How to Accelerate Business Growth with AI
Sometimes we need some help accelerating the growth of our business. Here are a few ways AI can do this for you.
by Peter Davidson
Many people believe that by 2035 Artificial Intelligence (AI) will be able to increase a business' productivity by at least 40%. This is why it is no longer an option: Businesses must harness the power of AI if they want to remain competitive and not become obsolete. This isn't something you can delay any longer.
Those companies who have already adopted AI are already appreciating its competitive advantages. Even so, only about 20% of companies are currently using AI-related technology at scale today. This is because most businesses haven't found a way to track their return on investment (ROI). Fortunately, a growing number of case studies are being undertaken today. These demonstrate the potential AI holds regardless of what industry you're in.
The IoT is also real and continually growing. This is bringing AI together in various places like robots who operate businesses' warehouses. Businesses aren't the only place that depends on AI and the IoT. Most people now have either Siri or Alexa as part of their daily lives today. This demonstrates how AI is impacting the way we're organized.
As a business, you have a lot to either gain or lose depending on how you adapt to these changes. Whether you use it to enhance your production, improve your supply chain management, or streamline your sales processes, AI offers clear advantages over traditional automation - ones you need to seriously pause for a moment to consider today.
The Value of the Data Sphere
AI Business says there are many developments fueling the surge of new AI technology today. As computers become more powerful, algorithms are also growing more refined. The world is now able to keep up with this since it has plenty of energy available. Without this you won't have any AI. This isn't good because you need AI to autonomously explore vast amounts of data from various sources so it can anticipate future events, make well-informed decisions, and automate specific processes. For instance, some AI platforms are tasked with processing 230 million B2B transactions (about $700 billion sales). and finance undertakings over the last three years. This information is then delivered to web-crawling robots that further enrich it based on 50 billion different data points (e.g. websites, social networks, online media sources) that are relevant to the business. A company's native data and customer touch points can also sort through this information even further. All the while AI continues gaining more experience and trust. Great accuracy and detail goes into analyzing this crucial information too so you'll be able to determine things like who your future customers will be, those who will most likely churn, those with whom you'll probably continue doing business in the future, and how you can have your existing customers pay you faster.
Transforming Business Processes
AI is the cornerstone of innovation today. It's both flexible and powerful enough to help with deep learning, machine learning, predictive modelling, and data analytics. This makes it a very practical tool for the whole B2B customer value chain - including marketing, sales, and financing. The heart of this predictive data science has purpose too. It seeks to seamlessly integrate itself into your company where it augments human understanding about customer relationships and actions so these processes flow faster and more successfully. Some businesses are also using it to quickly deliver revenue growth and capture sustainable efficiencies.
A Powerful Collaborative Digital Platform
AI solutions have resulted in benefits for CRM and ERP too. This is because it can leverage your customer data in such a way that you're able to find new business opportunities, increase your upsells, reduce your churn rate, predict customer payments, quickly generate more money. This is a great way to unify your sales, marketing, and finance departments so your entire business runs more efficiently. You'll also appreciate the fact that it places your customer cycle at the center of your corporate strategy.
Data-Driven Sales and Marketing
When your business develops a single customer view it can then segment them based on their value so you know exactly how much marketing you need to do so you don't have to worry about losing customers. AI also enables your marketing team to identify who your next customers will be. This data also helps you accurately assess your total addressable market and adjust your go-to-market strategy based on real-time information.
Streamlined Sales Processes
Now you have a proactive approach to every sales opportunity since you'll know with 80% certainty what customers are at the highest risk of churning. You can make them a priority and improve your retention rates by as much as 20%.
Accelerated Cash Flow Generation
Number crunching is faster and more streamlined. This gives you more time to prevent revenue loss and increase cash flow since you'll know what customer payment behavior to expect. This provides a 57% uplift in your cash collection efficiency.
Accelerated Business Growth
Maruti Tech says artificial intelligence customer service makes self-service interfaces more intuitive and economical. Voice AI customer service also helps you anticipate your customers' needs by capturing data. Some of the other ways this will help you include:
- Understanding customer issues
- Gathering information and processing it so you can learn from it
- Defining your customers' behavior patterns
- Determining what decisions and preferences your customers frequently make
- Offering new solutions and suitable products
- Prompting you with proactive alert messages
- Suggesting personalized offers and discounts
- Offering real-time support (e.g. FAQs, help blogs, reports)
- Resolving issues before they even arise
- Minimizing customer abandonment rates and complaints
You also won't be afraid to grow since AI machine learning is available to give you extra support. Even indirectly AI can offer assistance to both customers and customer service agents alike. For instance, it can help make the resolution process go faster by discovering and delivering solutions in real-time. This helps your agents be prepared for tough challenges that chatbots can't address.
The Commercial Imperative
With over 1,500 companies in 80 countries using AI today, opportunities for sustainable growth and cash generation definitely exist for businesses of all sizes and in all sectors. This will result in actionable outcomes like:
- Removing the guesswork from customer relationships
- Reducing tedious tasks so your customer care teams have time to focus on more important issues
- Making the decision-making process quicker
- Creating new revenue streams
There's no end in site here nor any telling of what the future holds.
Being a senior business associate, Peter Davidson strives to help different brands and startups to make effective business decisions and plan effective business strategies. With years of rich domain expertise, he loves to share his views on the latest technologies and applications through his well-researched content pieces. Follow him on Google+ and Twitter.