20 | 01 | 2022

10 paths AI helps your Business grow

Why is Artificial Intelligence (AI) important to Businesses? | Article

Artificial Intelligence is the ability of computers to perform tasks that people usually perform. For example, it can make decisions and communicate with end-users. In other words, AI is about making machines think and act like humans (or even better).

AI does not replace people in most cases. Instead, it enhances human capabilities and transforms the way we work.

The significance and uses of artificial intelligence (AI) in business are at the top of the minds of leading corporations today. Artificial Intelligence technology benefits big and small companies as it helps them grow, ensures more intelligent decision-making, and transforms management.
Does AI affect the business world? The question is, how are you going to use AI to increase growth in your business?

This post was first written in Jan 2022; in July 2024, we can see the exponential progress AI has made in many areas in over two years. Now imagine if you were ignoring AI during this period and how much you have missed out.

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10 paths AI can help your business to grow

1. Boost Revenue with Product or Services recommendations

AI is commonly used in product recommendation systems. These systems suggest products or information to users based on particular data analysis methods.

Whether on an eCommerce website, advertisements, or emails, a product recommendation facilitates purchase decisions by helping customers find products that meet their needs.

The suggestion can derive from many factors, such as a customer’s purchase history or the behaviour of similar users.

How is it done today, and how will AI improve it successfully?

  • improve outcomes and boost revenues,
  • improve customer experience, encourage users to return to your website
  • store browsing history and generate valuable data for further marketing campaigns,
  • achieve higher visitor retention and more significant sales

2. Chatbots for Improving Customer Service

A chatbot is a system that imitates human conversation (or a chat) with users over websites, mobile apps, or phones. It’s an AI-powered digital assistant that communicates with people.

Today, people want fast, easy, and personalised customer service anytime and anywhere. Chatbots can provide it. A new marketing channel offers a genuinely personal experience between organisations and end-users.

Chatbots are changing how businesses operate and the marketing world. They are among the most promising user interface and customer experience trends.

Chatbot solution improves enormously User Experience (UX)

  • a chatbot is available anytime for customers and instantly respond to their inquiries
  • AI analyzes chat and thus generates highly-targeted offers for the customer, and a chatbot showcases your new products and services. It brings new leads, increases sales,
  • improves customer service, and boost engagement

3. Create the Best Content Marketing Strategy

An incredible number of consumers look online for products and services every second, and you must position your business before them.

How? With powerful content marketing!

Content marketing is a technique for attracting, engaging, and delighting customers by delivering valuable content.

The task of Artificial Intelligence in content marketing is growing exponentially.

Artificial intelligence uses algorithms to analyse your existing data and create the best strategies to market content. For example, if the analysis shows that one type of content is more popular, you can pick the right solution.

AI helps you decide what to write about, which keywords to use, and how often to publish.

In other words, AI can help you create high-quality and high-ranking content.

From discovering keywords, planning and creating great content, distributing and optimising blog posts, and scheduling social sharing, AI can do much work for your business and marketing.

  • produce and deliver content fast, promote the right content to the right audience,
  • identify the right keywords for the SEO efforts, boost social media performance,
  • find the most successful content distribution channels, forecast results
  • create buyer personas based on customers’ needs, goals, and intents
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4. Sentiment Analysis to Measure Customers’ Feelings

Sentiment analysis is an automated practice for monitoring and analysing different text types of people’s emotions and opinions.

The text can be conversations on blogs, social media, or comments on products or services.

Using sentiment analysis, businesses detect customer opinions and measure feedback on millions of web pages, reviews, and forums.

Thanks to AI in sentiment analysis, businesses can analyse vast amounts of data, understand how customers feel and merge all social data to discover customer needs, intents and preferences.

  • understand your consumers and gain insights to improve products, track your brand perception by customers,
  • respond to your customers at scale,
  • boost your customer service

5. Effective Competitive Intelligence

Thanks to AI, performing competitive intelligence, research, and analysis is simpler than ever before. Competitive intelligence is collecting and analysing information about your current and potential competitors, industry, and business background.

The objective is to find out what is working for other businesses in your industry so that you can make knowledgeable conclusions.

