Is Your Business Ready for Artificial Intelligence
Remember the days when the term ‘Artificial Intelligence’ referred to sci-fi flicks?
Well, those days are past. The world has entered a realm of smart technology with everyday folks having a conversation with their AI. That’s right, whether it’s Siri, Alexa, or Google Now, humans are relying heavily on AI to do their bidding.
IBM believes the AI market is estimated at $16 trillion by 2030. Unless you wish to be left behind, your best bet is to integrate the power of AI solutions to be future-ready.
And that’s where we (Cleverism) come in. To make sure your business is tech-savvy to introduce AI to service your clients.
BENEFITS OF STRUCTURED AND ACCURATE DATA COLLECTION
The meaning of artificial intelligence is simple – to utilize data and perform tasks requiring human intervention. In short, 100% automation.
Think of AI as a flashy Bugatti Veyron that puts your competitors lagging. But even the world’s fastest car needs quality fuel. Otherwise, it’s just a pile of metal on standby.
Similarly, for AI to function reliably, a large amount of data is required for the algorithms to process. Not just any data but updated and categorized data.
In this information age, data collection isn’t complicated and much of the data is available through public portals. It’s also necessary to delete and wipe old data from the records. An updated data feed enables higher quality of algorithms and accurate forecasts. In turn, your AI stays relevant to complete sophisticated tasks.
An AI-ready organization must possess a database that’s future-ready. All files should be accessed in under a few minutes and made available in variable formats.
For your company to truly experience the future with AI, it’s critical to invest in machine learning and deep learning. This solves struggles related to data deployment and data planning. Without these two valuable initiatives, your business lacks the model for data acquisition as well as deploying updated AI.
Another important aspect of data collection is to enable predictive modeling. If you’re unaware of this term, let’s give you a brief overview.
What is Predictive Modeling?
Have you ever used Google Trends?
If yes, then you’ve already dabbled in predictive modeling.
For AI, predictive analytics is important to create future forecasts and construct statistical data to determine futuristic advances.
Imagine you received information about a winning lottery number ahead of time. Wouldn’t you buy the lottery and avoid the risk of chance?
Predictive analysis is alike. With the data gathered combined with machine learning, a forecast is provided that produces a variety of information for the outcome of your favorite sports team, a trending niche, an advancement in technology, etc.
Being first is everything and predictive modeling enables you to tap into data forecasts.
Here is the list of information that predictive modeling provides via AI.
- Marketing analytical information
- Digital sales data
- Economic statistics
- Demographic info
- Public surveys
- Customer polls
- CRM data
- Digital traffic feed
- Transactional info
- Ongoing trends
- Benchmark analytics
- Goal-oriented KPIs
- Diagnostic data
- Workforce efficiency (performance tracking)
- Managerial efficiency tracker
- Candidate evaluation
- Behavior and Incentive analytics
And many more data related statistics are available as the future unveils itself.
The decision-making process for an organization that possesses such a powerful form of technology in the form of AI is unmatched.
Imagine having the following perks through data collection.
- The ability to promote the right people through employee ranks
- Identify the best performing employees from the least performing ones
- Predicting the best training courses to prevent employee burnout
- Automated incentive distributor based on performance
- Identifying and tracking bad behavior and positive behavior among your work colleagues
- Evaluating the top projects available to scale your business
- Identifying the top skills required for your organization to perform better
- Monitoring the high priority goals to move your organization to the top
- Analyzing your competitors to provide maximum data to leapfrog over them
- Equipment tracking and maintenance
- Predictive financial risks and credit options
All this enabled by investing in an AI-friendly environment with high-quality data gathering.
UTILIZING DATA FOR MAXIMUM BUSINESS IMPROVEMENT
Data collection without application is quite pointless. After all, the data must be put into action. But since your business has many key areas, it’s impossible to prioritize which field to improve.
Let’s demonstrate some of the areas that AI has a huge influence on. This helps in making your final decision easier.
Without a doubt, the single largest strength of AI is the power of automation.
