Artificial intelligence trains machines and devices are to learn from human intelligence and wisdom to make logical and smart decisions. We are all familiar with Siri; a chatbot in iOS that addresses queries, makes phone calls, shares meanings, synonyms, and antonyms, writes text messages, records and sends audio, and more.
Artificial intelligence has evolved exponentially in the last few years, becoming an integral part of businesses. From lead generation to Human Resource, marketing, and customers experience, AI is influencing all fields of businesses, and doing it for good!
Let’s explore how Artificial Intelligence will revolutionize businesses in 2019!
1. Efficient Business Analytics
The technology has shown tremendous results in analytics across industries. It is used for recognizing voices, automating tasks, facial recognition, and digital assistants. Artificial intelligence has helped the healthcare industry in the early and effective diagnosis of diseases, especially skin care which is treatable if diagnosed on time. AI has proved its efficiency in analytics and diagnosis, hinting towards a wiser business intelligence in 2019.
One of the challenging tasks for businesses is interpreting the vast amount of data. AI can analyze data in massive quantities and present actionable suggestions. The technology will reduce the gap between companies with extensive data insights and those who lack access to valuable data. It will save time otherwise spent on manual analysis. Its interpretation will allow companies to focus on the most relevant direction and use the data to establish and maintains its competitive edge.
2. Fast and Efficient Customer Service
Customer service is an expensive department and has failed to achieve economies of scale as of yet. However, Artificial Intelligence will transform customer service via conversational AI. The technology will allow personal services to clients in a human voice and high-end scalability through automation and Artificial Intelligence. The customers and companies can approach each other irrespective of different languages and time zones. Weekends or holidays will not hinder customer service as AI will immediately resolve queries and provide the required information.
Artificial Intelligence will aid personalized customer service increasing customer engagement. Companies will no longer send bulk emails to the entire list. Instead, each potential customer will receive a different message based on his interests, search history, previous purchase, demographics, and more. The technology will analyze massive quantities of data and identify what exactly will please each customer.
3. Share HR Responsibilities
Artificial Intelligence will set human resource managers free from mundane tasks, such as payroll management, recruitment, and other clerical work. The HR department shall focus on building emotional intelligence, employee satisfaction, and empathy, leading to a happier workforce. The technology can track work activities and stress, helping the HR in reducing workload and addressing employee concerns. It can also identify physical illness and tiredness.
One of the major concerns in the corporate world is biases towards certain employees. It is challenging to completely eradicate favoritism in the organization as human beings are naturally inclined towards some people, called unconscious bias. However, controlling this inclination in professional work is integral. Artificial Intelligence uses algorithms that help managers think beyond their gut feelings and make decisions based on the data. It eliminates bias in screening processes and helps managers identify biases through the Implicit Association Test.
4. Personalized Marketing and Advertising
Artificial Intelligence identifies when, how, and where to reach the target audience. Instead of categorizing the entire target segment as one entity, Artificial Intelligence identifies the preferences of individual customers and treats them accordingly. The personalized marketing efforts have higher conversion rates, more customer engagements, and massive insights into consumer behavior. The technology recognizes social profiles, search pattern, and search history, helping companies building effective advertisements.
Artificial Intelligence will allow companies to benefit from big data for forecasting sales and market trends. It will predict future advancements in marketing and respective industries, and make recommendations to exploit the opportunities.
AI’s image recognition will allow people to post pictures and find relevant products. For example, you can post a picture of the dress you saw on Facebook and immediately find the nearest shop selling similar products.
Artificial Intelligence is a breakthrough technology that will revolutionize business in the coming year. From sharing HR roles to advertising for individual customers, business processes will take an exciting turn!
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