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5 Ways Artificial Intelligence Can Help You Grow Your Business

Published on 24th November 2017

Artificial intelligence (AI) is here and it’s going to change the way everyone does business. 72% of business leaders thought that AI would offer a business advantage for businesses going forward.

With that in mind, it’s time to think about how this new innovation could help you grow your brand.  Trust me, there are a ton of ways that businesses in all industries can benefit from AI, but today we’re just going to look at five.

Let’s go ahead and get started!

Providing More Accurate Prospect Information

Validating data from potential prospects is a time-consuming process. It can take hours to do manually. But, AI will make this an automatic process in the future.

Data will be pulled from various social media channels and validated to ensure you only see the data that the computer knows to be accurate. This will allow you to craft superior strategies and increase your chances of converting new prospects.

Increase Productivity

Productivity means dollars in a business setting.

AI is different from anything we’ve ever seen before because it never needs to take a break. It’s never going to get tired and it’s never going to need a vacation. Naturally, with AI you can get more done than you could before. It’s estimated that AI will lead to an average productivity increase of 40%.

But does that mean the end of human employees?

According to Andrew Charlton, that’s far from the case. The fact is that AI will never be able to replace a human relationship. People will always want to speak to another human, so your customer service teams will still require at least some human operators.

AI will be there to help the humans on the team, rather than to take their places.

To find out more of Andrew Charlton’s theories make sure to check out his selection of books on Amazon.

Improving Automated Messages

The majority of companies with an online presence will utilize automated messages. The problem with these automated messages is that it’s obvious the message didn’t come from an employee. It’s cold and it keeps customers at arm’s length. Think of the difference it would make if the customer thought that they were sent a personal email by an employee.

With AI, that’s now possible. AI may not be able to replace humans but it can copy us. It can easily copy the way a human writes and make it look like a real employee sent the message. That’s going to create more intimate relationships.

Helping People to Shop

Cookies are an example of helping people to shop. They save their searches and make it easier to show products that the data shows a specific customer will like. AI takes that one step further.

AI has the ability to not only collect data from people but to sort it and to validate it. Cookies do this on an extremely basic level. AI can act like a personal human shopper and offer a different experience for every customer.

Avoid Missing Opportunities

Missed opportunities are not necessarily customers who didn’t buy. They’re customers who didn’t buy from you because you didn’t present your ideas correctly and you didn’t meet the customer’s expectations. AI can help you to avoid these missed opportunities.

Take Netflix as an example. Netflix estimates that it saves $1 billion every year by avoiding cancelled subscriptions simply by providing better search results through AI. That’s due to the fact they’re meeting the expectations of their customers by offering them the TV shows and movies they want to see.

Those same principles can be applied to your company through AI.

AI has the potential to change the user experience, ensure that you meet the needs of any prospects, and confirm that you only follow the leads that are actually making their way through your sales funnel.

Final Thoughts on Artificial Intelligence

Right now there’s an arms race in the world of AI. Companies are gathering patents and trying to understand AI more. There will still be a period before AI truly goes mainstream for businesses. But expect the process to take less than five years to complete.

It’s good business practice to be aware of these changes now so you can react faster than your competitors when the time comes.

Do you think AI is going to change your business?