Dall-E image generation and now Chat-GPT - 2022 has shown that AI is no less than revolutionary. But can businesses actually take advantage of AI superpowers in their day-to-day operations?
They definitely can!
AI has advanced in more ways than one. Additionally, thanks to businesses like Levity putting AI technology in the hands of business people, it has become more approachable for non-tech users.
AI is transforming how we conduct business as well as making individuals more productive. In reality, 86% of CEOs report that AI is a fixture in their workplaces, although it takes the shape of software to manage day-to-day tasks rather than robots or complicated technology. AI in business is becoming important in ways that have never been seen, from predicting customer behavior to decreasing manual data entry.
You can now make decisions much more quickly and precisely than ever before thanks to AI.
Seven business applications of artificial intelligence will be covered in this article.
How AI benefits businesses
Among the most popular uses of AI include automation, data analytics, and natural language processing (NLP). But what does this actually entail, and how does it streamline operations and boost productivity?
AI Automation: Thanks to automation, people are being spared from monotony. Teams no longer invest numerous hours in monotonous work, freeing up time for workers to concentrate on more valuable projects. Another benefit is that AI automation is more accurate and less likely to overlook any important information. improved operations and increased employee satisfaction!
Data analytics: Data analytics: By identifying novel patterns and connections in data, data analytics enables businesses to get insights that were previously unreachable.
Natural language processing (NLP) and tone detection Because it enables chatbots to be more helpful and improves accessibility for persons with disabilities, such as hearing impairments, natural language processing is on many people's minds.
Let's examine the most prevalent and practical applications of AI in business, shall we?
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1. Artificial Intelligence in Sales
The ratio of humans to machines in sales is currently being reevaluated by seasoned salespeople and sales organizations. Sales are already being impacted by automation AI and will continue to be. According to a Harvard Business Review research, businesses that use AI for sales can increase leads by more than 50%, cut call times by 60–70%, and lower costs by 40–60%. These figures make it obvious that companies aiming to increase their bottom line should investigate artificial intelligence.
Here are a few uses of AI in sales:
Outbound email campaigns - For good reason, email campaigns are a mainstay of sales and marketing tactics because they provide results. However, it might be exhausting to send hundreds or even thousands of emails and monitor their reactions. Email responses are tracked, sorted, and filed according to your preferences with AI systems like Levity. eliminating the need for manual reply tracking and identifying the emails that are truly valuable. Check out Incendium, a B2B growth consulting company, for real-world examples of AI's success in sales.
Demand forecasting: Though complicated, forecasts can be automated. Based on all client interactions and previous sales successes, artificial intelligence enables the automated and precise development of sales estimates.
Lead scoring: AI helps prioritize leads. Based on their likelihood to convert, these AI solutions assist sales people in prioritizing customers. By gathering past data about a client, social media postings, and the salesperson's customer interaction history, the AI algorithm may evaluate the opportunities or leads in the pipeline based on their likelihood of closing successfully.
2. Artificial Intelligence in Marketing
If you work in marketing, you are aware of the need of striking a balance between operational effectiveness and consumer satisfaction. Implementing intelligent technological solutions is one of the finest methods to maximize both.
Here are some of the finest methods for doing this:
Don't let client feedback and other quantitative replies from market research go to waste. With no human tagging required from you or your teams, and insights centralized for simple access, AI systems like Levity evaluate these at scale.
Competitor Analysis: Use AI to categorize by topic or themes and alert you to trends rather than spending hours going through competitors' tweets.
Computers and systems can use computer vision to recognize objects in digital photos, movies, and other visual inputs and act or advise users accordingly. In order to understand how and where products or services are utilized, marketers can use this to analyze the millions of images posted to social media sites every day. Market penetration and brand recognition can thus be quantified in novel ways.
The word "search volume" in search engine optimization (SEO) tells us how many people are using particular terms and phrases when seeking for products or services. Machine Learning (ML) techniques are now being utilized to better understand both the content of searches and the intent behind the use of search terms. Another use is to examine rival SEO strategies in order to find any weaknesses in your own or to benefit from terms that rivals aren't using. AI is also capable of producing SEO-optimized marketing content for your own website.
3. Artificial Intelligence in Customer Support
There is no denying that businesses' success depends on their clients. The main goal is to solve their problems, but occasionally this is just not possible. To maintain positive internet ratings in the interim, give clients who contact you timely, helpful responses. It costs money and takes time to allocate resources to monitoring customer messages. Additionally, the volume of consumer mail can vary, so your customer care personnel might be overworked one afternoon and completely unoccupied the next.
