Why should Businesses Invest in AI Services?
Artificial Intelligence is quickly becoming a reality for businesses of all shapes and sizes. With the massive amounts of data, your business needs smart machines that derive valuable insights. Artificial Intelligence enables you to make sense of that data, understand the patterns and use it to your advantage.
A recent report shows that the worldwide data will grow by 61% to 175 zettabytes by 2025. It would be a result of businesses collectively generating tons of customer data. It would become next to impossible to manually process this data, understand its behaviour, and deriving analytics and insights.
But do you really need all this data? If you trust what studies show, then data is going to be the most significant factor in determining the success or failure of your business. Target has been using it for a year, and while it was controversial, they seemingly are benefitting from that data.
Do you need AI Services for your Business?
There’s a high chance that you do. Forget about Artificial Intelligence as a robot that can do commonplace tasks with ease. In business, you have to think of Artificial Intelligence systems as data-driven machines that can process and analyze data to deliver favourable business outcomes.
It follows that your AI machines won’t be a robot, but it could be in the form of a web application, chatbot, or even an algorithm. The result would be a direct impact without long wait times that manual processing would take.
Your business might be a prime contender for Artificial Intelligence, and you might not even know it. For example, if you are still spending significant amounts of money on customer service, you should consider exploring AI chatbots.
Virtual assistants are now acting as smart service representatives who can adapt from their environment and provide human-like interaction experience to the customers. It drastically reduces your dependencies on service personnel and allows you to deploy those resources on problem-solving activities.
Here’s why you need Artificial Intelligence Services for your Business in 2020:-
- Predict performance
You can predict your organization’s performance in terms of marketing, sales, and revenue with the help of Artificial Intelligence. The Machine Learning algorithms behind AI processing thousands of data points to forecast the best possible result for your business operations.
- Behaviour analysis
It seems like magic, but AI solutions can help you analyze your customer behaviour to the point where you can identify what will be their next purchase. Consumers today provide data points that can help you register their behaviour and make related offerings.
- Marketing intelligence
Marketing is more important than ever for your business. With AI, you can gather marketing intelligence, forecast your budget, design campaigns based on smart insights, and get an accurate look at your ROI from marketing activities.
- Downtime reduction
You need Artificial Intelligence to predict the performance and maintenance of your infrastructure. It can detect anomalies in the system and alert you when it’s time to upgrade or replace components or the entire system itself.
- Productivity multiplication
The ultimate outcome of Artificial Intelligence implementation would be a drastic improvement in your productivity. Your production line would consist of smart machines that deliver better results than human personnel. It’s the same for both manufacturing and service-based business.
Does AI Solutions make Sense for your Business?
Small businesses and startups often face resource limitations. You might believe that spending thousands on Artificial Intelligence doesn’t justify the outcomes at the initial stage. And you might actually be right.
If you are a startup with fewer than a hundred data points, Artificial Intelligence is not the right choice. You can manually process the data and get much better decisions in less time.
However, even startups can gather millions of data points in their initial stages. It could primarily be internal data related to the different algorithms used by your IT department in your web application. As you expand, you will find those data points spreading throughout marketing, human resources, administration, sales, customer service, and almost everywhere else.
Gartner predicts that 80% of emerging technologies will have Artificial Intelligence by 2021. It would be wise to not sell yourself short. As you scale, you’d gather contextual data that would be processed and delivered to employees for making valuable decisions.
But your AI investment shouldn’t have to be in millions. You can utilize AI-based CRMs to get an added advantage for smartly managing your marketing and sales operations. Artificial Intelligence CRM systems deliver the right information to sales personnel so that they can adjust their lead generation strategies.
On the other hand, gaining an upper hand in your industry can help you win big, even when you start small. Multiple Artificial Intelligence services and tools enable you to keep an eye on your competitors and understand their strategy. It will help you adjust your offerings according to the market and become much more competitive than ever before.
Read More: A CTO’s guide for AI Implementation
How much do Companies Invest in AI NOW?
Considering the pandemic and the fall of businesses everywhere, you might be forced to step back and rethink where you are spending money. But Artificial Intelligence is more of a necessity than an option that you would explore.
The world literally went online, and users left data everywhere they could. From gaming applications to an e-commerce store, the amount of data that was generated during the lockdown cannot be easily determined.
AI presents an opportunity to analyze that data and better understand your customers. Artificial Intelligence systems are useful in helping you predict customer behaviour who are slowly becoming accustomed to staying at home. There is a rise in the audience that needs almost everything, delivered to their homes.
On the other hand, if you are a B2B business, then Artificial Intelligence is more likely to be a driver of digital transformation. You need to deliver better outcomes for your clients, and gathering as much data as you can from them is the best route to achieve a competitive advantage.
AI solutions also enable you to substitute human personnel for back-office tasks when you combine it with Robotic Process Automation. You cannot afford to shut down activities because you had to cut down operational costs.
Artificial Intelligence is on the verge of revolutionizing your business as you see it today. If you don’t implement it, someone else will and get ahead of you because they made better use of their data. While we still don’t understand the full potential of AI and data science, it is likely that they will deliver profitable outcomes for every business that implements them.
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