5 min read
It all started in the early nineties, now artificial intelligence has taken the world with a storm. The whole 21st century is spinning around it, where every single need of ours has become widely dependent on Artificial intelligence. The impact of artificial intelligence is gaining momentum in the field of development of business also, leaving big finance house and marketing channels spellbound. In a recent study, it was shown that by the year 2020 most of the consumer-retailer interaction will be free from human interference; thanks to artificial intelligence this data will reach as high as 80%.
Artificial intelligence basically works on the basis of business management review, analytical incorporation of its details, and to focus on business expansion. Not only for the top player but artificial intelligence is proving fruitful for the young professionals who wish to obtain high competitive gains and let their companies have sustainable growth. Small businesses are also being benefited by better strategic development with the help of AI.
In the following article, we will try to explore the importance of artificial intelligence in a business development field.
The best way to understand the complicated analogue of any technological factor is to determine the simplest use it has in expanding your business.
1. Personalized customer experience
The whole idea of business is on the basis of consumer and how he feels about your brand. The more he will feel connected and valued more often he will come back to shop from you. Many companies are banging on this through the introduction of voice help messenger chatbots. These provide the best possible solution to the customer visiting your website. This leads to better experience and increased screen time. Another aspect of artificial intelligence is structuring of data according to every individual customer, companies like MATTER SIGHT provides customer conversation through data analysis of their preferences and choices. This allows the business firm to end searches for a compatible base to grow their business.
This works on increasing customer satisfaction and recommendations.
2. Provide virtual assistance
One of the best applications of artificial intelligence which is a boon today is virtual assistance. Virtual digital assistance can be on your desktop, laptop, and mobile headset. They provide amazing personated experience to the customer. According to a study in the coming future, consumer digital assistance will rule the business community as with time this assistance will be able to recognize customer face and voice channelled through various partner. Use of hands-free technologies which are Bluetooth enabled reduces the hassle and increases the ease of the buyer. Strategies like voice search have encouraged the optimized algorithm of various business channels.
3. AI based analytics
For expanding business one need to analyze the consumer database. And there is no use of collecting such data if you can utilize it for your business targets. Conversion of the large data file is impossible by human means and requires the use of higher technologies. This can be easily dealt with the help of AI or machine learning. In the business world it is important to learn the value of your data and utilize it to accelerate your growth.
Let's take an example of Walmart, currently, it is using machine learning technology HANA, SAP in-memory data platform which basically studies the data and converts it into pattern-based studies. Walmart has millions of buyer visiting them either through store worldwide or website. That converts into huge data. So the use of technologies like HANA, extraction information data becomes easy and employee can take a more data-driven decision which ultimately will expand the business.
4. Supply chain and inventory management
Use of machine learning and artificial intelligence can help retailers maintain their supply chain in a better way so that there will be less loss of product at the tertiary stage. It can optimize the supply chain by automated refilling request on its own. For better functioning, you can completely shift over to AI based application for inventory management and supply chain issues.
A leader AI player IBM uses IBM Watson to automate the order management and fulfillment.
Companies like Transvoyant are using machine learning for application of logistics and supply chain movement predictions.
5. Improved maintenance and better equipment safety
If you are in manufacturing and transportation business then AI can surely help you by managing and providing better security and maintenance options. A prior check of maintenance schedule can save you from a bigger loss.
For example, aviation industries work on huge mechanics of airplanes where minute human error can bring a lot of difference, use of AI can predict future chances of wear and tear in the smallest of the mechanical part hence protect airline from downtime saving them from running loss in the business.
More optimized schedule reduces chances of delay and protect from hampering in any business. As far as the manufacturing industry goes use of AI has been there since ages for maintenance, production and safety units. PREDIX platform has been created by General Electric that uses AI for optimized production and scaling industrial applications.
6. Mapping employees
Finding the right candidate for your business expansion module can be a time-consuming job. Use of AI can help you here too, the various applications allow facial reorganization that can interview the candidate and evaluate their performance also. Various companies like IBM, and Unilever, already using Artificial Intelligence for the screening of the eligible candidate at the entry-level itself. Unilever has declared their AI-aided hiring which was a huge success. Applicants give their interview using the HireVue app on their phone. The app then takes the respective video and audio data from the interview, and analyzes it which further provides a recommendation.
7. Virtual sales assistance
AI can increase sales productivity with the help of virtual sales assistance that can boost up your sales without investing in the actual workforce. These programs and applications can be used in generating data which represents leads and then contact these leads through various Media like email, SMS, etc. The best part of these assistance applications is they can interact in any interference language with geographical boundaries and demographic data.
This basically works on the predictive analysis of the customer data that enabled the efficient working of the whole process, for example as in lead generation.
8. Protection from cybercrime
Business expansion is all about transactions and more transaction; in that scenario everyone wants to have a secure and safer online experience and that's the reason most of the companies spend more on detecting fraudulent on the web. In the task, AI-based applications can detect any pattern familiarity and false information to create a red alert for the same.
Companies like deepsense.ai are using techniques working on a rule-based system to detect cybersecurity threat.
9. Client relationship management
Client relationship management is a very intricate part of sales and business development, as pressure is always on the generation of new possibilities with sustainability old clients. Various applications are now being developed with the help of AI that enables the data gathering in just one go. This overall interaction increases the chances of creating vital prospect data.
10. Use of self-driven technologies
A business that is totally based on the transportation system and logistics can safely use the self driven technology of AI to increase the productive, do the time management with the help of investing less on the high cost of skilled labour.
In 2018 in Google conference companies like Waymo has announced that it will start using self-
Driven taxis in Arizona by the end of next year. Similarly, Stansky Robotics has announced the trial of full fledged self-driven truck in Florida that will boost their freight management business. These vehicles open the gate on huge opportunity by improving the current process and better business revenues.
Since 2016 a lot has changed in terms of business development and sales industry, by the various uses of artificial intelligence and machine learning applications in their system processes the productivity of sales team in any industry has increased to threefold. AI can handle various aspects of the business development industry ranging from purpose creating, analyzing, sorting and processing the information. Use of Automated data related processes in different aspects of sales has enabled huge possibilities as well as the expansion of various other different sub-verticals of the same mother company which can work as efficiently as them.
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