The word ‘Monopoly’ has ceased to exist in the current day business market. Every business which is prepared to disrupt the market holds a fair chance to rule the sector. Businesses that come backed with innovative technology sets that help them become preventative, reactive, and predictive are bound to replace the “giants”.
One such technology set that is helping business in the dot com economy break the bounds and emerge as the market leader is Artificial Intelligence.
In this article, we are going to explore the impact of AI on businesses by diving into what makes AI a must-have technology incorporation from what it once was - a good to have tech addition.
How Does AI Impact Online Businesses?
- Find good candidates
Although in a workplace, we dampened mainly on machinery and IT systems, humans still continue to be a major backbone of every organization. AI helps with identifying things such as how long the workers stay in a position, what cost of hire is genuine depending on the outcome that businesses are planning to achieve. In addition to helping with the hiring analysis process, AI can also help with the recruitment process by studying all the resumes and shortlisting the best ones on the basis of pre-set criterias - this in turn helps in lowering the recruitment cost by over 30%.
- Automation of processes
Automation benefits have become one of the most sold concepts of the current time. And for all the good reasons. By lowering the manual tasks that employees do on a regular basis - answering queries that visitors leave on online chat, sending template-based emails, etc. AI aids automation in a business - speeding up the time it takes to perform a task in addition to bettering the productivity. A long term effect of this can be that businesses get the opportunity to expand further since employees get greater time work on new projects.
- Streamlined supply chain
Supply chain is one of the most clear areas which AI is helping improve by injecting accuracy and agility in the process through manual process automation. Right from the AI equipped machines and tools like inventory noting drones to the program-guided vehicles such as driverless cars and better data analytics and mistake detection software, AI makes the supply chain a lot more fallible.
Technologies like natural language processing, robotic process automation, and the deep learning tools will become all the more crucial in the coming future.
- Better sales processes
The sales approach has moved several steps ahead from long emails and cold calls. Customers are getting influenced by a number of other media types such as commercials, your online business advertisements on social media channels, role of influencer, etc.
By adding AI into your CRM, you get to plan an effective, innovative approach that helps you create a sales message which reaches the right customers in the best place and time. Additionally, a well-devised AI based CRM helps in multitasking and taking care of several other sales functionalities like scheduling meetings and calls, etc.
- More fulfilling customer relations
Engaging with the users and customers is a key part of any online business - both in B2B and B2C domains - irrespective of the age and size of the business. Artificial Intelligence is changing the equation to a huge extent. AI based software solutions which include sentiment analysis techniques means that you won’t need humans to understand the tone of a message or voice - making machines respond to complaints, concerns, and queries more effectively.
Adding AI in the customer experience plans with the help of live chat, for example, helps in giving better and more dynamic answers which are as real-time as it can be. It also helps in cutting down man hours needed for researching solutions thus helping in building greater engagement and trust.
- A theft free online environment
To human is to err. As humans, we are bound to make minor or major mistakes - no matter how big the intensity, the impact on business can be huge. For an online business, this becomes all the more real to ignore. Being dependent entirely on laptops, internet, and smartphones in the ecosystem, the fear of cyber-threat can be very scary. But once AI learns to identify patterns, systems, algorithms, and how to decode deviations, it can help in making the malfunctions and process-attacks known - saving businesses from bearing massive losses.
- Lead generation
Generating leads revolves around the process of finding and cultivating customers for business’s services and products. A number of leads generation based AI companies have started using the technology for processing customers’ data from social media and understanding their interests. It also helps analyze human language and compile a picture of the buyer persona with the help of this information.
An example of this AI based lead generation tool which is hiding in plain sight is the LinkedIn sales navigator platform. It digs into the leads on the networking platform and helps businesses with engaging with them better - thus bringing you closer to converting them into leads.
- Managing massive amount of data
No online business can work without a proper system for gathering and converting data into insights. The use of AI in bettering the conversion of big data into actionable insights can help with making processes more efficient. AI based machines have become capable of performing several evidence-based deep content analysis and reasoning which can accelerate and better decisions for an online business through deep learning and machine learning branches.
These are only the surface of what an online business can achieve through the incorporation of AI services. Businesses have also been using the innovative technology for areas like administration, time management, enabling the complete autonomous process, etc.
The crux is no matter what is being said and portrayed, AI is here to not replace jobs but make processes a lot more efficient and scalability friendly. If anything, the role of humans in workspaces will become a lot more value and ROI oriented.
What do you think is next for AI integration in the online business sector? Share your views with us in the comments section.
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