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
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
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
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
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
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
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
- 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
- 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
- Customer care team can focus on
other important issues as their burden would be lowered with virtual
- 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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