Many businesses take up artificial intelligence (AI) technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience.
For greatest benefits, businesses should look at putting the full range of smart technologies - including machine learning, natural language processing and more - into their processes and products. many businesses that are intesting to AI can achieve more results.
1. Improving personalised shopping experiences
Providing customers with personalised marketing increases engagement, helps generate customer loyalty and improves sales. This is why companies are putting so much effort into it. One of the advantages of using AI is that it is able to identify patterns in customers’ browsing habits and purchasing behaviour. Using the millions of transactions stored and analysed in the cloud, AI is able to provide highly accurate offers to individual customers.
2. Automating customer interactions
Most customer interactions, such as emails, online chat, social media conversations and telephone calls, currently require human involvement. AI is enabling companies to automate these communications. By analysing data collected from previous communications it is possible to program computers to respond accurately to customers and deal with their enquiries. When AI is combined with machine learning, the more the AI platforms interact, the better they become.
AI Chat bots is common example of AI which can interact with unlimited customers at the same time and can both respond and initiate communication on a website or an app.
At the end of 2020, all customer interactions will be taken care of by intelligent machines that are able to replicate human functions. The days of using a call centre look like they are coming to a close.
3. Real-time Assistance
AI is also useful for businesses that need to constantly communicate with high volumes of customers throughout each day. For example, in the transport industry, bus, train and airlines companies, which can have millions of passengers a day, can use AI to interact, in real-time, to send personalised travel information, such as notice of delays. Some bus companies, for example, are already tracking the location of their buses and using AI to provide travellers with real-time updates about where the bus is along its route and its estimated time of arrival. Customers receive this information on the bus company’s app.
4. Data Controlling
One of the biggest advantages of using cloud-based AI is that artificial intelligence apps are able to quickly discover important and relevant findings during the processing of big data. This can provide businesses with previously undiscovered insights that can help give it an advantage in the marketplace.
5. Operational automation
AI is able to operate other technologies that increase automation in business. For example, AI can be used to control robots in factories or maintain ideal temperatures through intelligent heating. In Many countries human-looking robots now serve as receptionists in some of the countries including hotels automating check-ins, booking services and dealing with customer enquiries. In retail, AI is also being linked with cloud technology to track inventory.
6. Predicting outcomes
Another advantage of AI is that it is able to predict outcomes based on data analysis. For example, it sees patterns in customer data that can show whether the products currently on sale are likely to sell and in what volumes. It will also predict when the demand will tail off. This can be very useful in helping a company purchase the correct stock and in the correct volumes. It is predicted that, within 10 years, the days of seasonal sales will be over as AI will mean and little leftover stock to sell off.
This ability to predict is not just useful in retail. AI is also being used in many other areas, for example, in banking where it can predict currency and stock price fluctuations or in healthcare where, remarkably, it can predict outbreaks of infections by analysing social media posts.
