How Data and AI Will Help You Accelerate Your Business Growth in 2020 and Beyond
A few years back no one had thought machines would interpret the world around them. They can learn and decide in a way that simulates the human thought process. But now, we are witnessing the change.
Fuelled by the implausible amounts of data we are creating every day, machines are getting smarter all the time. Thanks to the better collaboration between Artificial Intelligence and data which is creating a tech-enabled world around us.
Businesses are leveraging AI and data for their unprecedented growth. A report by Forbes also says that by the year 2035 AI technologies will have the potential to increase productivity by 40% or more.
This indicates that businesses must harness the power of AI if they want to remain in the competition and not become obsolete. Because this is something that cannot be delayed for a longer time.
Not only this, 95% of business execs who claimed having skilled at using big data to solve business problems or generate insights also indicated using AI technologies.
As discussed above, there should be a better association between AI and data for consummate business growth in 2020 and beyond. Let us now deep dive into the topic to know about more possibilities.
How AI and Data are Helping Businesses
AI and data collaboration deliver exciting opportunities that enhance business performance in two ways; first is by offering customers smarter products and services and second by improving the efficiency of business operations.
Let’s learn more about this collaboration.
Transforming Business Processes:
We all know that AI is the linchpin of technology today. The technology works as a power booster for deep learning, machine learning, predictive modeling, and data analytics. Considering the whole B2B customer value, then it becomes the most important element.
Right from marketing to sales to financing, it can be used for productive outcomes. This could be understood with an example if your business wishes to offer some gender-specific thing then by collecting the data of the user in the particular locality you can frame the offers.
Also, you can know about their age group and interest and hence can customize the offers.
Apart from this, AI and data could increase sales too. If you know the purchasing history of a customer, you can offer products and services in that range only, this would increase the probability of choosing your service/product by them.
Data-Driven Sales and Marketing:
Through AI you can know about your prospective customers. By using the collected data, you can very accurately assess your addressable market and can set the marketing strategy based on real-time information. For instance, if there are more people above 60+ of age in the focused area then you can make a deal and offer considering them and their interest.
Also, if you find that the majority of the public has the same interest then you can address that in your next business marketing goal. With AI and data analytics, business can set workable strategies that could do wonders for them.
Streamlined Sales Process:
Business was never so easy before AI and data analytics entered it. With the help of data, you can now know what your prospective customer is likely to choose from your store. Now, as you know what they can take, you can make customizable products and services.
Making the interest of your perspective customers a priority you would improve the business retention rates. Like more people in your locality prefer seafood, then selling it instead of red meat could streamline your sales process.
Accelerated Business Growth:
AI and data aid businesses to drive good sales and thus encompasses overall growth. Below mentioned are the different ways by which it is becoming beneficial for businesses.
- Through AI it is important to understand the customer’s issues and thus can fetch them with the desired result.
- You can gather information and further process it to get better insights about customers and business both.
- One can know about the customer’s behavior pattern and thus can offer the looked after service.
- You can determine well about the decisions and preferences that your customer makes and can go ahead in the strategy planning accordingly.
- AI can offer you solutions and suitable products after data analysis of your preferred location or business.
- AI can detect any emergency and systematic failure. It can inform you prior that can save from the uncalled system collapse.
- Based on the buying patterns, AI can suggest personalized offers and discounts.
- It offers real-time support. Your users can connect with AI Chabot and get the desired information in case the customer support executive is busy.
- Your business can minimize customer abandonment rates and complaints when you would give them with the services they are looking for (through AI)
The Commercial Imperative:
In case you are looking for AI in business growth with a broader commercial perspective, then here are the outcomes that you would get with data collaboration.
- There would be no more guesswork in customer relationship as you know what the customer is looking for.
- Customer care team can focus on other important issues as their burden would be lowered with virtual assistants.
- Decision-making process would become quick and more accurate.
There is no doubt in this that artificial intelligence and data analytics would together continue to advance society and the tech industry. This is the high time for your business to adopt AI and data learning in case you have not used it yet.
In case you would fall behind because of the non-adoption of AI then it would become hard to catch up. We would suggest you collaborate with a company that has adept knowledge in AI and data analytics like KCS.
KCS has its expertise in data engineering and analytics. Also, the company partners with global data storage giants like Google cloud, Azure and AWS, which aids it to safeguard the data privacy of its valuable customers.
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