has become a trend in global business. All the business executives and leaders are inquisitive to know how AI will shape their business. AI has become the center of attention for every entrepreneur. Let’s have a look at how AI is revolutionizing the business world.

Consumer Behaviour and Market Insight
Artificial Intelligence helps in analyzing the consumer data taken from trends analysis, interviews, custom surveys, experimental secondary research, online research, and market analysis. The data is also taken from the web and social media. When the data is assembled then AI analyzes it to build customers and market demanded products. By preparing the product according to the customer's preference, you can enhance the customer experience.

As AI helps in market analysis, you can easily explore business opportunities that are prevailing in the market. After starting your business, you can automate your business processes and come up with innovative solutions to your business problems.

AI-based business processes also help in devising marketing strategies that will cut down the marketing cost by providing effective marketing tools. Moreover, it also helps in removing customers from the list of potential customers that are not giving you any revenue.

At present, more businesses are being done online. Artificial intelligence will help you understand the dynamics of social media. Data mining is a new concept in analyzing social media traffic. Through data mining, customers' preferences can be noticed, and to cater to these preferences, different marketing strategies can be devised. Artificial intelligence is a very powerful tool as it helps in adapting your strategies with the changes in consumer and market behavior. The more the data is analyzed by artificial intelligence, the more business efficiency will be improved.

The analysis of 2000 work activities is done in 800 occupations that show a certain type of activities can be easily automatable than others. It includes physical activities, data collection, and data processing.  These are more than half of the activities that people can perform in different sectors. The less vulnerable categories include providing services, supervising others, and interacting with stakeholders.

Almost all occupations will be affected by automation, but only 5% of occupations will be automated with the help of modern technology. There are many occupations in which 30 percent of activities out of 60 percent of tasks are automatable. This shows that most workers from bankers to welders and CEOs to brokers will involve artificial intelligence in their work. Artificial intelligence will automate their work and as a result, the nature of occupations will also change.

Virtual Assistance
At present, many companies are using artificial intelligence in customer services like IVRS and chatbots. Some people are not convinced by the idea that they will interact with machines instead of human beings because machines might stop working at some point. Artificial intelligence can be utilized in some services like they can answer queries regarding the status of flights, flight timings, and alternative flights.

AI is also widely used in call centers. Human agents are employed to cater to more complicated problems. Marketers are using chatbots to communicate with potential buyers in an effective way. IVRs and Chatbots are the best way to check how human beings interact with technology. Global companies will surely use artificial intelligence as a form of virtual assistance to bring pleasant customer services to consumers.

Integration of your CRM with Artificial Intelligence
Marketing and sales techniques are not limited to calling customers and sending them long emails. Social media has changed the marketing and sales perspective. If you want to target the market at the right time with the right platform to the right customers, then you need to integrate your CRM with artificial intelligence. With this integration, you can handle multiple tasks simultaneously.

Data Preservation
In old times, data of customers in CRMS was minimal and it was easy to handle. Business entrepreneurs used to analyze the data easily and gather information for their business requirements. But now the conditions have changed. Globalization has increased the data, and a large part of the data is not organized. Thanks to artificial intelligence, it has helped in organizing and preserving the data so that it can be used for making business decisions.

Artificial intelligence has also helped in understanding a customer's conversation. By understanding the customers' conversation, companies can provide the required services and products in the market.

Personalized Services
Artificial intelligence has helped entrepreneurs to provide personalized services to their potential customers. With the help of artificial intelligence, entrepreneurs can interpret the data effectively. They can check the buying behavior of customers from their history, common threads, and credit scores. Transactions of customers are analyzed daily to provide personalized services to them. When the sales leads are completed, the business owners can analyze the pre and post buying behavior. In this way, they can provide more engaging customer services to their customers.

The sales process can be automated with artificial intelligence so that business owners can target the right customer at the right time before their competitors. Artificial intelligence can also help businesses to know whether the customers will buy their products or not. They get this know-how by analyzing the conversation history of consumers.

Wrapping Up
Artificial intelligence has made our lives easier. The work that was done in long working hours can be done in no time. It has changed the dynamics of global business. If entrepreneurs will not benefit from this technology, then they will lag in the world of fierce competition. Let’s adopt Artificial Intelligence in our business so that we can streamline our business processes and provide state-of-the-art services to our clients.

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Antonia Ava

Enthusiast reading is what led Antonia Ava to become a creative writer for Marstranslation and passionately got interested in various dialects from all over the world. Being half Hispanic and half Mexican (from both sides of the family) her unique ethnicity led her to the road of learning languages and work as an interpreter and as a writer at hand.