For business owners who are considering experimenting with AI tech, it’s crucial to do your research. Learn how to best incorporate AI into your business model.
Business owners are fast integrating AI tech into their business model. It’s not surprising. An analysis shows that 84% of business owners believe AI tech will allow them to obtain or sustain a competitive advantage. That’s not all. 83% say that it’s a strategic priority for industries today.
In another statistics, 75% of CEOs have confidence that Artificial Intelligence will allow them to venture into new businesses. Companies such as Netflix are already leveraging this technology to make movie recommendations.
The same applies to all other sectors. Automotive industries use Artificial Intelligence to analyze car purchases, trade-ins and driving habits of their customers. They use this knowledge to tailor the recommendation of ancillary products to specific car buyers. The car dealers reported a 60 minute decrease in transaction time and a 7% increase in profit.
Using AI to Drive Revenue
The use of AI tech is defining industries, extending their marketing capabilities and improving the customer experience. The bottom line is that businesses are increasing their revenue using this technology.
You don’t want to be left behind.
As a business owner, you should know the most efficient way to apply AI within your organization. You won’t have to incur the additional cost of setting up a data center nor hiring a whole AI division. Here is how to integrate AI tech into your organization.
Incorporate AI Tech into Your Business Model
The six tips outlined below will help you achieve an AI-driven business.
Know the Terminology
What comes to your mind when you hear “Artificial Intelligence”? To Sci-fi fanatics, it represents an Android. To other people, Apple iPhone’s Siri comes to mind.
Artificial Intelligence sounds cool when you talk about it. The problem is, you don’t know enough about it. Your lack of in-depth knowledge of this technology will limit your ability to use it to enhance your trade.
Knowing the terminologies helps you understand the different ways you can apply the tech in various part of your business. AI grows every day. When you learn the basics right now, it’ll become easier to keep up with the growth.
What’s more, it guarantees that you stay ahead of your competition.
Leverage Existing Resources
As said earlier, you don’t need to hire an Artificial Intelligence team. You would be incurring additional cost, so is building a data center. Instead, take advantage of the resources you already have on the ground.
Find the people who are passionate about AI in your company. You probably already know them. It could be the millennial that writes computer programs or the human resource guy with analytics background.
You have the resource you need to start at your disposal. Leverage them.
You already know the terminologies, now use their knowledge of AI to grow your business.
Learn from the Experts
You have started leveraging the resources at your disposal to incorporate AI tech into your business model. The next step is to learn from experts.
Find a tech-enabled firm with experts in Artificial Intelligence and partner with them. They should serve the function of revitalizing your organization with cutting-edge capabilities. It has the benefit of increasing the knowledge of your employees and sensitizing them to the advantage of using AI.
What do you get from all these?
You’ll have a business model that runs efficiently on artificial intelligence. Hence, saving you time and a lot of money.
Use Chatbot Technology
It is the fastest growing AI tech used by businesses for marketing. A survey of sales executives from different parts of the world shows that 80% of them already use chatbot.
In fact, chatbot market is projected to reach $1.23 Billion by 2025. That’s an annual growth rate of 24.3%!
Despite all these statistics, there is still one question left unanswered. What are chatbots?
Chatbots are artificial intelligence systems that interact with users through texts, speech or other forms of messaging. You can deploy them on platforms like Facebook, WhatsApp, WeChat, etc.
This AI is useful if you want to deliver automated customer service. You can also use it for e-commerce guidance and interactive experiences. Here are some of the advantages of using Chatbot;
Increases brand affinityBoosts brand loyaltyDifferentiates brand from the competitionReinforces the brand’s voiceHigher conversion rate
As the usage of messaging apps and social media increases, so will the chatbot trend. A survey of 5000 consumers reveals that 33% have a favorable perception of chatbots. 48% are indifferent as long as they resolve their issue. Only 19% have an unfavorable impression of using chatbots.
Now, move your business in the right direction using chatbots.
Create a Personalized Web Experience
According to 2017 Real-Time Personalization Survey of marketers, 33% of them use AI to give users a personalized web experience. Apart from AI being a good idea, it works. 63% of these respondents reported an increase in conversion rate. Another 61% observed an enhanced customer experience.
Start by analyzing your Google Analytics data using an AI tech called Hunch. It should give an insight of your general performance. It’ll also help you create a tailored web experience.
How does this contribute to your marketing model? Based on the stats quoted above, your website will experience;
Increased conversion rateIncreased visitor engagementImproved customer experience
Using AI for your personalized web experiences grow your conversion, engagement and give pleasant customer experiences.
Leverage Cloud Computing Platforms
Use cloud computing platforms in your business to keep your data safe. More than 50% of companies have already switched to some form of cloud computing platform.
The term “cloud computing” includes services such as,
Cloud storageCloud backupSoftware as a serviceCloud hosting
Not only does it save you time, space and money, but it’s also a sustainable solution to data recovery. What’s more, it helps you stay on top in a very competitive market.
Wrapping it up
Incorporating AI tech into your business is not as exciting as using it for robots or flying cars (unless that’s your business). However, it offers a strategic advantage. You would be miles ahead of your competition. Aside from the edge, you’ll also;
Save more moneySave timeSave spaceImprove customer experience
Use your existing resources to create the right team. Then, partner up with tech companies to gain access to battle-tested technologies. It’ll help you eliminate the unknowns, and you’ll be able to make decisions based on available data.
You already have what you need at your disposal, use it.