Businesses face a constant challenge to grow and expand while keeping their expenditure in control. For the business to survive in the agile competitive world they need to be in synchronization with the global trends. Digital transformation is an inevitable transformation for any business or organization. According to research, 85% of executives believe that AI will help their business sustain in the competition. Irrespective of the size, location, and nature of the business, the application of technology is a game changer. With artificial intelligence, various processes of an organization can be automated increasing the efficiency of manifolds. AI has been proven to be useful in many sectors, particularly healthcare, transportation, finance, education and There are multiple processes involved in a business operation and the success of the business is cumulative. Multiple processes are going on simultaneously for the business to be functional like sales, marketing, production, and recruitment. Artificial intelligence with machine learning and data analytics can also help with decision-making.
With the application of AI, businesses are marketing with more precision. There are applications based on AI which are used in various marketing activities. Marketing strategies are as effective as precise is the understanding of their customer. Al tools with the help of data collected over a period help with customer needs and offer solutions based on them. Better and automated decisions help to achieve greater ROI of marketing initiatives. One of the AI applications is a predictive analysis that helps to predict the requirement of the targeted customers.
On almost every website one encounters chatbots which are applications of AI. The first interaction with the customer is through a chatbot which takes care of the initial enquiry and provides the requested information. This saves a lot of time and makes the process efficient. The repetitive tasks like maintaining records and scheduling meetings can be taken care of with the help of AI. There are lead tools available that eliminate the time required for lead generation and speed up the process. The other crucial aspect is lead prioritization which would improve the conversion rate.
In the field of manufacturing application of AI has been a game changer and has increased the output by multiple folds. The machines used in manufacturing are now regulated automatically. The AI-enabled applications installed help in decision making that saves from breaking down the machine. AI also has made it possible to predict machine failure and predictive maintenance. AI-enabled solutions reduce the maintenance cost and also help in performing the quality check.
Customer satisfaction is one of the crucial aspects of business performance. The business that becomes a brand provides an experience to its customers which makes them loyal consumer. The AI-powered chatbots are quick in addressing the customer’s concerns and connecting them to the concerned department. Personalized messages with AI assistance are another way that helps to build customer relationships. With the help of constant engagement companies can retain their customers. In the e-commerce industry, AI-augmented assistance helps the customer with their shopping by assisting them in choosing the right product.
Recruitment is a time taking and recurring process that requires a lot of human resources. Companies receive many resumes for each position. These resumes need to be screened and sorted as per the requirement. With the help of AI-enabled recruitment automation software, the hiring process can be less time-consuming and cost-effective. With the help of automated screening, Unilever has been able to reduce the interviewing hour by 70,000 hours.
Businesses embracing Artificial Intelligence enabled solutions can increase their productivity significantly.Industries like supply chain, healthcare, e-commerce, and finance are ahead in adoption and that has transformed how they operate. With proper IT support, cognitive technologies like AI are simple to use and they give high returns on investment. Business can identify the process that they need to optimize and consult their technology partner for the solution.
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