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Sunday, December 8, 2019

C-Suite Advisory

How AI Can Help Grow Your Business

While artificial intelligence is presented as a looming threat to humanity in science fiction, in the real world, it is actually an invaluable resource to businesses. As your business becomes more accessible to consumers due largely to the growth of digital expansion, the demand for flawless user experience from the moment you advertise to them to purchase and delivery is more important than ever.

This is where AI can most benefit your business. Integrating AI can reduce costs and increase efficiency in nearly every aspect of your business operations.

  1. Automating Routine Tasks
    Dedicating your limited manpower to routine tasks is one of the most wasteful mistakes businesses make in the modern age. There are a plethora of solutions on the market that can automate these processes, no matter your industry.
    For instance, recruiting is a demanding process that can be automated using software that can screen applications, analyze additional information about the applicants from across the web, and compare candidate skills and qualities to current employees to determine the best candidates for the position — all without man-hours. Some businesses are even replacing positions like receptionists with robots who are able to assist customers.
    However you choose to use AI, you can rest assured that these tasks will be completed efficiently and without human error.
  2. Data Mining
    The ability to quickly and accurately analyze and interpret data is critical to optimizing your business strategy. Fortunately, there are AI solutions available that can perform data mining and generate valuable insights into sales and other aspects of your business.
    These insights can help you identify failure points within your operations, plan inventory to meet demand, and optimize your online advertising. With AI-enabled platforms, this can be done almost instantly whereas it would take hours or even days for a person to do the same.
  3. Streamlining Communication
    Being constantly available to your customers and providing timely responses is a challenge for many businesses. Chatbots are a powerful tool because they are able to answer customer questions and assist them with issues, giving them the support they need in real-time, 24-7. This is nearly impossible, and much more expensive, with human resources alone. Email responders have also made it significantly faster to get through your inbox so you have more time to dedicate to more pressing responsibilities.
  4. Optimizing Marketing Efforts
    AI-powered platforms can be used to analyze ROI and your target audience to improve digital marketing efforts. This is done by evaluating behavior and generating more effective ads. By optimizing your campaigns, you can increase lead generation and sales. When customers are shopping on your site, AI can also be used to identify shopping and purchasing behaviors.
    This information is then used to improve the shopping experience by making recommendations tailored to their previous searches or purchases. When customers are being served relevant information that is personalized to them, they are usually more likely to engage, which in this case would be making a purchase.
  5. Improving Sales
    Building a successful sales team requires less trial and error than before with AI tools. AI-based software can analyze calls and other correspondence to determine what techniques are and are not working as well as customer pain points. The tool can then provide recommendations and share the most effective strategies with your sales reps to help improve overall performance.
    For many businesses, this can eliminate the time required for training which can take away from valuable time on the floor. Optimizing your sales strategy with AI can help you close more sales and increase your profits.
  6. Remaining Competitive
    It is in every business’s best interest to be aware of what competitors are doing and how they are performing. Now, it is easier than ever. AI can track and analyze your competitors’ online activities, such as their marketing efforts and social media channels, and provide reporting so you can use this information to make decisions about your own business.
    With this information, you can more adeptly pivot to accommodate changes in your industry and strategize to get ahead of your competition. Some programs can even provide recommendations in response to the data they have collected, making it easier for you to move forward.

Leveraging AI can benefit may aspects of your business but most importantly, it can help your business grow efficiently while reducing your investment of time, effort, and money.


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Ryan Miller
Senior associate editor at ​the CEOWORLD magazine. Raised in Boston with a Brooklyn accent.
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