Business leaders and investors across the globe agree that Artificial Intelligence and Machine Learning will revolutionalize their businesses by decreasing costs, handling risks, streamlining operations, accelerating growth, and inducing innovation. The growth potential of AI to encourage revenue and profit growth is ground-breaking. Advertising, Marketing, customer service, and sales were noted as the top three features where AI can realize its full potential according to a recent survey by Forbes.
AI has evoked everyone’s imagination, but what can we expect from the technology? Artificial Intelligence is still very much in the early stages. More than half of the business professionals are still either analyzing or testing on a limited basis around their organizations, and there are very few organizations at the planning stage trying to leverage the power of growth potential of AI.
Related: AI-powered Competitive Intelligence for Today’s Businesses
Before businesses begin investing large sums of funds into AI ventures, it’s essential to understand where AI can be applied effectively. Here is how applying past lessons to leverage the power of artificial intelligence
Supply Chain Management with Growth Potential Of AI:
- AI has helped companies overcome the challenges by enhancing visibility, find weak links, match demand with production and manage suppliers effectively.
- Also, AI is helping businesses to control software that can respond automatically to handle supply chains, in response to predicted demand. Predictive intelligence expects demand, while machine learning supports the cause.
- AI’s potential in the supply chain has helped a lot of business provide customer relations.
Related: The AI Revolution: Our Immortality or Extinction – Part 1
AI in Sales:
- AI is helping businesses discovering new customers, identify cross-sell/upsell opportunities.
- Artificial intelligence in analytic systems analyzes existing customer stats to find new customers. With the help of virtual sales, agents can engage with customers effectively.
- Sales organizations are dynamically boosting sales performance by using algorithms to help with the basics of account and enhance prioritization and qualification.
AI in Marketing:
- Artificial intelligence is helping companies overcome various challenges like developing campaigns, track campaign activities, target and personalize advertising.
- AI in marketing is helping rank and gather existing customers according to customer behaviour.
- Businesses can leverage on AI by obtaining reports on campaign activities and identifying lucrative product areas.
Related: The AI Revolution: Our Immortality or Extinction – Part 2
AI in Operations:
- With over several challenges like predicting maintenance and risks, optimize production lines, AI is helping businesses estimate the probability of failure of the production process.
- Machine vision offers automated visual inspections to help businesses work on personnel systems that can learn from employee data and past behaviour to allocate the best available employees.
As many organizations develop exceptional AI capabilities for driving customer acquisition and retention, we can see that these organizations are capable of innovating faster, engaging with customers in new ways and start to challenge with the digital-savvy companies. The growth potential of AI has dynamically helped digital marketing and digital sales in the last five years.
AI is accelerating the research and response process for marketing and advertising teams to handle evolving customer needs in the future. However, this isn’t possible with technology and data alone. Today, business leaders should work on truly understanding the nature and abilities.
Related: The role of artificial intelligence in knowledge management
