9 Ways Ai Can Make Businesses More Profitable
How has artificial intelligence (AI) affected our lifestyle? There’s no denying that AI has become an integral component of our day-to-day activities. Both individuals and organizations rely on AI to perform mundane tasks. People now carry AI-powered gadgets in their pockets, and businesses are quickly becoming more accustomed to automation in a technology-dependent world. Hence, AI makes the future appear brighter for small-sized businesses too. Experts suggest that the pandemic has made the integration of artificial intelligence into workplaces even faster than before. So let’s review how AI can make your business more prosperous in the coming years.
We know automation makes your workforce more productive, thereby enhancing your company’s profitability by honing the decision-making process. AI also ensures that your business invests only in the services and products with market demand, thereby preventing you from wasting resources and potential financial downfall. Research suggests that 37% of business organizations currently employ AI-powered functions to boost their profitability. So how exactly does AI make your business successful?
- Flexible integration
How difficult is it to understand the integration of AI into the workplace? Several online courses are available that can help professionals easily understand the benefits of AI for their work. Business managers can obtain an artificial intelligence certificate online to learn about AI-related tech and its application in the workplace. These short courses can prepare managers and leaders for harnessing the potential of artificial intelligence and machine learning in their companies and are ideal for professionals looking to outperform their competitors in this COVID-infested business environment. You don’t have to be an expert in a science-related program to pursue these certificates since they make AI easy for people to understand.
- Better decision-making
AI can process large chunks of data more effectively than your average policymaker in the company. Incorporating automation can enhance the decision-making prowess of business owners and managers. Ads are more targeted, products are more customer-centric, and campaigns are more personalized when these decisions are supervised by AI. Computers can recognize patterns and allocate your budget to those areas that need improvement, leading to better allocation and ROI. AI also ensures transparency when creating these strategies and allocating budgets.
- More productive employees
Organizations can integrate automation into repetitive operations to boost employees’ productivity. By automating mundane actions, AI makes an employee’s job easier, thereby improving the efficacy of your workforce. Less time wasted on repetitive tasks translates to more time used while developing creative solutions to business problems and meaningful decision-making. Statistics indicate that 72% of interviewed employees believe AI has helped them get better at their job. Experts believe that promoting human-machine collaboration is integral to an organization’s profitability in the future. That’s why companies should invest in AI.
- Reduced costs
When companies automate labor-intensive jobs, these business operations become cost-effective as well as high-quality. It’s no wonder that Forbes suggests investing in automation helps your business save almost $4 million each year when employees focus more on simplifying complex procedures instead of mundane tasks. For example, using machine-powered chatbots allows organizations to provide prompt customer service and save money in hiring sales reps.
- Better customer support
Who doesn’t realize the importance of chatbots in this day and age? They can respond to customers’ repetitive questions and communicate with them 24/7 without exhaustion. Since businesses are going digital and international, staying in contact with consumers worldwide isn’t possible without deploying chatbots on your website and social media. Over 40% of customers prefer live chat over delayed communication, thereby showing how chatbots can easily replace humans in this field altogether. Better customer support helps build positive rapport, customer loyalty, and drives more sales.
- Direct sales
Chatbots don’t just communicate with your customers but can also sell them stuff without any need for human intervention. News agencies are even concerned about Facebook Messenger chatbots in this decade that can attempt to advertise products to potential customers. Disregarding how people may consider this annoying, the chatbots-selling-stuff phenomenon has revolutionized the influence of these AI-powered representatives on consumers. You can have customers buying things from this AI-based service directly without even bothering human sales agents. Expect more companies to use this Facebook-inspired concept in the future and leverage chatbots to advertise their stuff digitally.
- Talent recruitment
Companies have started using AI to recruit employees and reduce needless expenses associated with old-school hiring procedures. Automation can streamline talent acquisition by helping HR managers evaluate every candidate effectively. Machine learning allows AI to screen applicants’ CVs quickly, contact selected candidates, and schedule interviews. That’s how companies can recruit talented professionals solely based on their knowledge as well as experience. Recruiters can also eliminate discrimination by automating this process, thereby stopping ethnicity-driven or gender-based prejudices. Therefore, AI brings diversity to the workplace, which stimulates a more productive work culture.
- Improved security
Cyberattacks have become more common than what one would imagine today, and companies must strengthen cybersecurity with artificial intelligence. Studies have indicated that around 80% of companies in the United States have been hacked successfully by cybercriminals. That’s why companies should understand that breaches occur because of human errors and our inability to stay alert all the time. But machines can always watch out for threats and keep your data secure. Improved cybersecurity not only prevents companies from losing money to ransomware, but it also consolidates customers’ trust and secures digital payment methods, thereby protecting the business’s profitability.
- Better audience targeting
AI-powered features also include programmed marketing that allows marketers to target their audiences efficiently. AI deals with terabytes of customers’ information and recognizes trends better than the average human brain. Hence, machines can realize what payment channels are more lucrative to your targeted audience and which marketing channels can give your ads the most exposure? AI understands it better and automatically places your ads on the right spots to get the most out of them. Companies can enhance the marketability of their services and products because of AI-powered marketing and drive better sales and ROI. The future of marketing depends heavily upon the effectiveness of AI.
AI has become a must-have for companies in today’s tech-dependent business environment. Artificial intelligence can make your employees more productive, because of which your company’s profitability can grow exponentially. An organization can communicate with people better because of chatbots and improve cybersecurity with these machines. Managers and leaders should therefore upskill to understand how AI can benefit their business and apply AI-related technologies in the workplace for better business outcomes.