Artificial intelligence (AI) has been touted as the next big thing in business. As a result, many startups have implemented AI-powered systems to help solve their most complex challenges. But AI is not just a buzzword or fad; it’s already being used to solve real-world problems. Here are five ways AI will transform your business to achieve growth.

What is artificial intelligence?

Artificial intelligence is a field of computer science that deals with the simulation of intelligent behavior in machines. Artificial intelligence is also known as AI or machine learning. It’s the idea that a computer program can be made to act like a human and make decisions based on how it was trained. The field is still in its infancy, but artificial intelligence is expected to transform business in the future.

Chatbots are a type of AI that can respond to messages, text, and voice in natural language. Businesses are already using chatbots in several ways.

For example, they can help customers manage their shopping carts, order food and drinks, book hotels, and even order their own cars. These chatbots can also serve as personal assistants, answering questions and helping people with personal and professional issues.

1 Customers’ inquiries can be answered by chatbots 24 hours a day, 7 days a week.

Chatbots have become a must-have tool for many companies. They have an impact on customer satisfaction, sales, and operations. Chatbots are very effective in managing customer queries and maintaining relationships with customers. As a result, chatbots are making their way into every business sphere today.

How are Chatbots working?

Chatbots provide a convenient way of communication between customers and the company. They are capable of responding to queries at all hours without any human input, without getting distracted by other tasks.

These intelligent technologies help provide quick assistance and answer questions within a few minutes or even seconds; chatbots can respond with related product information such as price, review, etc.. Companies always rely on chatbot technology for people who cannot easily access them during business hours.

Best Chatbot Software?

Today, companies are using the power of AI to create real-life practical or even helpful chatbots inappropriate domains like e-commerce, payments, delivery, etc. The modern processes involve an application for self-learning processing that allows a user/customer to interact with various machines without actually interacting with an individual (chatbot). For example, you can guide your bot by asking simple questions rather than squinting at little digits somewhere on your screen. A good chatbot interface can work with messaging platforms like Facebook Messenger, WeChat, company website, and many others.

The market for Chatbots is growing every day in all sectors of business after its success in the B2B sector because it helps organizations to connect with customers through desired channels and provide a real-time intelligent, personalized service, thus making them extra successful than ever before.

2 Using Chatbots to Answer Routine Questions Can Remove HR and Management Resources

Employees spend over a third of their time at work performing mundane and routine tasks. The time they spend answering emails, filling out forms, or sending emails is time they could be spending with their colleagues or working on a project.

AI can help reduce the need for employees to answer these routine questions by using chatbots, virtual assistants, and other technologies. In addition, AI will take the burden off employees by automating the frequent questions. This means they can focus on higher-value tasks. The business can benefit from these employees by reducing their labor costs.

3 Chatbots Can Reduce Fraud, Improve Security, and Increase Revenue

AI chatbots can be a great outreach tool for human resources departments to find out what types of information is important to a job candidate before making an offer or setting up interviews during hiring season. The use of AI technology on this could provide employers with real-time intelligence that would help well ahead in the hiring process. In addition, the facial recognition technology available today has improved tremendously since the use of AI chatbots can be utilized on this tool. For example, it can automatically identify who is showing up for interviews based on their photos and history in a cover letter.

Chatbot management systems are also excellent tools for monitoring employee productivity through call scripts, automated responses, and other task automation functions, which are precious during peak season or operating within a larger company.

Chatbots can provide employees with greater autonomy and reduce the need for them to interact with archaic voicemail systems that are taking up valuable time. In addition, conversations made through these chat programs are not always handled through email or even traditional phone calls. As a result, it allows people to remain more productive in their roles while still making internal communications more effortless than ever before.

AI technology is already being used by companies such as Apple and Facebook for crucial features in their applications. However, it is still valuable to have a suitable product like an application that provides real-time integration of the mobile ecosystem with a chat function. And manual interaction focused on the workplace setting at hand from employee engagement through revenue generation activities to increased productivity among employees by using IT infrastructure for efficient utilization; cutting down procurement costs similar to when individuals utilize apps such as Dropbox instead of relying on external software packages.

4 Make Data Work for You to Get or Stay Ahead of the Competition

Data is becoming the new currency in business. It is used to power the future of your business and enable it to be more competitive and innovative. To make data work for you, you need to invest in AI solutions that can help your business get ahead of the competition. AI helps your business to understand customer behavior, respond more effectively and adapt to changing market conditions.

Common challenges to the Data Lake

Adopting data-driven policies is one of the first steps businesses need to take for their data strategy to be effective. Data management, defined as storing and ensuring that your organization uses, accesses, and shares information effectively through various processes, has traditionally been done manually by humans. However, today’s organizations have shifted from manual to automated data processing – they rely on AI (Artificial Intelligence) to automatically process, analyze, and deal with data more effectively.

Data is a product that sits behind the front-end application layer of your organization’s software stack. It is often siloed in which specific teams control access to their databases wherein they serve as prerequisites for many roles like database administrators (DBAs). This means that data cannot be easily accessed by other departments – sales, marketing, or QC staff. In addition to this problem, there is a lack of clarity around the ownership and rights towards data. There is often an imbalance between production versus development or between IT and other departments.

“The difficulty companies face comes from not sharing their knowledge about how their organization uses the core business-facing technology such as databases. In fact, it’s becoming more challenging to integrate those disparate technologies than ever before.”

– Avishay Galor & Daniel Piamonte (2017)

The future of AI is already here, and businesses can use it to make data work for them. Business leaders increasingly understand the importance of data in the industry, and AI can help them use it to make their business more efficient.

For example, an AI-powered recommendation engine can analyze the customers’ purchase histories and suggest new products that they might like based on their past purchasing habits.

5 With advanced tools, you can coach your sales teams.

AI is an advanced tool that can be used to coach your sales teams and improve the performance of your sales team. AI is software capable of making decisions, learning, and adapting to new situations. For example, with the help of AI, you can create an action plan for your sales team to help them better understand their customers and provide better solutions. For example,

sellers can improve the action plan by proposing deals that are relevant to their customers.

The Salesforce AI offers a suite of software products that helps sellers create personalized and efficient sales processes, assist in decision-making, and develop pitch decks across any channel, including virtual assistants, chatbots, or voice bots.

6. Monitor your business’ performance

You can monitor your business’ performance. AI platforms allow companies to examine huge volumes of unstructured data, which they usually don’t have the resources and human resources to do manually. AI supports converting unstructured data into structured information to make informed decisions on solving their business problems faster than before. Implementing an AI solution also allows a company or individual to automate tasks once reserved for human labor and showcase all future predictions by looking into both historical and future data in one spot. Thus, organizations and individuals can monitor the performance of their business at an unprecedented level using AI tools that make them more efficient in making decisions. In addition, they can now act faster without losing crucial information that is important to strategy formulation or decision-making processes. They will also use a data-driven approach instead of relying on gut instincts. This has potentially far-reaching consequences for all levels within organizations, including finance employees.

The above six ways give an idea of how AI can transform your business to achieve expansion.

According to Gobal AI Trends 2019 report, the Global enterprise revenue forecast for Artificial Intelligence (AI) and machine learning will grow 17% from $75 billion in 2018 up to US$130.8billion by 2025.