How much influence does A.I. have on the future of business?
AI is already present in countless devices, services, and businesses around us. Without us even noticing it, it is helping us get where we want to be, helping us decide what we want to watch, what we want to listen to, and even what we want to eat.
Below are a few examples of big businesses who are using AI to be more efficient, more innovative, and more profitable.
This popular streaming service uses AI to gather information about the video preferences of its users in order to supply them with personalized recommendations. In fact, 80% of the videos streamed on Netflix are found through the recommendation system.
Netflix also uses AI to optimize video compression.
As one of the biggest cosmetics merchants in the world, Sephora has started implementing a very interesting application of AI for their shoppers. Their online Virtual Artist app lets you upload a selfie, and have it match different brands of makeup to the photograph so you can see what the particular shade would look like in tandem with your facial features./p>
This makes the whole process much easier, so shoppers can easily take advantage of the various Sephora offers that are basically always active for a particular brand of makeup.
Google is one of the forerunners when it comes to implementing AI. It is AI in a myriad of different ways and is continuing to find new innovative ways to harness the power of AI as you are reading this.
Currently, it’s using AI technology in self-driving cars, voice recognition, video recommendations, multilingual audio to text conversion, and facial recognition.
In 2016, Google spends almost $30 billion on AI development.
“These AI integrations can extract information from social media accounts, customer reviews, and even recorded telephone conversations.”
The Future Of AI In Small Businesses
Although big businesses are paving the way in the artificial intelligence sector, the use of AI to streamline daily operations isn’t limited to large corporations. Software solutions making use of AI are becoming increasingly prominent and offer exciting new possibilities for small businesses as well. Here are a few examples of how smaller businesses are starting to introduce AI into their systems and operations.
Gathering Intelligence On Competitors
Unfortunately, running a business isn’t only about your customers. Knowing what your competitors are up to and who they are, represents a fundamental part of running a successful company.
These days spying (for lack of a better word) on your competitors isn’t as easy as putting on dark sunglasses and writing down the prices at the grocery store across the road. Businesses create and post huge amounts of information and promotional material online on a daily basis, which makes it almost impossible to keep track of for mere human beings.
Instead, there are new business analysis tools available that can help your business with this daunting task. These tools use AI to watch your competitors on all their online channels and can report back with weaknesses, strengths, price changes, changes in tone, changes in strategy, and more.
“…the use of AI to streamline daily operations isn’t limited to large corporations.”
Using Adwords, CPC, and PPC efficiently is something that can only be learned over time, but these are extremely challenging skills to master, because of constant changes in search algorithms, marketing trends, and business environments. Even experts in these fields can’t afford to stop studying. In the volatile world of online marketing, what was right today, might be completely wrong tomorrow.
Recently, these products have become available, which can help small businesses to market effectively to their target markets while reducing costs on CPC and eliminating the need to hire large marketing teams.
Customer Relationship Management
CRM systems are used to gather all kinds of information on customers, from personal details to online behaviour and interactions. This information can be used to market directly to individual customers, or to help with customer service.
CRM databases used to be built mostly by gathering data manually and punching it in. Luckily, new CRM systems are being released with embedded AI functionality. These AI integrations can extract information from social media accounts, customer reviews, and even recorded telephone conversations.
A large part of running a profitable business is keeping your customers happy, especially after they have finished transacting with you.
Although customer service requires human interaction and cannot entirely be left up to AI, AI can still play a crucial part suggesting responses to the customer service representative, forward tickets and issues to correct teams and reduce handling time drastically.
Dealing with customers on a daily basis can easily become a repetitive task, so having an extra pair of artificial hands (and brain) to help out your customer service representatives can make all the difference in the satisfaction of your customers.
“Software solutions making use of AI are becoming increasingly prominent and offer exciting new possibilities for small businesses as well.”
Written By: Karthik Reddy
Karthik Reddy, Community Manager at www.16best.net, is the author of India’s Number 1 travel blog. Boasting an MBA in computer science, he once decided to get away from the office desk life and take a breathtaking journey around the world. He is eager to use the power of the global network to inspire others. A passionate traveller and photography enthusiast, he aspires to share his experiences and help people see the world through his lens.
When it comes to artificial intelligence, the future is now. Find out more about how companies are implementing AI in their day to day operations by having a look at the following infographic.