As AI becomes more prevalent in the world of technology, so too does the use of Artificial Intelligence (AI) among companies for business operations. In the business landscape of today, AI technology can be a transformative force, and this is evident in its many advantages and results.
AI systems are shaping businesses in five main ways in the year 2024 – but which specific influences are they having? Read on, as our IT experts take a close look at the transformative effects of artificial intelligence on businesses.
Enhanced Customer Experience
With AI-powered tools, including chatbots and personalized recommendation tools, businesses are not only revolutionizing customer interactions, but are problem solving more quickly and efficiently. In one real-world example, for instance, an international bank was able to create a chatbot or virtual assistant that would change the way it interacted with customers.
In this case, the bank could easily engage with their current clients as well as new ones and stay competitive while offering customers the solutions they really needed as a result of implementing the AI tool. It offered a seamless and secure means through which customers could communicate with the virtual assistant, and ensured their requests and enquiries were handled accordingly.
AI chatbots and personalized recommendation tools also personalized the shopping experience of customers in a separate case. The Etsy brand currently implements AI algorithms that look closely at customers’ preferences and then offer personalized recommendations for products. This leads to satisfied customers who know which products they might want to purchase next.
Data-Driven Decision Making
Using AI analytics tools, businesses are also able to make data-driven decisions. Such solutions are empowering companies to make the right decisions in line with customer requirements and preferences, which align with business strategies – and this is possible because of predictive analytics and machine learning algorithms used with vast amounts of data.
For example, predictive analytics can draw on current and historical datasets, which play a significant role in anticipating the outcomes that may happen in the future. In a real world example, the process of leveraging predictive analytics involves regression analysis. These solutions are complemented by deep and machine learning, which make predictive models more accurate.
They do this by making it easier to analyze complex datasets and large amounts of data. Specifically, they look for patterns and relationships in existing data.
And such patterns can help marketing businesses or companies that need to make sales look ahead to potential outcomes. For instance, businesses can predict future sales using regression analyses with strategies to classify the data first, such as decision trees and support vector machines, and then analyze it with machine learning algorithms.
Process Automation
In the use of artificial intelligence, companies are refining their business processes and making them more efficient. Now, these outcomes come as a result of Robotic Process Automation (RPA) and AI-powered workflow optimization.
Robotic Process Automation is achieved through a type of software that enables the management of bots that can automate tasks. AI-powered workflow automation is the use of artificial intelligence to streamline processes and enhance businesses.
It’s possible to see the benefits of these approaches by looking at specific examples.
- Robotic Process Automation: In one case, a renowned manufacturing business needed to process hundreds of invoices, which came from many different clients on a monthly basis. Each invoice format was different, which slowed the process down.
With the activation and use of smart bots, however, the manufacturing business could read the data faster and even present the data to an interface, which sped up the process of interpreting the invoices.
- AI-powered workflow automation: One of the most well-known technology companies uses AI-powered workflow automation specifically for HR process automation. IBM screens job applicants with an AI tool known as the IBM watsonx Orchestrate, and this minimizes the time and cost required to hire new employees.
The tool does this by completing interview scheduling and follow-up communications, which is all possible through Natural Language Processing (NLP). It is a technology that allows AI to comprehend human language, interpreting it correctly to give the correct responses.
Personalized Marketing and Sales
In other fields, specifically in marketing and sales, artificial intelligence is greatly contributing to sales efforts – and this is possible through targeted advertising and the ability to create leads. For example, the makeup retailer L’Oréal was able to increase the return on their ad spend for a specific product by using the Performance Max AI tool.
L’Oréal used the AI-assisted solution for their marketing efforts. In doing so, they were able to optimize their campaign for the Kiehls skincare brand. The Performance Max tool ensured that L’Oréal could increase their return on targeted ad spend by 78%. The tool features assistance for videos and shopping catalogue optimization as well as audience signals that allow sales teams to ensure the ads reach their target audience.
When we look closely at the marketing field, it’s clear that other tools are ideal for sales and automation. Solutions such as AI-powered CRM tools offer the quality predictive analytics required to forecast trends in sales and stay competitive. For example, by integrating a buyer intent AI platform with their CRM, the marketing department of a technology consulting firm could increase their sales-ready results by 40%.
Cybersecurity and Risk Management
Leveraging artificial intelligence can also enhance cybersecurity measures and greatly assist risk management strategies. With threat detection systems powered by AI, companies are able to develop in-depth proactive security approaches.
For example, tools such as Elastic and Splunk can search an organization’s logs with neural language capabilities. It then uses the machine-generated data to look closely for vulnerabilities and implement security technologies. It processes large amounts of data to search for anomalies indicative of potential breaches in security.
It’s also ideal for automating specific tasks that make threat hunting faster and more efficient. For example, businesses can create triggers through this tool that Splunk can activate when a threat is detected. AI algorithms offered by Splunk aid this process by categorizing risk levels and initiating the correct actions instantly when threats pose a risk to systems.
Incorporate AI-Driven Solutions into Your Technology Stack with Tech Masters
In offering an enhanced customer experience and data-driven decision making to companies, process automation and personalized marketing as well as risk management, it’s clear that AI is transforming businesses in 2024 in many ways.
As a business, it makes sense to embrace AI technologies – which will ensure you can compete against competitors as the business landscape evolves. Explore AI solutions with your technology stack. Contact Tech Masters to integrate IT solutions successfully into your operations to ensure your business thrives.
