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Why is AI incorporation in business development crucial in 2018?

Artificial Intelligence in Business

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It’s surprising when a trendy tech buzzword becomes practically viral, no? This is what happened with artificial intelligence. It started in the late nineties and took a spin in the twenty-first century! The gaining momentum and the ever-growing advancement in artificial intelligence have left every business company, marketing sector, and the financial firms spell-bounded. New trends of AI are on the rise. The research from Gartner has it that by 2020, 85% of the customer interactions are going to be managed without human interference.

This innovative technology is focused on improving the business’s performance in the year 2018. Its incorporation in the world of business is becoming indispensable as the year passes by. According to the MIT Sloan Management Review, “The gap between ambition and execution is large at most companies. Three-quarters of executives believe AI will enable their companies to move into new businesses. Almost 85% believe AI will allow their companies to obtain or sustain a competitive advantage.” Thus, following these stats, a lot of large and small companies are eager to add it to their business strategy this year. Here are more reasons why they want to do that!

1. Provides you a virtual assistant keeping your SEO game strong

One of the applications of the artificial intelligence is the use of virtual digital assistants. These are present in the mobile devices and tablets, and help the customers by offering them a great user experience. The world is a busy place now and people are looking to adopt new practices that smoothen their day. The use of voice search is one such practice and digital assistants are the reason why it’s becoming so popular.

Thus, adding this application to your business will help you achieve good results. According to Gartner, the end of 2018 is going to mark a ‘customer digital assistant’ era. By that time, the assistants will be able to recognize the customer’s face and voice using different channels and partners. As the latest Google algorithm also suggest the optimization for voice search, the AI technology will be incorporated into the business to strengthen the SEO game.

2. For the insights and analytics

The second reason on our list for why AI is crucial for business development is the fact that it offers value-driven solutions from the insights and data it analyzes. The machine learning is the art utilized to generate a system using the data that can predict the customer’s demand. Other than just predicting the behavioral possibilities, the intelligent system also learns from it. This makes it easy for the system to adapt when the market behavior alters thus benefiting the business company.

3. To ensure personalized customer understanding and experience

We all know how important the customers are in the present epoch, right? The entire marketing strategy and the business strategy are based on making the customers feel valued, important, and well-treated. The introduction of chatbots and its increasing implementation by the business companies is one very good example of how it serves the customers and offers them the best website experience in terms of solving their queries.

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Other than this, the use of the technology to unlock the unstructured data is also very essential for the businesses. It helps in understanding the consumer conversations. The company named Mattersight uses this tech to find out about the customer’s personality and allots a dealer with compatible service style to deal with him. This ensures great user experience and the growth of the business.

4. For compliance management of the tasks

The use of AI is not just limited to the startups and IT sector but the finance sector is also deeply interested in using it. It is crucial for them as new technology like AI and blockchain is taking over, and the digitalization is occurring. They are interested in implementing machine-readable policies. This will cut-down the labor-intensive processes and give time to the employees to focus on significant business development.

5. AI in the cloud is winning the businesses

The cloud computing and cloud management platform business took its time to establish itself and now they are one of the leading technologies. Together with AI, the cloud is irreplaceable. The business companies acknowledge the potential of this deal and understand how vastly and positively it is going to affect the businesses. Thus, all the large companies are eager to get it incorporated into their business strategy before it’s too late.

6. Generation of stories from algorithms

The digital marketing practices are skyrocketing and content management is still a priority. The right content helps in generating lead and converting customers. With the perfect content, you can manage your online business quite well, promote it and increase the sales of the products and services. The businessmen can integrate AI in this domain as well. The use of Natural Language generation software, based on AI, produce automatic data-driven stories to attract the customers and drive sales, wouldn’t you want to enjoy that?

7. Automation is going to extend its roots

If there is one thing that the employers working in a business industry want, it is the automation of the repetitive manual tasks that can spare them the time to ponder upon business development. The operation automation is taking place in the e-commerce sector to offer great service to the customer and to deliver the service they have promised. Accounting and HR automation with the help of AI is taking place as well. The reason why it is becoming crucial is explained by Xero. One of their researches suggests that by 2020, automation will become viral in accounting, and the financial professionals will be using analytical tools to add more value to the business models worldwide.

8. It offers a smart marketing style

Salesforce conducted a study which shows that marketers are in favor of this new technology. Above 60% of them envisioned leveraging AI to generate dynamic landing pages, websites, programming media buying and advertising. AI, machine learning, and social media marketing are driving the business platform crazy with the epic marketing style. As this helps in increasing the sales by 20 percent, the businesses are eager to add AI to their business domain.

9. E-commerce is at its peak due to machine learning

The Magento development company is surprised by the extension of artificial intelligence and machine learning into the e-commerce business. Hire Magento developer if you want to generate extensive results. The machine learning tech is used by the industry to analyze the data based on the purchase history of the user. This data is deeply analyzed and molded to predict the shopping behavior of the users in the future. It influences the businesses in many ways.

10. Benefits in terms of security

Chris Farrelly, GM, Hand business solutions, thinks that AI will enhance the security options. The technology will be used to understand the process of how the virus is working on your network and will offer solutions to deal with it. It is going to introduce the age of cybersecurity by monitoring and understanding the inside threat. Thus, it will make the businesses feel secure.

Conclusion

These are the ten solid reasons why business companies are welcoming artificial intelligence technology wholeheartedly. It is becoming crucial, day by day, to add it to the strategy because of the fruitful results and incomparable sales that it is driving towards the business brand.

Why is AI incorporation in business development crucial in 2018?