Artificial Intelligence (AI) is increasingly becoming mainstream as businesses use this technology to solve complex problems and offer better value to their customers. From CRM to Customer Support to Cyber Security, AI has become virtually indispensable in all business activities. While tech behemoths such as Google, Microsoft, Amazon, and Facebook have already employed AI to make their products better and customers happier, relatively smaller companies are also embracing it to improve their services and boost ROI.
According to Randy Dean, Chief Business Officer at Sentient Technologies, “Everything invented in the past 150 years will be reinvented using AI within the next 15 years”.
Let’s take a look at some of the industries where the use of AI is changing business dynamics like never before.
Use of AI in CRM
With bigger brands facing intense competition from start-ups, customer satisfaction and loyalty have taken centerstage. Naturally, the role of CRM has become extremely crucial in both customer retention and acquisition. However, with the rapidly evolving spending habits and preferences of consumers, brands must invest significant resources into customer segmentation in order to achieve better results.
Indeed, the process of segmenting customer data may appear complex when it’s performed manually. This is where AI plays a key role for many businesses. AI-powered CRM systems can analyze and segment customer data more quickly and efficiently to make the jobs of sales teams much easier.
Use of AI in Financial Sector
It’s interesting how the AI is changing the financial industry. Thanks to sophisticated algorithms, computers can become your financial advisors, recommending investment portfolios that are just right for you, based on your risk appetite among many other traits.
For example, Schwab Intelligent Portfolios from Charles Schwab presents you with a short questionnaire in order to determine your risk appetite and investment goals. Then, it creates a portfolio and manages it for you on a daily basis. Similarly, Numerai, a new kind of hedge fund built by a network of data scientists, uses crowdsourced AI to make equity price predictions, making stock trading simpler.
Use of AI in Content Writing & Content Auditing
With access to customer data, companies are now using automation software for generating content. According to Gartner’s predictions, 20% of all business content will be machine-generated by 2018. By analyzing the search history and emails of customers and prospects, AI-driven content writing software can generate newsletters and other relevant content for companies, thereby saving a lot of time.
Similarly, our very own AI-powered content marketing platform, Atomic AI, delivers the insights and the tools to enable the actions needed to drive marketing results. Helping marketers surface the information they need to create content and activate performance velocity within their social environments, increases engagement and overall results.
Use of AI in Cyber Security
According to IT experts, humans are the weakest link in the cyber security world. More than 90 percent of security incidents have been found to be triggered by human error. When unsuspecting internet users click on potentially malicious links or open email attachments laden with malware, they become easy targets of cybercrime. While it’s not easy for non-savvy internet users to tell one malicious link from the other, many companies are now developing AI software driven by cognitive technologies to help consumers spot fishing websites and install filter spams. By incorporating machine learning, the AI-powered software fosters pattern recognition that is fast and efficient.
Use of AI in Automation
The employment of Artificial Intelligence in automation isn’t quite new. Back in 2012, Amazon bought Kiva, a robotic company, and built motorized robots to move shelves inside its gigantic warehouses.
The innovation of robotics and automation technology is likely to inspire many companies in near future to adopt AI and reduce redundant personnel. The robots, by working tirelessly and efficiently can help companies save their dollars and perform tedious jobs more efficiently. Similarly, the Amazon Go stores have also signaled the end of “millions of cashier jobs” as the stores will have no checkout lines.
Use of AI in Customer Service
Artificial Intelligence technology has emerged as a viable alternative to humans across the customer service industries. Even though customers always prefer speaking to a real human, there are times when they want the customer support staff to quickly understand their queries and offer quick fixes. This is exactly where the AI will excel. By combining machine learning with FAQs and customer’s profiles, the AI-driven customer service platform will figure out their needs even before they turn to the customer support department.
For example, companies such as AiAssist and Digital Genius have successfully combined AI and human touch to help their customer reps respond faster and better. IBM’s Watson and Facebook Messenger chat bots are some other examples of how companies are beginning to harness the power of AI for sales and customer support segmentation.
Use of AI to Aid Productivity
Artificial Intelligence is already in use across a number of businesses for aiding humans to boost their productivity. From workflow analysis to demographic-based projections for sales strategies, AI has been helping companies improve their core services and augment productivity significantly. The use of innovative voice-recognition software in Apple’s Siri or Google’s Search app, for example, has been helping millions of users free up their hands and engage in multitasking, helping them become more productive.
The voice recognition software is great in that it is built to constantly reinvent itself by learning through observations of user behavioral patterns and applying the knowledge to address complex queries.
Analysts have predicted an increasing AI penetration into business operations, which is likely to eliminate 7% of jobs by 2025. According to an analysis by Oxford researchers, the rapid sophistication of AI may put 47% of jobs at risk.
Even as the widespread adoption of AI is changing operational dynamics of companies, there are speculations that it may change the job market and workplace culture. On the positive side, a study by Paysa says US employers will spend more than $650 million on annual salaries for 10,000 jobs in AI this year.