Business without a well-though-out AI strategy may not survive and thrive in the future! It’s scary to hear such claims, but it won’t be the first time technology will change business processes or how we do things in our workplaces.
Artificial Intelligence is a critical tool in streamlining business processes and gaining valuable business intelligence for a more profitable venture. To be specific, AI is optimizing services in departments like HR, marketing and customer service but it may still be an exaggeration to view it as the technical cure-all for every growing pain in business.
And while it’s not easy to gauge how business exploit AI capabilities, we can tell a few things from past and present experiences with AI implementation;
- Be realistic if you chose to incorporate AI into your business processes. Start small and avoid planning beyond your ability.
- Recognize that AI is a step by step process that needs a solid budget and patience to implement and maintain.
- Incorporate staff when launching an AI project to avoid future issues in your organization.
AI is the general term for NLP (Natural language processing), ML (machine learning) and deep learning. These artificial intelligence tools were ready but we had to wait for enough computer processing power to design these services into solutions business could purchase and utilize. But AI finally became adoptable by businesses when CPUs were powerful enough, and cloud-based tech as well as other technologies upgraded.
Here are some of the ways AI technologies are helping business streamline day to day processes.
- Solutions that offer real-time data collection, prediction, and trend analysis can provide better clues into shopper habits.
- Recommendation technologies can also help in understanding content favorites and concentrate on preferred content ensuring more targeted sales.
- AI-assisted shopper modelling can predict CLV or consumer lifetime value.
- Artificial intelligence integrated into CRM (customer relationship management) systems help automate various business tasks like lead management and ranking, and data recording and analytics.
In a nutshell, artificial intelligence is about making the most of the troves of data in your business. High-ranking firms today are using data analytics to implement useful changes in their organization.
If you chose to adopt AI technologies, remember to be realistic with your expectations, implement scalably and involve the entire organization to avoid future confusion.
Author bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant loan solutions.
He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing
business funding for hard working business owners across the country.