Finding trends in customer behaviors or annual spending are extremely useful ways of locating opportunities to improve business performance. However, digging through the data is also monotonous and costly, both in terms of time and resources.
Thus, companies like Sage, are examining how A.I. applications can help business owners speed up data analysis, automate repetitive tasks, and more efficiently identify opportunities and anomalies from their enormous wealth of data.
Why A.I. means good business
As of 2017, 38% of all businesses are using some form of A.I. to manage data and streamline operations. By next year, this is expected to reach 62%.
Companies across the world, of all sizes, are increasingly using A.I. tools to analyze the enormous amounts of data collected on customers, operations, sales and finances. To remain competitive, businesses need to run as efficiently as possible; the purpose of A.I. is to achieve efficiency in whatever area the tools are applied.
How does it work?
Simply put, A.I. is software, designed to utilize a specific set of algorithms to perform a job. What job that is depends on the software the business needs. Here are the most common uses.
Gathering customer insight:
“Insights” allows Facebook page managers to monitor how many users are viewing their posts, who and where they are in the world, and exactly how they are engaging with the page. Similarly, Google Analytics can do the same for a business’ website. Such data can be used to help managers maximize page interaction.
Optimizing customer service:
Chatbots are software which look and function like website chat support, but are run by A.I. Chatbots assimilated with a database of predefined responses to provide answers to users’ questions based on keywords in the customers’ questions.
The aforementioned requirement to mine and interpret data is a method utilized by numerous companies to ensure they can be the first to take advantage of market trends, or identify inefficiencies in operations. A.I. software can continuously scan and compile from huge amounts of data to produce easy-to-understand summary reports.
Maintaining physical assets:
Physical hardware produces data, too. For instance, manufacturing organizations frequently use sensors to monitor the temperature and condition of component parts. Smart software can monitor component integrity, schedule frequent maintenance, and make real-time decisions to maximize efficiency.
As essential as recruitment can be, it is often a long and drawn out affair. A.I. software can scan immeasurable social media accounts for the required skills, while A.I. writers and specialist software can even create and post job listings on predesignated websites.
A.I. means more control, not less
With 39% of businesses still unclear about what A.I. can do for them, it is important to understand that “smart” technology is only as smart as the analyst making use of it. Businesses must integrate the software with existing infrastructure before it can interpret data, and it requires the correct parameters before it can produce useful results. A.I. is not about taking control away from the business leaders, but empowering them with new possibilities.