- Are there processes in your organization that require automation?
- Are there large amounts of data being summarized by manual labor?
- Does implementing AI reduce the time taken for key operations?
Let’s take an example. Imagine you had large amounts of records from your clients that require analysis and maintenance. Having a dedicated team for data storage is expensive. When you automate the entire process, you can invest capital in other areas of your business.
According to DeepMind commentary, machine learning techniques are taking a new turn of advancement. Every passing year, AI are autonomously adapting to tasks without human intervention. It isn’t long for AI to reach a human-like consciousness where they reason and think like humans.
With less programming from an engineer, machine learning is entering an autonomous self-improvement phase where it changes its code on the go.
What does all this mean for your AI-driven business?
Less manpower, fewer expenses, and the reality of running your entire business with solely the power of AI. On the off chance your business crashes and burns? No problem. Due to the costs limited to AI, you’ll recover quicker over a non-AI-environment.
To demonstrate the power of AI and automation, a program called AlphaGo developed by Google defeated the best human opponent in the world in the board game ‘Go’. An earlier prediction stated that it would take 10 years (2030) for AI to be at the level of expert human players. Yet, here we are with AI defeating experts. This proves that AI has exposed several weaknesses of the human mind without utilizing its full potential.
Imagine the weak spots that AI could search and destroy in your business?
With technology on our hand, our demands for product specifications has narrowed down to perfection. Which means we aren’t satisfied until they are perfect anymore. Customer satisfaction is now extremely critical and the average customer is hard to please.
For customer demands, traditional businesses can’t keep up with simple customer feedback and surveys.
Enter AI to solve the new-age customer demands. With virtual agents and conversational AI replacing the standard feedback forms, Artificial Intelligence-integrated companies are interacting with their customers on a personal level.
In a poll conducted by DishNetwork, it was confirmed that their customers were satisfied with virtual agents over humans. Thanks to AI, the company responded to over 4-million queries in a year alone.
Here’s why AI-implemented businesses were a hit with their customers.
1. Detect Customer Emotions
A human representative is usually yelled at or receives negative reactions from disgruntled customers. AI, however, directly collect the data and provide accurate responses to develop optimum customer satisfaction.
An AI also detects the variation in the voice of the customer. This allows us to understand how a customer feels during an interaction which a human user would determine. Gauging these intricate details is critical to creating surveys on customer satisfaction and how to avoid negative interactions for companies.
2. Zero Wait Time
Customers have low patience levels when it comes to waiting time. After all, why should they wait when another company can serve them in 1/3rd the time your company does.
Whether its product inquiry, problem-solving, or technical issues, a customer that waits is usually a non-returning one. And that’s why on-demand AI with personalization skills is used by businesses to serve the modern customer.
- Chatbots instantly respond 365 days 24/7 to customer’s enquires
- Live communication promotes interest in products and establishes positive customer service
- Buyers are usually looking for an instant response as they are connected to various competitors at a time
- Instant responses are highly rated over putting customers on hold
- Quicker response rate demonstrates little to no misalignment of responses
All of which an AI is programmed to perform over manual communication.
Research by HubSpot demonstrates the following facts regarding customer satisfaction:
- Two-thirds of customers hate being put on hold or having to explain the same information to different personnel
- 19% of the respondents disliked the slow response rate
- 14% never had their queries resolved
- 82% rated an ‘immediate response rate’ is critical for sales-related queries
- 90% rated an ‘immediate response rate’ is critical for customer service queries
- 10% of employees spend their time reconciling disconnected systems
- 54% of customers have had a poor customer experience in the last month
The following statistics prove one thing – AI solves 100% of the issues by itself. The age of convenience requires automation to be at the forefront. Otherwise, companies lose customers to AI-integrated competitors that solve all customer-related issues.
3. Eases Language Conversion
Globalization is real. Every company must solve the language barrier when cutting across regional boundaries. Different demographics have people speaking in various languages, it’s a costly affair to employ various speakers of distinct languages to service customers globally.
