How AI & Automation Are Transforming Business
Artificial intelligence (AI) and automated software are changing the way that companies around the globe deal with communication, production and efficiency. AI isn’t just taking over available jobs — it’s also creating new ones. Technology is following along its historic path by displacing jobs while simultaneously creating more. As technology in the workplace changes, so does the way employees interact with it.
Many business industries successfully use AI for aspects of their workflow. Here are the top four ways automation and AI are transforming business:
1. Customer Service
Automation and artificial intelligence are changing the landscape of customer service. With the introduction of chatbots, businesses can communicate with customers without physically being available 24/7. Chatbots integrate with websites and mobile applications to help companies provide around-the-clock, prompt customer service support. These bots help companies stay in touch with their consumers and site users throughout every step of their journey.
Forbes predicts that customer support will be the most affected area of business by AI in the next five years. Customer relationship management relied heavily on humans to collect and analyze data to determine the best way to serve their consumers in the past. Today, however, AI can sift through large amounts of data, accurately predicting which products or services customers are most likely to purchase. AI can even determine the best way to engage with consumers in given situations.
2. Automated Marketing
Marketing as an industry has begun to see significant changes with the introduction of AI and automated marketing tools. Today, AI functions as a way to recognize patterns and images, language and recommend content to curate. Marketing systems provide services that automatically create, target and optimize digital advertising.
Machine learning (ML), a branch of AI technology, can help target the right audience. ML can learn user habits, behaviors, preferences and segment them accordingly to house better targeting efforts. ML can also learn when your consumers are most active online and target them specifically at that time. The purpose is to target customers at the time they are most likely to buy.
According to Quickbooks, email marketing is still the most effective form of marketing, returning on average $38 for every $1 spent. Not to mention, email marketing has also come a long way in the realm of automation. Platforms like MailChimp provide automation efforts that target customers based on personal data like online behaviors and past purchases.
Automated email marketing allows you to create custom segments of customers as well as schedule emails. Email marketing software, platforms and applications use AI and ML algorithms to send the right message, at the right time and to the right person. By automating email marketing, you can ensure that you reach out at the optimal time.
Social Media Marketing
Social media marketing has become significantly less complicated with the introduction of social media managing programs. Platforms like Hootsuite automate social media engagement across Instagram, Facebook and LinkedIn, as well as 29 others. This platform, and those that are similar, can identify social influences in your company’s market or niche and automate the appropriate marketing strategies towards them.
When you are running a business, every minute matters and factors into your overall profits. Customer expectations have driven the need for analytical data. Artificial intelligence has changed the way we engage with advanced analytics. AI accurately analyzes heaps of data, moving beyond human limitations to consume and analyze large amounts of data effectively.
These programs can think independently, growing more knowledgeable via information exposure. Machine learning has extended the ability to crunch large quantities of data, finding patterns and making predictions without being taught to do so. This technology decreases the cost of making predictions.
Artificial intelligence is shaping the future for businesses like BP. Recently, BP integrated AI into its drilling endeavors to prevent human error. The AI uses data from the drilling system and notifies the operating engineer how and when to adjust the drilling parameters. This AI technology alerts the operator when they are at risk of costly mistakes. This type of integration of AI helps prevent high risk costs over time.
AI is being used more often in predictive maintenance of equipment. By tracking operating conditions and performance with sensors, AI can determine when to perform maintenance. This eliminates the need for humans to remember to run required maintenance. This technology can predict breakdowns and malfunctions before they happen, allowing engineers to act ahead of time.
No matter what corner of the business industry you find yourself in, chances are you will run into automated technology or artificial intelligence soon. By adjusting to the changing technology climate, employees will continue to work alongside machines to produce more effective businesses practices.
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