Artificial Intelligence and Machine Learning are two of the most popular and powerful technologies in the world at present. In fact, it is believed that the market of AI and ML is forecasted to grow in huge numbers. In fact, even the voice searches are forecasted to grow at approximately 270% across India. In fact, AI is expected to touch even the most unexpected areas across the world. For example, Agricultural industry, astronomy and the field of defense are a few of the areas where we didn’t expect AI to make such a huge impact. But, surprisingly, AI has definitely made a superb impact in some of the most unexpected areas as well. In fact, Artificial Intelligence and Machine Learning are playing a major role in the corporate world as well.
Businesses across the world require cutting-edge technology
The world has become extremely competitive, therefore, there is no doubt about the fact that businesses are in need of the latest technologies. The implementation of high-end technology makes it possible for companies to work a lot more efficiently. Whether it was the invention of the computer or the rampant use of the internet, technology has played a major role in revamping the way business functions. In fact, even the increased growth of the use of mobile technology has helped the business grow in many ways. Plenty of companies are even using the power of enterprise technology, and a host of useful enterprise software to simplify business operations. One of the technologies that have made a huge impact in the world of business is cloud technology. Cloud technology has boosted the efficiency as well as the speed of operations in a firm. In fact, it has also smoothened the business operations and it also makes it easy for different teams of a firm to work in sync. Apart from cloud technology, Artificial Intelligence, and Machine Leaning seem to benefit the businesses in many ways as well.
AI and ML in the business world
Software companies are planning their best to integrate Artificial Intelligence and Machine Learning in various areas of the business. The implementation of AI is not only restricted to a particular area of a business, in fact, but it is also used in a wide variety of business areas. When it comes to the real meaning of AI, it is nothing more than a computerized learning process. AI is being used by plenty of companies to ease their business operations. But, that’s definitely not it. AI is also used to enhance the quality of customer care. And, AI is even used by the sales and marketing experts of a firm as well. Some of the companies have implemented AI in their operations as well. So, basically, AI seems to have multiple uses in the world of business.
AI and ML in the field of customer service
Artificial Intelligence and Machine Learning are two of those technologies which are used extensively to improve customer experience. In fact, these technologies empower the companies to not just acquire but to also manage their customers in a better way. AI is used to enrich the customer experience. And, this, in turn, amplifies the (ROI) return on investment. Businesses across the world are trying their level best to continuously explore AI and ML and come up with exciting ways to make the most of these powerful technologies.
The power of chatbots
One of the key offerings of Artificial Intelligence in the customer support field is chatbots. A large number of businesses utilize the power of AI to offer efficient and continuous care to their customers. Companies are always in need of better and more powerful and quick customer service technology. And, chatbots helps the firms to offer 27 by 7 support to their customers. At the same time, the latest customer support solutions which are powered by AI deliver high quality information and support, and with a great deal of accuracy. Therefore, there is no doubt about the fact that chatbots have definitely revolutionized the way companies take care of their customers. In fact, it is believed that by the year 2020, approximately 85% of the customer conversation will be handled only by a chatbot, and without any human intervention.
Artificial Intelligence is not only expected to revamp the customer support function, but it is also expected to improve the marketing functionalities in many ways as well. In fact, plenty of marketing software and solutions have already started implementing the AI-based technology in order to make their tools a lot more efficient and powerful. A few of the areas where AI will definitely make a difference in the marketing fields are:
Enriching the customer journey
There is no doubt about the fact that the customer support and the marketing teams have to work in sync for the betterment of the company. Marketers have to understand the customer nicely in order to create powerful marketing plans. Also, it is important to keep a check on the complete customer journey and improve the overall experience. AI helps the marketers to do sentiment monitoring which eventually helps to boost the customer experience. At the same time, data-driven segmentation also helps to curate personalized communication for the customers. Additionally, AI helps in getting clustering algorithms which basically allow the marketers to classify the customer behavior. By this, the companies can easily identify how the consumers are felling or will feel about a brand, their product or even their marketing campaign. Therefore, AI can definitely help the firms to customize and personalize the complete customer journey.
AI empowers the businesses to map the customer journey
Artificial Intelligence helps the marketing experts to get a complete understanding of the path to purchase of the customer. As, customer segmentation, automatic trend spotting as well as propensity modeling allow the marketing experts to gain more knowledge about the customer. Therefore, the marketing teams are able to make a lot more powerful and efficient decisions as they are able to understand the customers better. Also, AI-based programs offer much more convenient access to customer behavior patterns.
AI makes it easy for the marketing teams to do useful predictions
One of the key benefits of using AI is that it helps in predicting marketing outcomes. With the help of AI, marketers are able to make plenty of useful predictions which eventually prepare them for a particular result. A host of AI powered marketing solutions use ML to make necessary predictions related to the lifetime value of any customer. Also, there are some solutions that even help the firms to anticipate the probability of purchasing. Basically, the main use of ML and AI is to identify the behavioral patterns and interests of a customer. Also, with the help of AI and ML, companies can even find out the key characteristics related to high-value audiences. All this amplifies the efficiency and productivity of the marketing teams.
AI in Sales
Artificial Intelligence is used massively in the field of sales as well. AI helps the sales executives to make better decisions. As, with the help of smart algorithms, the companies are able to target the ideal audiences. Therefore, there is no doubt about the fact that sales executives are able to make faster and better decisions and conceptualize better customer acquisition plans with the help of AI. As per approximately 61% of marketing professionals, Artificial Intelligence is the most significant data strategy. Additionally, businesses across the world are making the most of ML and AI to boost their sales. And, with the help of some of the best AI and ML powered solutions, companies can increase the lead capturing ratio.
AI in the field of education and healthcare
Artificial Intelligence has a major role to play in the world of education and healthcare as well. If we talk about the field of education, AI powered e-learning courses are doing pretty well. AI is transforming the way the online education industry works today. AI powered courses are preferred a lot by the users across the globe, and the role of AI is only expected to grow in the near future.
When it comes to the role of AI in the field of healthcare, it is pretty evident. AI is used by plenty of healthcare companies to make their healthcare software and solutions much more powerful. In fact, AI is used extensively in the field of mobile healthcare as well. There are so many healthcare mobile applications that are powered by AI. And, most of these apps are becoming extremely popular across the world. AI is helping the healthcare industry in many ways, for example, it is even helping the healthcare experts to make predictions. Therefore, AI has a major role to play when it comes to improving the quality of care as well.
Artificial Intelligence and Machine Learning are two of the most powerful technologies in the world. And, these technologies are used extensively by businesses to improve plenty of their business functions.