When Siri first became available to iPhone users in 2010, many people saw it as something revolutionary. It was the first time that many people got to work with a virtual assistant, and it opened their eyes to the possibilities of the future.
A little over a decade later, we now have numerous other powerful VAs, self-driving cars, and chatbots everywhere. Artificial intelligence is here to stay, and will only continue to get bigger.
But how will it affect business and other fields moving forward?
Keep reading for a guide on what the future of AI in business might look like.
Al Will Make or Break Businesses
The success of AI comes from its ability to mimic human learning patterns. Instead of approaching problems purely from the perspective of a computer, AIs take human characteristics then convert them into computer-friendly algorithms.
As AI can help with everything from fraud detection to high-quality customer relationship management, businesses that take advantage of this power will quickly gain a competitive advantage over those that don’t.
Today, AI plays a role similar to that of PCs in the 80s, or the internet in the 90s. Right now, only the more forward-thinking companies are taking advantage of it. However, in the next few years, the gap between those that use AI and those that don’t will widen.
Let’s look at five specific areas of business where AI will play an important role.
Market Analysis
Predictive analysis allows AI to gather and analyze data from many sources, such as social media and the web. It can then determine how to create a better product, as well as how to improve the customer experience in general.
AI will also help companies develop and execute more effective marketing strategies. By having a better understanding of customers and their wants, companies will save money by not committing to ineffective ad campaigns.
One of the most powerful aspects of AI is that it learns. Unlike statistical approaches that only analyze and respond to raw data, AI is capable of adapting when necessary, meaning that it can respond to customer trends and market fluctuations in an instant.
Virtual Assistants
Most people have experience with virtual assistants. Siri, Amazon Alexa, and Google Assistant are some of the more popular VA variations, helping people across the world do everything from check the weather to turn off the lights in their living rooms.
Many people have also worked with chatbots. When you log onto a website, a chatbot asks you “How can I help you?” You then answer some questions, and the VA tries its best to resolve your issue or question.
While some may find these sorts of setups unhelpful, consider the benefits of a business using a hybrid model. An AI application can help answer basic questions and problems, and if it’s unable to help, it can refer you to a human customer service agent.
Automation
Technological automation continues to become more and more prominent as time goes on. Many factories and production plants have already replaced traditional machines with advanced robots that work alongside humans.
Most experts believe that as artificial intelligence continues to grow more and more powerful, automation will do so as well. AI and advanced algorithms will play an advanced role in industries ranging from hospitality and retail to financial firms.
Unlike the employees that they work alongside, these algorithms and machines don’t require a break or time off. They can do their job to the highest ability for 24-hours of the day.
More Effective Sales
In the near future, cold calls and long emails might be a thing of the past. Modern businesses know that even know, everything from YouTube advertisements to Snapchat is a marketing tool.
Many companies today use programs to ask their customers some preliminary questions before buying, such as what their preferences are and what sort of products they want to buy. Websites then adapt to only show products of interest.
By integrating an AI program into your customer relations management, you’ll have no problem creating the perfect sales pitch. AI will help you determine which products the customer cares about, which they don’t, and what you need to do to complete the sale.
You’ll no longer have to worry about offering pitches to uninterested customers, and customers will no longer have to worry about listening to things that are of no interest to them.
Better Customer Experience
Most people in business know the value of personalizing the attention provided to customers. Nobody wants to feel like they’re one of millions or thousands. AI will allow your business to take your company’s customer experience to the next level.
As AI excels at analyzing data, you’ll be able to learn detailed facts about the people buying from you. Credit scores, buying history, and buying preferences can all provide you with a detailed picture of each and every one of your customers.
AI can also help businesses identify which customers are most likely to make a sale. Predictive intelligence programs will allow you to give the right content to the right customers at the right time.
Sitecore is one example of a company that’s pushing the limits of AI in the area of customer experience. The 2020 Sitecore symposium can give you a clear idea of what exactly the company is working on.
The Future of AI Looks Bright
While we might still be years away from flying cars, helpful AIs are already here. As this guide explains, the future of AI looks bright, and in the next few decades, technological advancements will make them even more powerful, especially in the field of business.
Do you now have a better understanding of what the future of AI in business looks like? If you do, remember to check out some of our other posts to learn about all things tech.
