Great leaps forward in technological innovation have a habit of polarising opinion. Mirroring the hype and the future-facing excitement, there is the fear of the unknown. Both are equally deep-seated human traits when faced with change.
From printing presses to steam-powered looms, TV sets to the internet, new tech has attracted ardent critics and zealous acolytes alike. Artificial Intelligence (AI) is no different. Headlines about intelligent bots stealing workers’ jobs, becoming sentient and turning hostile to humans have become media staples in recent times.
But just as high profile is the widespread belief that AI has the power to transform the world for good, by unlocking whole new levels in what digitisation and data-led intelligence can achieve, and delivering a step change in our organisational and operational capabilities.
Nowhere is this belief in the positive side of AI greater than in the world of business. If insight and intelligence is the key to solving business problems and capitalising on opportunities, AI lets us see further and deeper, think bigger and work faster than ever before.
Over the past five years, various studies have consistently found that between 75% and 85% of businesses consider AI a top strategic priority. A report from Frost and Sullivan in 2022 found that 87% of business leaders specifically believed AI would boost revenue growth.
But how? In truth, there are dozens if not hundreds of ways AI can be leveraged to boost business growth, many of them specific to the type of business, the intended growth strategy or the type of AI being employed (we shouldn’t lose sight of the fact that AI itself is a catch-all term for a broad and varied family of technologies). But many of these can be distilled down into broader themes. Here are five of them to explore and investigate how they can be applied to your business.
AI can be used to analyse customer data and behaviour patterns to create personalised recommendations and experiences. By leveraging AI algorithms, businesses can deliver targeted marketing campaigns, personalised product suggestions, and tailored customer services, resulting in higher customer satisfaction, engagement, and ultimately, growth.
AI can automate repetitive and time-consuming tasks, allowing businesses to streamline their operations and increase efficiency. By implementing AI-powered automation, businesses can reduce costs, minimise errors, and free up employees’ time to focus on higher-value tasks. This enables organisations to scale their operations without incurring significant additional costs.
AI algorithms analyse vast amounts of data to identify patterns, trends, and insights that humans may not easily detect. By leveraging predictive analytics, businesses can make data-driven decisions and anticipate future market trends, customer preferences, and demand. This enables them to optimise their strategies, product offerings, and inventory management, leading to increased revenue and growth.
Intelligent customer service
AI-powered chatbots and virtual assistants provide instant and accurate customer support, enhancing the overall customer experience. These AI systems can handle common customer queries, provide real-time assistance, and escalate complex issues to human agents when necessary. By improving response times and customer satisfaction levels, businesses can build stronger customer relationships and foster loyalty, contributing to growth.
AI is now widely used to gather, analyse and interpret vast amounts of data from various sources. The emergence of natural language processing (NLP) AI has extended this data gathering and analysis to the kind of content and data that dominates the internet – branded websites, social media, news articles, market research reports and more. All of this gives businesses more opportunities than ever before to gain valuable insights into their competitors’ strategies, market trends, and customer sentiment.