For many people who are not involved in the world of high technologies, artificial intelligence still remains just a futuristic concept. However, the reality is that AI has long been a part of today’s business environment. Owners of existing businesses or start-ups will find it useful to learn how artificial intelligence helps the development of projects. Below are the main ways to use AI for the benefit of the entrepreneur.
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1. AI Improves Customer Service.
According to American Express, 40% of customers expect fast service. All businesses today are centered around customers, and business depends on how the service provider treats customers. All companies with fast and effective customer support usually have an edge over the competition.
According to Accenture, in 2020, 80% of support services will operate using chatbots. Modern startups use smart apps to handle the most common queries. Chatbots answer questions and learn certain information:
- General customer requirements for a product or service;
- Age and location;
- Information on personal offers and discounts;
- Resolving issues in real-time;
- Answers to various frequently asked questions.
The more information is invested in training a chatbot, the better it performs its duties. Experts advise launching chatbots at specific points in the sales funnel. This will help you sell more and improve your conversion rates. For example, Google Play uses AI to help customers find the app they want and share music. AI offers music based on past searches, time of day, and genres that the person has previously listened to.
2. AI Is The Basis For Data-Driven Decision-Making.
The use of AI in business intelligence is critical to the success of any startup. Artificial intelligence and machine learning are the paths to advanced tools that provide insights into customer behavior and market trends to make decisions based on that data. Startups these days don’t have to rely solely on standard reporting. Business intelligence technology helps to provide information on the basis of which business decisions are made.
3. AI Is Behind Strategic Decisions.
Before the era of AI, it was impossible to process large amounts of data that are used to make decisions. Now, thanks to artificial intelligence, it is possible to learn about the constantly changing requirements of customers, to adapt a product or service to modern trends.
Coca-Cola is an example of a company that uses AI for business intelligence. With 500 brands and a customer base in 200 countries, the company operates on a huge amount of data. Experts use AI and big data technology to develop new products. Cherry Sprite, for example, was launched based on data from beverage vending machines where customers mixed drinks to their liking.
4. AI Provides Marketing Automation.
AI automates marketing processes. AI-powered tools accelerate content creation, set up digital campaigns, and manage mailings. Using AI, the marketer generates ideas and adapts content to the needs of the audience. Tools like SEMrush save SEO professionals time creating SEO-optimized content. AI is the best ally for startups looking to reach a wider audience. AI-powered digital ad campaigns mean marketers only need to create ads and the machine will do the rest.
A neural network can take over marketing processes such as audience segmentation, multi-channel marketing, testing, and analysis.
5. AI Enhances Data Security.
AI prevents a security attack by detecting suspicious behavior on a company’s website. Previously, it took several months to eliminate the consequences of such attacks, but now, with an average degree of attack complexity – up to a week.