Business Artificial Intelligence- In the grand scheme of things, artificial intelligence (AI) is still in the very early stages of adoption by most organizations. However, most leaders are quite excited to implement AI into the company’s business functions to start realizing its extraordinary benefits. While we have no way of knowing all the ways artificial intelligence and machine learning will ultimately impact business functions, here are 10 business functions that are ready to use artificial intelligence.
If your company isn’t using artificial intelligence in marketing, it’s already behind. Not only can AI help to develop marketing strategies, but it’s also instrumental in executing them. Already AI sorts customers according to interest or demographic, can target ads to them based on browsing history, powers recommendation engines, and is a critical tool to give customers what they want exactly when they want it. Another way AI is used in marketing is through chatbots. These bots can help solve problems, suggest products or services, and support sales. Artificial intelligence also supports marketers by analyzing data on consumer behavior faster and more accurately than humans. These insights can help businesses make adjustments to marketing campaigns to make them more effective or plan better for the future.
There is definitely a side of selling products and services that is uniquely human, but artificial intelligence can arm sales professionals with insights that can improve the sales function. AI helps improve sales forecasting, predict customer needs, and improve communication. And intelligent machines can help sales professionals manage their time and identify who they need to follow-up with and when as well as what customers might be ready to convert.
Research and Development (R&D)
What about artificial intelligence as a tool of innovation? It can help us build a deeper understanding in nearly any industry, including healthcare and pharmaceuticals, financial, automotive, and more, while collecting and analyzing tremendous amounts of information efficiently and accurately. This and machine learning can help us research problems and develop solutions that we’ve never thought of before. AI can automate many tasks, but it will also open the door to novel discoveries, ways of improving products and services as well as accomplishing tasks. Artificial intelligence helps R&D activities be more strategic and effective.