This is the ideal problem for AI to handle with:
Automatically evaluate customer messages: AI solutions make use of cutting-edge technologies to determine the intent and tenor of incoming consumer messages. AI will assess the complete context of the communication rather than just identifying a certain keyword, like "complaint," as it does now. Consequently, even the longest content can be appropriately classified and distributed to the right team. You don't need any coding experience to accomplish this capability because tools like Levity are designed for non-engineers and offer it. View a sample workflow using Levity for customer feedback in the image below.
Use artificial intelligence to sort through a ton of communications with clients and leads by tagging urgency and setting off actions. AI systems are capable of identifying the most crucial words that convey urgency. AI can recognize crisis-prone words or phrases in client enquiries, such as "I'll leave your business." When it comes to leads, AI is able to identify phrases like "This offer sounds interesting" and "I'd like to buy next week" as well as others that can point to a potential sale.
4. Artificial Intelligence in Operations
The application of AI to business operations, or AIOps, is already assisting organizations in successfully undergoing a digital transition. Here are just a few examples of how AI enhances corporate operations:
Inventory Management is one example of how Machine Learning, a branch of AI, employs picture recognition capabilities to boost productivity and efficiency across a range of activities. It is as easy as uploading image data to an AI program that can identify flaws in the photographs or classify and label them. These apps can also be linked to your current tool stack or online store so that labels are automatically assigned.
Check out this statement from the clothing brand Veneka, who uses Levity to automatically update their online storefronts and track inventory:
“Manual tagging slows down our onboarding efforts. With Levity, we identify and tag 60+ product attributes accurately, significantly speeding up how quickly our stylists use new products in their capsules.” — Shivika Sinha, CEO Veneka.
5. Artificial Intelligence in Human Resources
The climate for human resource teams has significantly changed since the COVID-19 outbreak began. The popularity of remote and hybrid working is rising. Virtual hiring and a stronger focus on diversity and inclusion have strengthened and added to existing dynamics. To remain competitive, new platforms and technologies are needed, and AI is driving this development.
Here are a few current uses of AI in human resources:
Analyzing candidate profiles: To assist with the employment process, many businesses have invested in AI. HR managers can use AI to match the best opportunities for possible candidates by looking at their hobbies and prior work experiences.Organization Network Analysis: To help your organization become more sustainable and profitable, AI may be used to examine both official and informal connections within the company. This analysis can then be utilized to design business plans that will boost organic information sharing.
6. Artificial Intelligence in Accounting
As was already established, AI may automate laborious tasks, increase accuracy and efficiency, and reveal hidden trends. It has the ability to upload, read, and categorize files using the appropriate accounting codes. AI is error-free and never sleeps or gets tired. It therefore comes as no surprise that AI is advancing in this challenging subject.
Below are just some of the uses of AI in accounting:
It takes a lot of an accountant's time to perform repetitive tasks, such as recording data, categorizing transactions, reconciling accounts, entering and connecting data from scanned receipts and invoices to transactions, assessing employee expense reports, and monitoring pricing changes. AI is far more accurate than a human at doing all of these activities. Employees can then concentrate on other current duties without suffering from mental exhaustion.
Payroll's future is expected to be affected by AI's ability to semi-automate complicated procedures like payroll. True AI systems can analyze data, learn from mistakes, and find strategic solutions to problems, in contrast to automation, which is based on cause-and-effect. In 2018, the market for cloud-based payroll software was estimated to be worth $7.88 billion, and by 2026, it is expected to grow to $13.37 billion. Executives at companies are becoming more ready to make investments in cutting-edge payroll systems enabled by AI.
7. Artificial Intelligence in Contact Centers
Every customer interaction at a contact center either strengthens customer loyalty or drives them away. Therefore, effective customer service is a top priority. Contact centers contain a wealth of data, and AI can help companies comprehend their customers better.
Below is one of the most popular uses of AI at contact centers:
Conducting outreach campaigns: To introduce and market your product's offering, an AI voicebot can get in touch with hundreds or even thousands of people. It can answer to straightforward inquiries and refer interested parties to a sales representative. For the majority of businesses, automating this was previously difficult, but now that AI tools are widely available, any business may benefit.
The bottom line... As we've already established, AI and machine learning have revolutionized business and will do so for a very long time to come. Implementing AI into business environments reduces time spent on repetitive processes, increases staff productivity, and improves the entire customer experience across marketing, operations, and sales. Additionally, it aids with error prevention and crisis detection.
It really is no surprise that organizations are utilizing it across all operations, and you ought to do the same.
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