By leveraging artificial intelligence in your competitive intelligence efforts, you can effortlessly track and understand what your rivals are doing and what makes them successful.

  • capture complete information about your competitors; every move
  • exposes opportunities and threats as they occur
  • to find out what customers are saying about your competitors and their products
  • and understand why competitors’ websites are ranking higher than yours

6. Sales Forecasting to Expand Your Business

Sales forecasting is the method of predicting and estimating future sales. Therefore, it is a vital factor for defining long-term business growth. In addition, sales forecasts allow you to see potential problems while still having time to avoid them.

For instance, you can discover why your team is trending 28% below the quota if you spot it. On the other hand, your competitor may be running a very appealing discounting campaign.

Precise sales forecasts enable businesses to calculate the probability of customer purchases, predict short-term and long-term performance, and allocate resources accordingly.

After it has analysed how each data element relates to sales performance, the AI software evaluates the next move of a given customer, providing an accurate prediction.

  • have a better understanding of the buyer’s journey, spot potential problems
  • gain insights to orient your sales strategies, improve sales performance
  • fix your business blind spots in the sales process
  • maximise customer lifetime values, improve customer retention rates
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7. Optimise your Cost

Price is crucial when customers buy from companies, especially in retail.

Deloitte studies show that price is critical. We may live in the age of value. Many factors influence your price: price history, brand reputation, competition, quality, season, operating costs, and demand.

Artificial Intelligence software can successfully consider these factors when determining optimal prices. As a result, it can help you make the best price decisions for every product, in every season, and via every channel.

Let’s define optimal prices. These prices attract your customers and allow you to make the most profit.

AI software can scan a vast amount of data, go through endless pricing scenarios, and suggest the most relevant price.

  • create and effectively implement price optimisation strategies
  • increase customer loyalty and increase profit
  • boost your company growth by offering competitive prices,
  • control the competition and prevent losing market share

8. Intelligent Cybersecurity

Many banks and credit card companies are relying on AI to help financial institutions prevent billions of dollars in fraud annually. However, cybersecurity is not essential only for financial companies. It’s critical for many industries, including retail, consumer products, automotive, utilities, and telecom.

As digital businesses grow, the risk of cyberattacks exponentially increases. A company can face many threats: identity thefts, account takeovers, vindictive ransomware strains.

AI software can deal with cybersecurity in many ways: vulnerability management, phishing detection, Network Security, behavioural analytics, and prevention control.

  • detect abnormal behaviour before it causes any damage
  • make faster and more accurate decisions regarding threats
  • prevent wasting time when researching false positives
  • improve company reputation

9. Create delightful in-store Experiences

Despite the growing demand for online shopping, physical stores still have the lion’s share of sales.

Artificial intelligence can transform the traditional in-store experience and take it to the next level with personalized services that delight customers.

AI can enhance the in-store customer experience by offering instant access to customer care at any time, fast checkout, product support, personalised recommendations, and helping customers make more intelligent decisions.

AI’s current and potential applications in retail are very different, engaging, and promising.

The in-store AI can find when the customer last visited the store and track the products bought in the past. Using this data, AI can suggest suitable products and offer personalised rewards like discounts and loyalty points.

AI-powered devices like voice-enabled cameras can interpret facial cues. Capturing customers’ emotions and reactions helps in delivering appropriate products or support.

  • increase the efficiency of stores, boost brand loyalty,
  • enhance and innovate customer experience and improve operations, make the shopping experience more delightful and seamless,
  • strengthen customer relationships and gain a strong competitive advantage

10. Save Time and Reduce Costs

A Forbes analysis found that AI could save the average Fortune 500 company $4.7 million annually via automation.

Artificial intelligence technology allows businesses to automate various methods, free up employees’ crucial time, and help improve productivity.

By automating repetitive tasks, AI can help you achieve greater output in less time at a much lower cost.

AI can enhance the speed of your business operations and decrease mundane tasks so that employees can focus on more critical actions.

At any company, people are your most valuable asset. AI can save time by automating some of their less important and time-consuming duties.

  • ensure your production processes run automatically, consistently, and effectively
  • reduce errors and minimise mistakes
  • free up the time of your employees for higher-level tasks
  • make your company more efficient and productive
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