Is your business moving with the times? How big businesses harness the power of AI

Sarah Dunsby

Source: ©Photoshot

Will you be left behind?

For decades, AI was seen as a far-flung – and incredibly high-tech – experience reserved for movies and sci-fi novels. Even as the technology proliferated, Artificial Intelligence, for many, seemed like it was reserved for the Silicon Valley elite – the people driving the narrative and the investments in, again, these borderline-cinematic advances. Now, though, the majority of enterprises are making investments in AI, machine learning and other automated processes – by some estimates, upwards of four in five enterprises are leveraging the technology, at least to some extent.

While there’s significant momentum in the marketplace, still, many business leaders and entrepreneurs find themselves dodging the AI bullet. Blame fear or concerns over costs, adoption or true usage, but many organizations still find themselves on the outside of AI – and, as a result, about to be left behind.

No matter where you and your business fall, now is a critical time to take a beat and benchmark your existing and future AI plans against the increasing demand – and, with it, to understand what AI truly means and how it can impact your business & your bottom line.

Let Robots Make Predictions

One thing you can’t ignore is how timelines implicate your bottom line. While you still debate on which option to take a faster competitor may reach the consumers you needed to engage with.

 

Will you allow AI to help you reach goals faster?

AI’s algorithms can scour huge amounts of data that will take humans days to work through

It can use the information embedded in this data to draw conclusions

Based on these conclusions AI makes predictions

 

These predictions can be used in trading, marketing and more. Here’s an example:

AI-powered platforms determine which marketing channels are most dynamic.

It then allocates companies’ marketing budgets to these channels for optimum ROI.

 

Realize that these expenses are actually how you invest in the future of your company. You only need to look at large entities for proof

Google already invested in a startup such as DeepMind in 2014

Spotify bought Niland whose AI predicts what music people will like, so Spotify can now provide appropriate options for customers.

 

Imagine your impact when you can predict your customers’ reactions.

 

Can robots care about your customers?

Why did Salesforce acquire MetaMind in 2016? Let’s be clear. Salesforce is the most valued US cloud computing company in 2018. Its decisions are all aimed at becoming and staying a market leader.

The deep learning AI that Metamind develops can result in customer care like you’ve never seen before. While business owners fear technology will make customer care less personal, but they judge too quickly.

 

This AI startup’s product by WorkFusion can even deduct sentiment from a person’s reply. That’s not what you would call impersonal is it? So you can combine being attuned to people’s emotions, with:

Fast service

24/7 options such as through IVR (Interactive Voice Response)

Information on demand

Dynamic menu options thanks to using accumulated data to improve the system

 

This is optimized customer care. No business can grow without a loyal client base and soon no company will impress without providing this level of care.

If these large companies are investing in AI the world should take note. What kind of business will you be? The one who looks on or a market leader? The leaders of the future will use AI. Will you show others how it’s done?

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