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6 Ways To Use Artificial
Intelligence In Your Business
Artificial intelligence is not only the future — it is now! Learn
how your business can use this game-changing technology.
Artificial Intelligence (AI) has long been seen as a vicious entity, dead to
exterminate humanity, or at least, to keep its members out of commission.
However, artificial intelligence is far from it, which brings us to the
question: What is AI?
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Applications in Business
According to Tecopedia, Artificial Intelligence is “an area of computer
science that emphasizes the creation of intelligent machines that act and
respond like humans. Some operations on computers with artificial
intelligence include speech recognition, learning, planning, and problem-
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solving. In other words, the features you normally associate with humans,
not computers.
According to a recent PWC survey of more than 1,000 American business
executives, 20% of companies will adopt Artificial Intelligence (AI) in their
entire company in 2019. If you’re wondering how artificial intelligence can
affect your strategy, here are six ways to redefine your business.
1. Optimize customer support with the chatbot
Did you know that the chatbot market will reach 25 1.25 billion by 2025,
with a compound annual growth rate (CAGR) of 24.3%?
Chatbots are an interactive Artificial Intelligence (AI) tool that can reflect
real exchange (or chat) with the user in natural language through websites
and applications. By using chatbots, devices can understand and respond to
human input through speech or writing.
Chatbots help you solve customer problems quickly, which means you can
provide excellent customer service. And because they are machines, they can
talk to your customers at an odd hour, forever ending the era of digits.
These bots are excellent data collection agents for your customer support
team. They can act as virtual assistants, find customer data for your support
representatives so that they have a detailed history of each account.
Artificial Intelligence Chatbots
Consider the scenario where you want to convert cold leads into hot leads.
By setting chatbots in your main funnels, the chatbot can ask them yes / no
questions about why they visit your site whenever a visitor is interacting
with your website. Based on their answers, you can consider different ways
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to send them promo codes or redirect them to a specific landing page to
attract them.
To Know More: 5 Examples of Artificial Intelligence In Business
Applications
With so much flexibility, it’s no wonder that 80% of marketers will start
using Chatbot in some form or another by 2020, according to an Oracle
survey.
When used judiciously, chatbots can help you reduce costs and improve
profits, but they can also change the way you do business.
2. Image, facial and object recognition
Artificial Intelligence has also reinvented optical character recognition
technology, which can take the place of significant administrative operations.
Artificial Intelligence (AI) is now sophisticated enough to detect faces and
objects, which can have enormous consequences for many business
applications. Facial recognition can be used to separate individuals for
security purposes, while object detection is used to separate and analyze
photos.
All in all, the future of facial recognition looks very bright. The global
market for facial recognition is expected to reach $ 7.76 billion by 2022. The
use of this technology in online marketing is expected to contribute to a large
part of this number.
3. Smart IoT products
One way that the potential of artificial intelligence has enormous advantages
for companies in various industries is in the creation of intelligent IoT
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products. Gartner estimates that the number of interconnected goods in use
will reach 14.2 billion in 2019, up to 25 billion by 2021. Today, the business
world is changing with the development of IoT in various ways.
IoT has completely revolutionized the concept of data management. In
addition to providing greater access to user data, these devices track and
record how users interact with them, which makes devices smarter. As the
research on IoT technology grows more and more with each passing day,
businesses are leveraging it to understand the data they receive from IoT
widgets for growth and growth.
4. Providing personalized experiences
According to Deloitte, 36% of customers are interested in buying customized
services or products, while 48% of them are willing to wait longer for it. One
of the main functions of AI is the ability to assess and absorb large amounts
of information. AI algorithms use millions of data points, such as
demographics, past conversion, purchase orientation, and on-site interactions
to create distinctive user identities.
5. Social Media Marketing powered by Artificial Intelligence (AI)
The predicted impact of AI on social media marketing is huge. In a
Salesforce study conducted in 2017, marketing leaders expect to see better
efficiency and better personalization over the next five years. Likewise, more
than 60 percent of marketers plan to use AI to build dynamic websites and
landing pages and take on programmatic advertising.
However, one of the things that people are most excited about is the potential
impact of AI on social media marketing and lead-raising. From now on, AI
will continue to evolve and become a powerful tool for social media
marketing.
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6. Modernize the recruitment process
One way that Artificial Intelligence can greatly impact business operations is
in the field of payroll and human resources. These two are the most
important components of any business, but they are often overlooked by
smaller companies that do not have a full-time HR department.
To Know More: AI APPLICATIONS IN VARIOUS FIELDS
AI can step in here and act as a lifesaver for such organizations. It can do
many things, such as providing more information to decision-makers,
automating downstream operations, and monitoring how candidates use their
skills.
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