Artificial intelligence has already created practical solutions that have transformed daily life and the workplace.
Smart assistants allow hands-free communication and voice access to entertainment, scheduling, shopping, and more. AI assistants help writers improve their grammar while robo-advisors predict top investment choices based on personal preferences.
However, this is the tip of the iceberg. AI has the potential to impact all industries and business due to its many benefits.
Save Time & Reduce Costs
Artificial intelligence automates repetitive to free up employee time and improve productivity. It can also refine processes and reduce errors for greater efficiency and consistency.
Artificial intelligence can also provide more data points to monitor energy consumption and reduce overhead costs.
Artificial intelligence already plays an important role in cybersecurity. Firstly, the right innovations help detect abnormal behaviours before they can cause damage. Secondly, targeted AI minimises time wastage caused by false alerts. Thirdly, artificial intelligence can improve security credentials. Lastly, the data collected helps stakeholders make faster, more accurate decisions regarding threats.
Analyse the Competition
Artificial intelligence allows business to collect and analyse data to compare themselves to current and potential competitors, as well as how they stand within their industry. Additionally, it provides insights into competitor successes and failures so the company can learn from them.
Finally, AI provides a vision of potential opportunities and threats to drive wise business decisions. For instance, Lyft may have created the initial enthusiasm for ridesharing, but Uber refined it and now dominates the global market.
Enhance Customer Service
The pandemic forced sales and service to adapt from in-person to remote experiences. As a result, companies found ways to connect with customers in novel ways, including chatbots.
Chatbots instantly respond to inquiries anytime. In turn, AI analyses chats to create user-targeted offers. This can increase sales, boost engagement, and improve customer service.
However, the technology isn’t limited to sales and marketing. Industries such as banking, finance, healthcare, travel, real estate, and hospitality use chatbots to improve customer relationships.
Provide Product Recommendations
Artificial intelligence can easily recommend associated or similar products to potential buyers. Amazon suggests items “Frequently Bought Together” and “Products Related to This Item” automatically.
Upselling often boosts revenues and improves the customer experience. Plus, stored AI data can improve visitor retention, because the buying process is tailored to their browsing history.
Improve Marketing & Sales Forecasting
AI algorithms can analyse existing data to determine where business should spend their marketing dollar. It can also measure which content marketing strategies work best for their company.
Business can measure user sentiments, target their ideal customer, and produce and deliver content through the right channels. They can also detect emerging trends, find opportunities, and pinpoint areas requiring improvement.
Additionally, artificial intelligence can help business define long-term business growth. By understanding the client’s journey, companies can spot and correct potential problems and reorient their sales approach when necessary.
AI can consider many factors to determine the ideal price. These may include competitor cost, seasonality, operating expenses, inventory levels, demand, and pricing history.
Offering the best possible price attracts customers and creates the most profit. It also keeps the competition at bay to retain market share.
Uber uses AI to plot routes and determine fares. Walmart uses cognitive pricing optimization to meet customer expectations, manage inventory, and change prices quickly and efficiently.
Business Can Tap into Artificial Intelligence Now
Clearly, artificial intelligence can create positive results. It is highly-beneficial due to its ability to unravel complex patterns. Nonetheless, business may not know where this technology could benefit their company most and which AI solutions they need.
Artificial intelligence software must help business achieve business outcomes and goals. Just as a company reverse engineers a business plan to create a vision or mission, they need to start with what they want AI to accomplish within their organisational strategy.
AI is multi-faceted and offers benefits beyond those mentioned above. Increasing business agility, ensuring regulatory compliance, and finetuning business functions are all within the realm of AI.
With the right partner, your company can tap into appropriate AI solutions to create positive business outcomes. EarlyBirds offers expertise, an expansive marketplace of new and disruptive technologies, and programs and support for ad hoc or supplementary needs.
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal that connects leaders or influencers in an organisation with new and disruptive technologies.
The Ecosystem has a data pool of over 4 million global innovations that may already address your business challenges. Alternatively, companies can list challenges and request solutions from innovators.
EarlyBirds Explorer Program
The Explorer Program is tailored towards businesses who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single business or technical challenge. It looks for the most relevant innovators that meet business, technical, commercial, and business risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who collects requirements. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and SME drafts a roadmap of next steps, POC, trial, or implementation.
EarlyBirds can help you discover actionable innovations that align with your business goals and desired outcomes. We’re highly experienced in finding innovative solutions and connecting business to disruptive technology.
Register at https://earlybirds.io/, or contact us to discuss your needs. We can help you create a roadmap for artificial intelligence deployment and find suitable talent and solutions.