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January 29th, 2021
Technology. Where would we be without it?
One type of technology that is forever growing is Artificial Intelligence (AI) / especially in business. Two and a half quintillion bytes of data is created every day. As a result, there are now technologies designed to analyze this data and transform the way businesses function. Technology has created machines/tools to take over and analyze data like never before, changing business behavior to allow further capability.
So, what is AI and how is it having such an impact in business?
‘Artificial Intelligence (AI) is the field of computer science dedicated to solving cognitive problems commonly associated with human intelligence, such as learning, problem solving, and pattern recognition. ‘
Which basically refers to a simulation of human intelligence in a machine that is then programmed to act like a human. Siri for example, the helpful assistant who will answer your questions and make life that bit easier for you. That is AI powered, just like some search engineers and apps.
AI can empower business and allow them to handle their data in real-time. It is AI that is driving decision making within a business. It is transforming business strategies allowing them to achieve so much more. Afterall data is now the most valuable resource in the word, AI lets us use that data strategically.
AI becomes smarter with more data. With businesses generating more and more data daily, it can learn and adapt with the collection of data and extract it to deliver results for its intended company/purpose. Tech republic researched that up to 24% of businesses currently use or plan on using AI.
A business can benefit tremendously with AI gathering data to predict future outcomes that are based on historical data. With real-time processing, companies can retrieve information to help resolve any outstanding issues or breakthroughs to help innovate.
This type of technology will highlight any inconsistencies and allow a business to restructure their process more efficiently. Without AI, irregularities could be missed which could be detrimental for a business. AI powered tools are there to help an organization and it is only getting smarter. It is predicted that by 2030 AI could potentially deliver additional economic output of around $13 trillion to the world’s economy.
Business today is a very fast paced environment and decision making is increasing every single day. Businesses need to really understand their customers’ needs and desires to market products to match their expectation and the faster they achieve it, the more successful they can become.
AI based tools are allowing companies to gather data on consumers to not just get to grips with what they want but to help predict their behavior. These machines have analytical capabilities far beyond any human.
With AI generated algorithms exploring customer data relating to their browsing history to gain insights has allowed businesses to be smarter with their marketing decisions. AI is helping speed the process of decision making up in business allowing them to send recommendations and offers to their customers due to the insight they have gained.
Marketing Analytics is all about measuring and analyzing data to have an understanding of the impact it is having to maximize ROI and be more efficient.
In the pre-digital era, marketers would create huge promotions that were untracked and had no real insight into how successful it was. Now due to new technology analytics can have a real chance to focus on what consumers really want.
AI techniques are generated to investigate customer data and help filter through and identify patterns and leads that a company can take advantage of. Predictive analytics will provide the knowledge to help create marketing campaigns to capture the necessary audience giving them exactly what they want, due to their new insights.
The ultimate goal is to measure the marketing activities and evaluate the performance providing a business with the insight scoop of what can they do to be more successful next time.
Customer Relationship Management is a tool to help businesses organize and manage a company’s relationships and engagement. By improving and maintaining business relations will increase sales and profit.
CRM has access to customer’s data which will identify what they are buying and what they like which allows a business to understand their customers better.
It is said that it can cost 5x more to attract a new customer than it does to retain an existing one. So, businesses started to realize it is better to look after what they already have and build stronger relationships with them instead.
Every step of the way can now be monitored and measurable which has allowed CRM to be even more useful. It has allowed a new way of communicating with customers and interacting with them. Sale skills are not relied on as much due to a shift in behavior whereby emails and social media campaigns are tracked and monitored to generate the best outcome.
AI really is the future for business decision making. Allowing AI to help implement strategic decisions has many benefits and allows a business to develop new ideas whilst gaining better insights. Such benefits as keeping up with the pace of business in today’s world.
Speeding up the decision-making process is vital and allows an organization to reduce the time associated with the task at hand and focus on launching more effective campaigns and higher ROI. For example, a company that deals with a lot of data, humans can only do so much. If a business invests in an AI powered tool to sort the data out it will do it twice as fast with better results.
We are at the stage where machines can do far greater things and if business do not investigate what it can do for them it will fall behind drastically! AI is an ever-growing technology and for businesses to remain relevant in the future they need to consider it. AI techniques have allowed an even clearer understanding and has set up a foundation layer for business to grasp even further insights into their consumers’ behavior.
With the advancement of technology being this radical, it will be interesting to see what the next 10 years will bring.
Where do you think technology will lead us in the next 10 years? Will AI take over our jobs?