What was once seen as a buzzword of sorts, Artificial Intelligence, or AI, can have serious benefits on business development.
AI gives businesses the ability to rapidly analyze data to make logical decisions on its own, automate many heavy manual tasks, and increase productivity and efficiency across your whole organization.
While AI tools have been around for a few years now, many businesses are just now starting to look at the industry and see the potential it can have to grow, scale and optimize their business.
Let’s walk through a few of the key areas in which AI can help you reach and surpass your business development goals.
5 Key Areas
There are five key areas that AI has been shown to be most currently helpful with in terms of business development. That being said, new tools, integrations and platforms are being released every year to innovate and improve the way we do things as business owners or managers.
- Analytics
When it comes to business development, the name of the game is data, and there is nothing better suited to manage data than a powerful AI integration.
Algorithms powered by machine learning and artificial intelligence can reveal patterns discovered in big data dumps and can assist in making critical decisions.
For example, instead of manually poring through your advertising trends, an AI tool can automatically pull out the best performing campaigns, what made them successful, and gear your decision to re-running or optimizing said campaign.
The potential for AI in analytics is unlimited, and can automate any task from sorting through data dumps, discovering important trends, to making data based decisions for you, without any human intervention.
- Marketing and Sales
You may be thinking, marketing and sales is a predominantly human powered segment, how could artificial intelligence help with driving more sales?
The answer is, in many different ways. One of the most popular integration of AI business growth is executed by creating a marketing and sales funnel powered by artificial intelligence to improve ad targeting, and overall customer experience.
Artifical Intelligence can spot trends and factors that humans sometimes slip by. And it’s those critical points of data that can allow marketers to understand why certain objectives are working, and why certain ones aren’t.
This all leads into more efficient and organized marketing and sales campaigns to increase revenue and deliver a better experience for your end customer.
- Inventory Management
AI specializes in taking menial, tedious tasks and automating them so you can go back to focusing on the most important aspects of your business.
One of these areas that takes a significant amount of time out of the day for business owners and managers, is inventory management.
You can improve the way you track, stock, organize your products, and prevent potential losses by automating your supply chain with platforms that integrate artificial intelligence and machine learning.
- Human Resources
HR is another area of business that can take up a lot of time, and ultimately cause a lot of stress for business owners and managers.
From on-boarding new employees, managing records and files, to recruiting new hires, there are many tasks related to HR that can be improved and automated with the help of AI.
For example, HR specialists can utilize facial recognition and instant data analysis to sweep through thousands of applicants and more quickly find the perfect candidate for your position.
- Customer Retention
At the end of the day, prospective and existing customers alike respond best to personal interaction and engagement from your business.
That being said, by utilizing machine learning and predictive analysis, you are able to reduce customer churn rate by determining the best individual solutions for your customers, ultimately creating a better experience in all stages of the buying cycle.
A big factor of customer retention comes down to how well you can manage support and complaints from your customers. With AI, you can train cognitive technologies to reach out to customers on a one to one basis to understand their preferences, specific complaints, and use that information to deliver the most apt solutions and resources.
Additionally, by utilizing emerging technologies such as chatbots, business owners and managers can drastically cut down on the amount of time and resources put in to customer service by delivering instant, data powered solutions to your customers questions.
Conclusion
Technologies that utilize AI and machine learning are getting smarter by the day, and now has never been a better time for business owners and managers to take advantage of the benefits that AI can provide for business development and growth.
When you’re utilizing AI, it’s important to set specific goals and areas that you want to accomplish. The more focused scope that you have set, the more efficient AI can be in reaching those goals. Additionally, it’s important to organize and clean your data for whatever AI integration you will be using in order to assure accurate and helpful results.
Lastly, it’s important to remember that while AI can be incredibly beneficial in automating tasks, analyzing large amounts of data, and providing efficiency and organization to your business, it can not be a substitute for personal relationships. By finding the right balance between human interaction, and AI based optimization, you’re setting yourself up for a path of business success and growth.
