The ways that artificial intelligence (AI) can make life easier for businesses and improve the bottom line is increasing every day. Incorporating AI tools such as helpdesk chatbots, a virtual phone app, or robotic process automation technologies can greatly reduce overhead costs, free up more time for employees and improve customer experience.
Here are some key ways that AI can provide a competitive edge to your business.
1. Save Money
By automating everyday, routine tasks, businesses can drastically reduce overhead costs. For example, utilizing a virtual phone app or chatbot — rather than relying on an in-house receptionist — can increase efficiency and bring significant cost savings.
In addition to reducing costs such as salary, benefits, overtime, an automated customer service system can fill gaps in customer needs and improve efficiency.
Although initial set-up for some AI services can be expensive, in the long run savings can be substantial as a result of increased conversions and retention.
AI technology can help determine the best time to communicate with customers, increasing the chances for engagement which leads to higher conversion rates and more sales. It can also help determine the right channels for engaging different types of customers.
2. Increase Productivity
Applying AI in your business can be a massive time-saver, particularly when it comes to everyday administrative tasks. By outsourcing mundane tasks such as answering and fielding phone calls, by using a virtual phone app, for example, employees have more time to focus on higher-level tasks that machines can’t do.
With AI-powered applications, you can eliminate excess time spent on hiring and training employees to do the same tasks. AI tools can also be much faster and more precise than humans, which can help increase efficiency and productivity.
3. Improve Customer Experience
For businesses that need to communicate with a large volume of customers at once — such as an airline or other mass transportation provider — AI can provide an easy way to send out personalized information and updates in real-time to customers.
AI is also a powerful way to boost your marketing strategy. By being able to process and dissect large amounts of data faster and more accurately than humans, AI applications can help reveal trends in data to help determine more efficient segmentation and personalization, creating opportunities for more customized interactions with each individual customer.
AI tools can help determine the customer journey, for example by recognizing decision-making patterns. One way AI can do this is by creating personas based on these patterns, then developing content around that persona, resulting in increased customer engagement and higher click-through rates.
Chatbots are an example of a convenient, automized AI tool that can boost customer satisfaction. Offering around-the-clock support and the ability to personalize communications, chatbot customer service tools can be a valuable addition to a company.
AI can also make the customer journey more personalized and efficient by offering assistance in multiple languages.
4. Avoid Errors
Part of being human is that sometimes we are bound to make errors. AI, however (if set up the right way) makes “decisions” based on data-driven algorithms, reducing the possibility of mistakes.
AI can vastly reduce the amount of human error in day-to-day tasks, as well as improve time-consuming but essential business processes such as forecasting cash flow. AI technology can help automate this process, providing a more clear and accurate view of financial possibilities, freeing up staff time, and helping businesses make better and quicker decisions to help reach their goals.
Data management automation is a powerful business tool that not only can free up staff time but can reduce common human errors that can be easily avoided with AI and machine learning.
5. Make HR Processes Easier
Another way AI can increase efficiency is to streamline the recruiting process. For example, automating resume review, candidate calls, and initial interviews can dramatically speed up the interview screening process.
Since AI can make the hiring process much quicker and more efficient, this gives companies a competitive edge in reaching their ideal candidates sooner. Additionally, with AI tools, human bias in the hiring process can be greatly reduced.
In summary, applying AI technologies to your business not only can save time and money but in the long run, can improve how customers engage with you. This ultimately means less money spent on overhead, and more money coming in through increased conversions and sales.