Artificial Intelligence

How can Entrepreneurs leverage Artificial Intelligence to Grow their Business

Business Technology

Isn’t it good to have an intelligent machine to guide you towards your business growth?

Well with technology like Artificial intelligence, the possibilities of businesses to make their work faster and with increased efficiency and precision becomes a lot easier.

AI technology is designed to perceive and learn from the surroundings to discover the patterns, and use its machine intelligence to perform certain actions. It works in the same manner as the human mind to add intelligence in the machines.

AI, when integrated with different technologies, can bring innovations to make the business processes work faster. Similarly implementing such a system into business operations can increase the amount of profit for that business.

Getting straight to the point, below are some ways where artificial intelligence can act as a boon for the businesses.

●   Helps to Make Precise future plans

There is a lot of data needed to be collected and researched before making business plans. To fulfill the market demand, a deep study about the behavior and change in the trend of the businesses is necessary.

AI with its powerful data mining ability can process these thousands of entries by compiling them to derive some actional advice or information that can help the business owners make their decisions faster.

This process of data mining reduces much time and money involved in the market research process.

●   Helps give personalized service to your customer

To improve customer engagement with the product and increase the retention rate, focusing on personalized customer experience becomes a must for the owners.

AI can help you understand the preferences of your customers to help you design your products by adding a ting of personal touch based on the user’s interest.

Sending a personalized email/newsletter by collecting the information about the areas the user spent the highest time while surfing your website or by getting information from the data collected from various campaigns can bring a difference in the way customers perceive your brand.

●   Chatbot support to reduce response time

Practically, no businesses would be in operation for 24/7, here AI-enabled chatbots act as a host for the customers who want to interact and gain information about the business at a different time of the day.

There is a lot of automated information fed into the AI chatbots which helps it to answer the probable questions that the user could ask. These answers are prepared by leveraging AI analytics and ML studies to derive the most asked queries that could be triggered by the customer’s side to gain information.

This reduces the customer wait time and increases satisfaction by giving them a quick response to their needs.

●   AI with Social listening tools helps gain brand insights

Ai machine learning in Social listening tools are used to collect information by monitoring and collecting the data about what people are talking about the brand online. Here the tools use AI technology to gather information from various social media platforms, by tracking the brand mentions, reactions of people, and customer feedback.

Here the analysis is made on the data collected in various forms and feelings to convert them in measurable data to derive results. These insights are then used to improve the area of marketing and know where the brand stands in terms of awareness relative to the competitors.

●   AI helps to cut down the company expenses

AI is a great technology that helps businesses to reduce the cost of operations in many forms. Firstly the speedy market analysis process reduces the cost of market research that indeed takes much time and effort of the company employees.

Secondly, the AI uses cloud storage for its various data processes and analytics to help the organizations reduce the cost involved in purchasing different storage systems. Along with the reduced cost, the AI cloud storage ensures great data security by acknowledging various security protocols required to prevent access to unauthorized users.

Final thoughts

Artificial Intelligence is a vast ocean of technology filled with great potential for innovation. From saving the cost of operations and helping to improve customer experience to making future business plans and increasing work efficiency, AI deserves the tag of “the future of technology”, especially for the business world to earn profits.

Also Read: Artificial Intelligence has seen quantum advantages

 Author Bio :

Parth Patel is a serial entrepreneur and CEO of SyS Creations – a leading managed IT services firm focused on technology-driven healthcare solutions with a customer-centric, journey-first approach. Operating the IT Infrastructure of Healthcare SMEs and startups keeps him on his toes and his passion for helping others keeps him motivated.

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