Do you need AI for your business?
Updated: Apr 3, 2020
The following is an article “Do You Need AI for Your Business” by Marc Primo.
Data is the fuel that makes machines learn and adapt in terms of today’s most effective marketing strategies. That’s why more companies are now acknowledging how more data can drive bigger opportunities for greater revenue. Amazon, one of the most active companies to utilize machine learning in their businesses, claim that 35% of their yearly revenue comes from the work of machine learning marketing. So, if you have been wondering what the fuss is about AI in business in this age of digital transformation, here are the reasons why.
By reviewing customer data, a company’s system can come up with personalized product recommendations for each target customer who logs on their websites. There’s no denying that companies who utilize AI for data management are also benefiting from what they get from Amazon Web Service (AWS) which provides them useful insights for more personalized customer engagement. Through AWS may seem to have a monopoly on data services for a majority of companies, this is not an instance of trading marketing secrets but rather simply another opportunity for Amazon to earn more profit. By selling data insights, the company was able to further penetrate other markets in the realm of B2B and in turn help other companies thrive in their own businesses.
Whether you are on the fence about investing on AI, here are two reasons why you need the technology for your business, now or in the near future.
It improves your business processes. If you have an Alexa or Google Home assistant, you’ll definitely have a fair idea of how AI can optimize your business processes. AI automates consumer preferences and can help adjust your business flows more efficiently. for example, if a customer purchases a product, your system can automatically detect which other products they might be interested in and pitch it to them the next time they visit your site. More importantly, AI can help make your business transactions safer by detecting fraudulent accounts or suspicious online activities in real time.
Other business processes wherein AI can be useful is in system maintenance in how it makes sure that its predictive actions are reliable and effective in terms of marketing, data security, and even product testing among many others.
It helps you provide what your customers need. Smarter machines mean smarter and more efficient business operations. AI not only streamlines your system processes for a more manageable workload and more reliable output, but it also helps with how you’d want to offer your products and services. Take for example how quickly smartphone models evolve in the market. Every year, hundreds of products are offered because of how data shows what customers need or prefer from their smartphones. Consumers will always want to pay for products or services that will make their lives’ work more convenient or help them achieve their goals and you can learn what they all need via AI.
How does it work? Google’s algorithms for their search engine is perhaps the best example of how data helps consumers find out what they need. AI’s spot on assessment of user data determines what your consumers need or want from your business just as how Google gives online users the sites their need in their search activities. Data collection can also help you in your marketing strategies, particularly in your SEO campaigns by addressing what your customers are currently thinking.
If you go online today, it won’t be all that hard to notice how AI-powered websites are smarter and on point with what you need. That’s because one of the prime functions of AI in business is to establish a dynamic communication process between your business and your target market.