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5 Impacts of Artificial Intelligence on Businesses

by GK December 06, 2019
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It didn’t take us long to grow accustomed to some fine examples of AI that are already in the use by business giants. Siri and Alexa have been making our everyday tasks much easier for quite a while now, and we all enjoy how Netflix handles our recommendations.

But when it comes to AI and the impact it has on business, as well as the role that it yet has to play, the story gets much more complex.

Let’s begin with five impacts artificial intelligence has on business and the way it is disrupting different industries.

Personalization

AI has already brought many changes to the field of marketing and sales, addressing consumers’ needs for personalized content.

Just how important personalization is to the customers is verified by numerous researches. 79% of customers are more likely to engage with an offer if it’s been personalized, while 77% of consumers are more likely to choose a brand that provides them with a personalized experience or a service.

The development of AI makes such personalization possible. AI is now capable of quickly gathering and analyzing vast amounts of customer-related information. This, in turn, allows marketers and salespeople to respond in a timely and adequate manner.

Predictive analytics is the primary focus of AI. It can offer suggestions for products based on the previous behavior of the customers, their buying and browsing habits, while also taking into consideration the behavior of people with similar interests and preferences.

Many popular brands have already implemented AI into their everyday practices and operations. In an attempt to further personalize their service with the help of technology, the Hilton hotel chain has, for example, made a robot concierge, Connie, a part of their staff. Connie learns about guests and can show them around the hotel. It can also give them recommendations for restaurants or places to visit in the area based on their interests.

The more data Connie/AI has on the guests/customers, the more capable it is of delivering the content that perfectly fits their needs and solving some of the biggest personalization challenges.

Customer Relations

With chatbots taking over customer support, AI has a big impact on the way we manage customer relations.

Conversational chatbots deal with some of the biggest and most common customer pain points. They answer all the queries instantly and are available 24/7. Also, they solve customers’ issues quickly and refer them to a human agent only when there is a complex issue or something that requires critical thinking.

Plus, chatbots are never tired, bored or anxious so they are able to handle all customers’ demands with patience.

No wonder the customers actually like them!

A State of Conversational Marketing study shows that only 38% of consumers want to talk to a human when engaging with a brand. It’ not difficult to understand such a choice, as with chatbots around, customers are not put on hold and can get an immediate and accurate response.

AI is also impacting the expectations customers have from brands, and to address their needs, many companies are now developing strategies for chatbot deployment.

Recruitment and Onboarding

AI is expected to have a major impact on HR practices, and in the next decade, they are expected to replace 16% of HR jobs.

Implementation of AI into the recruitment process can help the staff make better hiring decisions. Not only can AI help the staff choose the right candidate for a position, but it can also determine what candidate would be the best cultural fit, based on their online presence.

In addition to the very selection of candidates, AI is invaluable when it comes to communication with them. Chatbots can answer candidates’ questions and let them know about the status of their application. They can also engage with the ones who have applied for the position but haven’t had a response from the company.

AI can also be used in HR for onboarding purposes, and provide new employees with necessary information and training.

Reducing Operational Costs

By taking over some of the most time-consuming tasks and automating them, AI has great potential to save your employees a lot of time and make them more efficient.

With the implementation of AI, your employees can eliminate everyday mundane tasks from their to-do lists. One of the immediate gains for the business is that human error is eliminated, as well as all the associated costs.

Another crucial benefit that comes with AI is that, with menial tasks delegated, your employees will have more time to focus on important, high-value tasks, generating more profit for your business.

Improving Security

As most cybersecurity breaches are caused by human error, AI comes as a solution to make your computers and networks safer.

It improves the security of businesses and helps companies fight cyber-attacks. AI monitors and analyzes online behaviors and learns from them. Over time it can identify the behavior which is consistent with fraud and protect your company from it.

The high level of protection is vital since most companies store large amounts of user data, so keeping them safe and sound is crucial for building trust and loyalty.

Many other uses of AI have yet to be discovered and put into practice, but one thing is certain – when it comes to the future of doing business, we’ll be seeing AI in our everyday lives a whole lot more.

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