That’s where AI comes in. With AI-powered tools, translation becomes convenient for small and medium businesses. With every product listing translated to the local language of the region, customers are engaged in the products.
If you believe your company to service a worldwide clientele, AI is a must for communication. Even if you don’t intend to immediately go global, having AI-integrated translation to allow global visitors to understand your products is vital for awareness.
ROI FOR YOUR AI INVESTMENT
One critical aspect of any business is the ‘Return of Investment’ or ROI. This statistic measures the overall fate of your investment.
Is it a success or is it burnout?
Every investment has the potential to fail even AI.
Let’s take the case of Dominos, the global pizza chain has invested in AI to predict the delivery time. Apart from using AI for building data, Dominos is also known to employ robots as delivery bots. The ROI is gained through increasing the satisfaction rate of customers. More happy customers equal repeat customers generating revenue overtime.
AI is great for increasing client satisfaction and sustaining the customer base. Statistics reliably alert the organization of red flags and problem areas, thereby, increasing customer loyalty.
Let’s take another popular company to demonstrate various ROI – Amazon. With the release of its Amazon Go stores stuffed with hi-tech surveillance and no checkout policy, AI has proven that a company can run a store with zero employees.
No cashiers, no help-desk representatives, and no store clerks. The whole Amazon Go store runs on the concept of smart technology with customers grabbing their favorite products and leaving the store. The ROI for Amazon in this model allows them to open retail chains across the globe with no employees required to operate.
Therefore, AI has a strong positive ROI but that doesn’t mean it fits perfectly into your business. Let’s ask the right questions to see if your business is ready for AI.
1. What are your primary business goals? Does AI benefit it?
Make a list of your core and end-goals you wish to achieve with your business. For this example, let’s understand if customer acquisition is your main goal. Does AI cost-effectively empower sales?
Sales AI are revolutionary in creating marketing statistics such as
- Average time spent by the customer on your website
- Returning customers
- New users attracted via referrals
- Upselling strategies
- Identifying purchasing patterns
- Automated chatbots to assist customers with queries
- Limits hiring sales personnel for mundane tasks
- Highlights areas for maximizing sales opportunity
- Send highly personalized messages to loyal customers
- Market brand-specific products to interested customers
Concerning sales, we see the ROI for switching over to AI is incredibly valuable.
2. Do you have the budget to hire a team to maintain AI?
Sure, AI reduces the overall workforce and limits your hiring rate. However, to run the AI operations and other technical work, a team of AI specialists is critical. These include the following.
- Data Scientist
- Web Developer
- System Analyst
- Deep Learning Engineer
- Data Analyst
- Cloud Big Data Architect
- Software Engineer
And many more. While not every role is necessary to run AI, it’s crucial to have a team to run your AI and the budget for that rises with each role. Many of the job roles are found on online job portals as freelancers without having an in-house team.
At Cleverism, we provide a list of job profiles matching your requirements using our user-friendly tool.
3. How do I know if the AI is critical to my company’s success?
Investing in AI shouldn’t be a gamble instead it should be a well-thought-out decision. There’s no right or wrong decision, there’s only a calculated decision.
To understand if AI would transform your business, first research your competitors to know if they’ve invested in AI. If it works for them, ask questions to see if implementing the same approach would bring your business identical results.
Never conclude a decision with guesswork, if there’s doubts, clear them. AI is a long-term strategy and shouldn’t be taken at a whim. Discuss with machine learning experts and receive a paper blueprint on the key advantages that AI provides for your business.
Request for a budget and past success examples. Create various benchmarks and compare them. AI can either transform your business into a magic castle or prove to be a costly mistake to recover from.
Avoid integrating outdated Artificial Intelligence algorithms that add no value. The world of technology is growing and with it, your predictive implementations and accurate forecasts must upgrade.
Companies are implementing Artificial Intelligence software into their work routine every day. Do your business a favor and evaluate the critical areas that see the most improvement. Once you find it, introduce the power of AI and adopt the latest trends to exceed your future limitations.
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