Artificial intelligence is one of the most significant breakthroughs of the 21st century. Experts from different industries study its capabilities and discover new ways of its application. We call AI an emerging technology, however, scientists have been working in this direction since the 1950s.
At first, AI was far from smart robots we see in sci-fi movies. Nevertheless, thanks to such technologies as machine learning and deep learning, AI became one of the most promising areas of the IT industry. The demand for AI developers constantly grows, and some experts imagine a future where computers replace humans. Even though it’s too early to speak of artificial intelligence as of a threat to the workforce, modern workers will definitely benefit from learning more about this technology because it will allow them to prepare for the future сhanges in their industries and to get familiar with a new, effective and interesting tool.
Artificial Intelligence in Sales
Expert sellers and sales companies are rethinking the balance between humans and machines in sales. Automation AI is already affecting sales and will continue to do so. A study by Harvard Business Review found that companies using AI for sales can increase their leads by more than 50%, reduce call time by 60-70%, and have cost reductions of 40-60%. Given these numbers, it’s clear that businesses looking to improve their bottom line should look into Artificial Intelligence.
Outbound email campaigns – Email campaigns are steadfast in sales and marketing strategies and for good reason- they get results. But sending out hundreds or even thousands of mails and tracking their responses can be exhausting. With AI solutions like Levity, email responses are monitored, categorized, and filed however you would like. Removing the need for manual monitoring of replies and flagging the actually worthwhile emails.
Demand forecasting – Forecasts are complex, but they can be automated. Artificial intelligence enables the creation of automated and accurate sales projections based on all client interactions and historical sales results.
Lead scoring – AI aids in lead prioritization. These AI tools help sales professionals prioritize customers based on their probability to convert. With AI, the algorithm can rank the opportunities or leads in the pipeline based on their chances of closing successfully by compiling historical information about a client and social media postings, and the salesperson’s customer interaction history.
Artificial Intelligence in Marketing
If you work in marketing you will know that finding the balance between operational efficiency and customer experience is key. One of the best ways to optimize both is by implementing intelligent technology solutions.
Market research – don’t let customer feedback and other quantitative responses go to waste. AI tools like Levity analyze these at scale – no manual tagging required from you or your teams and insights centralized for easy access.
Competitor Analysis – instead of spending hours scrolling through competitors’ tweets, use AI to categorize by topic or themes and notify you of trends.
Image recognition – with Computer Vision, computers and systems can infer meaning from digital images, videos, and other visual inputs and then act or recommend accordingly. Marketers can use this to analyzed the millions of pictures published daily to social media sites to gain insight into how and where products or services are used. By doing so, market penetration and brand awareness can be measured in new ways.
Search Engine Optimization (SEO)– in search engine optimization, the term “search volume” informs us of how many people are searching for specific terms and phrases while looking for items or services. Machine Learning (ML) algorithms are now being used to get a better grasp of the intent behind search term usage as well as the substance of searches. Another application is to analyze competitor SEO tactics in order to identify any holes that may exist in your own, or to take advantage of keywords that competitors aren’t using. AI can also create SEO-friendly marketing material for your own website.
Artificial Intelligence in Customer Support
Businesses rely on their customers to be successful and there’s no two ways about it. Resolving their issues is the main aim but sometimes this is just not feasible. In the meantime, prompt, effective replies to customers who contact you can be enough to keep your online reviews in the green. Dedicating resources to monitoring customer messages is money-and-time-consuming. Not only this but customer mails can fluctuate and you might find your customer support team run off their feet one afternoon, and completely free the next.
Automatically assess customer messages- AI tools use advanced technologies to detect the tone and purpose of incoming messages from customers. More than just detecting a certain keyword like ‘complaint’, AI will asses the entire context of the message. Meaning even the most long-winded text can be categorized correctly and sent to the appropriate team.
Tag urgency and trigger actions- Use Artificial Intelligence to sift through tons of conversations with clients and leads. AI models can recognize the most important words that indicate urgency. In the case of customer queries, AI can pick up crisis-prone words or sentences like “I’ll leave your business.” In the case of leads, AI can recognize sentences like, “This offer sounds interesting,” or “I’d like to buy next week,” and others that may indicate a possible sale.
Artificial Intelligence in Operations
Known as AIOps, the use of AI in business operations is already helping businesses on the path toward a successful digital transformation. Here are just some of the ways AI improves business operations:
Inventory Management – Machine Learning, a subset of AI, uses image recognition abilities to increase efficiency and productivity across a wide variety of processes, one example of this is inventory management. It’s as simple as uploading image data to an AI tool that can detect defects, or categorize and label the images. You can even connect these apps to your existing tool stack or online shop meaning the labels are automatically assigned.
Artificial Intelligence in Human Resources
Human resource teams are in a drastically different environment than they were prior to the COVID-19 pandemic. Hybrid and remote working is continuing to increase in popularity. Virtual recruiting, as well as a greater emphasis on diversity and inclusion, have introduced new dynamics and reinforced existing ones. New platforms and technologies are required to stay competitive, and AI is at the center of this growth.
Here are a few current uses of AI in human resources:
Analyzing candidate profiles –many companies have invested in AI to help with the hiring process. Using AI, HR managers can analyze a potential candidate’s past work experiences and interests and match them with the best roles.
Organization Network Analysis – to assist your company in becoming more sustainable and successful, AI can be used to analyze formal and informal relationships in the business, which can help develop business strategies that increase the organic exchange of information.
Artificial Intelligence in Accounting
As mentioned already, AI can automate tedious activities, improve accuracy and efficiency, and uncover hidden trends. It can upload files, read them, and classify them in the correct accounting codes. AI never sleeps, tires, or makes human errors. So it’s no surprise that AI is making headway in this demanding field.
Below are just some of the uses of AI in accounting:
Performing repetitive tasks – repetitive actions like recording data, categorizing transactions, reconciling accounts, entering and correlating data from scanned receipts and invoices to transactions, evaluating employee expense reports, and tracking pricing changes are just a few things that take up a lot of accountants’ time. AI can do all of these tasks with much less error than a human. This way, employees are saved from mental overload and can focus their work on other ongoing tasks.
Semi-automating complex processes like payroll – AI is likely to alter the future of payroll. Unlike automation, which is based on cause-and-effect, true AI systems can analyze data, learn from failures, and solve issues strategically. The market for cloud-based payroll software was valued at $7.88 billion in 2018, and is anticipated to hit $13.37 billion by 2026. Company executives are increasingly eager to invest in advanced AI-supported payroll systems.
Artificial Intelligence in Contact Centers
Every contact center encounter with a consumer either increases loyalty or pushes customers away. So, efficient customer service is a major focus. Contact centers hold a wealth of data, and AI can help businesses better understand their clients.
Below is one of the most popular uses of AI at contact centers:
Running outreach campaigns – an Artificial Intelligence voicebot can contact hundreds or even thousands of individuals to present and sell your product’s offering. It can respond to simple questions, and pass them to a sales rep if the person is interested. Automating this was a previously impossible task for most businesses, but thanks to accessible AI tools, any business can take advantage.
AI and Machine Learning have revolutionized and will continue to revolutionize businesses for many years to come. From Marketing to operations to sales, implementing AI into business environments cuts down on time spent on repetitive tasks, improves employee productivity, and enhances the overall customer experience. It also helps avoid mistakes and detect potential crises.