Every customer wants to know more, and every company asks “how can I keep up with demand?” The question can end at adopting AI, the ideal solution to ever increasing budgetary demands. Artificial Intelligence reduces the need for expensive personnel at the same time as increasing customer satisfaction and independence. Figures from the Gartner report predict that by 2020, 85% of transactions will be completed without human involvement. This has enormous potential for the productivity improvement.
“Companies cannot delay advancing their digital journeys, including AI. Early adopters are already creating competitive advantages, and the gap with the laggards looks set to grow.” This, from McKinsey’s report into Artificial Intelligence, sums up the importance of staying ahead of the game with AI. The same report states that ‘only 20% of of C-level executives are using AI-related technology’. Understanding of the benefits of AI is not widespread, allowing your business a greater chance to get ahead.
From plan to action: 5 competitive advantages AI makes possible
Almost half of companies intend to make AI work to their benefit by increasing the distance between them and their competitors. There are a few different strategies you can use to keep up with them:
1. Data-Driven Marketing
AI can help you in cutting the time it takes to get throughout Big Data analyses, leaving you free to focus on other essential jobs. When analysing data, AI offers precise results about market trends and advice about lead acquisition.
Furthermore this precise analysis gives you the opportunity to make predictions about how your business will continue in the future, allowing for time on decisions about Marketing and Sales strategy.
2. CRM & Sales
AI can produce automation using targeted market insights to make predictions for your CRM systems with a high rate of certainty. This gives your sales department the initiative to succeed on every suitable sales chance. It can also show you opportunities for re-engagement strategies.
3. Automating Systems
Another great benefit of AI is its ability to streamline workflow. For instance, can you imagine a world where only the emails you actually needed to read were given to you, with the less important sidelined until later? This technology is currently working with programs like Knowmail, which effectively use AI to help you keep on top. AI has the potential to perform the mundane tasks you’d rather not spend a long time doing such as email, booking, scheduling and chatbots. AI can execute these jobs for you quickly and easily. Therefore, leaving you time to focus on one-to-one, more personalised affairs that characterises many small business today.
4. Market Insights
AI can sift through the lengthy data you collect on Market Insights. It can provide you with a concise, coherent analysis and give you the opportunity to go ahead with a strategy fully informed. The benefit of AI is that these insights can be provided in less time and at less cost. It does this by taking the vast raw data and clarifying it with a view to instant use, empowering you to come to better informed conclusions.
5. Customer Understanding
The amount of data available on customers and their behaviour is huge. Just as customers are varied, so is this information. AI can help you sift through this shifting landscape of customer data and provide analyses on how it relates to aspects of your business. Social media, email, chatbots can be utilised more smartly by your sales team to fit with your customer’s needs.
Productivity improvement and other benefits
AI-driven analysis can provide clarity and gives you the opportunity to perfect your communications procedure. It constitutes a productivity improvement opportunity that can’t be disregarded resulting in revenue increase and the building up of new customers.
Any company that is not quick to adopt the enormous changes in technology will fast become obsolete. Its use is essential for keeping up with competition and it can provide productivity improvement by up to 40%. We all know what happened to Kodak, so don’t allow the slow uptake of digital technology to be your downfall too.