4 reasons how Artificial Intelligence can save you time and money
Among the many emerging technologies of the modern age, nothing has created as much buzz as Artificial Intelligence (AI) has. Since its emergence, it has changed the very nucleus of companies and facilitated processes that have saved businesses both time and money.
Technology giants such as Google and Uber have been using AI to create human-like features that can predict just what the client is looking for. But AI hasn’t just been adopted by big organisations. Start-ups are now also adopting AI in a bid to create highly innovative solutions for their clients.
Here are reasons why your business should embrace and incorporate AI-enabled technology as part of your sales, marketing and overall business strategy.
You’ll kick your competitors to the curb
Oh boy, where do we start with this one? AI can open a Pandora ’s Box of opportunities. From virtual assistants to chat bots, visual search and regardless of the size of your business, AI is your future.
In fact, recent studies have predicted that by 2020, circa a whopping 85% of consumer interactions will be dealt with by technology. Granted it is not going to be happening overnight, but remember that technology does advance quite fast.
Think about how much money you could save by using AI. You can have a chat bot to deal with online enquiries at any given time of the day, without having to employ a fully-fledged team of human customer support assistants to work round the clock.
It will save you big bucks
We’re not talking a few cents here, but big time cost-cutting in the long run. Some company CEOs and leaders have repeatedly underestimated the importance of employing the services of AI, due to the fact that the initial setup can be expensive but when you work it out in the long run, you won’t hesitate taking a leap.
Not only does it engage with your customer base in a highly personalised way, but it boosts your retention as well as conversions considerably.
Even if you are a small retailer with a small budget, you might struggle to offer discount offers but AI can predict and offer a discount on an enticing product that will bring in sales. Overall, it is a better return on investment and your bank account will be happy.
When it comes to marketing efforts, AI can provide assistance on practically any marketing channel including emails, SMS marketing as well as push notifications. It can forecast and establish the right time to distribute messages to every customer, boost your chances for engagement and ultimately improve the conversion rate.
Similarly, it will also identify the right marketing channels for every customer so you can target your clients at the right time with the right medium.
Saying AI can save you time and money is a bit of an understatement as it offers the full package.
It creates that personalised shopping experience
Remember that little corner store growing up, where the shop owner knew you by name and knew exactly what you liked? I bet you still look back fondly to that time as you felt that you had a personalised experience where the shop keeper went that extra mile.
Similarly, physical retailers go above and beyond the first name basis, and seek ways to remember the preferences of their loyal customers. Unfortunately the online shopping world was missing this personal touch, just until AI came onto the scene that is.
AI creates the tools to personalise your shopping experience by making it more accessible. Let’s put it this way. Unless you implement AI to your retail site, you will struggle to learn about your customers, their shopping as well as their purchasing behaviours.
It is for this very reason that AI can analyse their past actions to better envisage future behaviours. Remember that the online retail world is constantly evolving and your customers are bound to have higher expectations. AI is your sole saviour in fulfilling these needs.
It will empower you by saving you time
You know the saying, “Time costs money”, and when you own a business, there never seems to be enough time. So how can AI save you time?
Well, let’s put it this way, a business is powered by people and hiring them costs a lot of time and money in itself. You would need people to provide an element of success but that also takes time.
Alas, small businesses usually don’t have the resources to boost efforts such as marketing, which is why AI can benefit greatly small companies by automating numerous tasks, provide valuable insights and reaching out to clients at the right time without requiring much effort on your part.
Overall, professional marketers can achieve results but they won’t be able to present you with round-the-clock work or effective and in-depth insights to target the right clients.
And this is only the tip of the iceberg. AI can provide various types of benefits based on businesses. Be it a hospital, a government agency or even a small retail shop, since it is built to be user-friendly, it has the potential to impact the industry.
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