New technologies are reshaping industries nowadays. Every time there’s a new innovation in technology, various companies immediately start to adopt it in order to improve efficiency and gain a competitive advantage. One of the most disruptive technologies these days is certainly artificial intelligence (AI). The fact of the matter is that AI’s potential to revolutionize both companies and entire industries with its benefits and advantages has made it a top disruptor today. What’s more, companies have already started to adopt AI technology, regardless of it still being in early development.
AI technology doesn’t just have the potential but it’s already starting to reshape how businesses approach consumers and each other. In other words, AI is already changing the business landscape and environment as we speak. Changes are already starting to happen but the real transformation will happen in the near future, where the business environment will resemble something out of a science fiction novel at least. That being said, here’s how artificial intelligence technology will impact the business environment.
Improved market efficiency
It’s no secret that numerous companies compete against each other on the market each day. One of the main reasons AI technology is already being adopted is its ability to provide advanced analytics, better and more strategic decision making, more valuable data analysis and faster information processing to companies. In other words, every company that effectively utilizes AI technology will outrun competitors who haven’t done the same.
According to research, 60% of marketers believe that AI can improve the efficiency of marketing campaigns and analytics for companies. AI can be used to develop content, create landing pages and even entire websites based on the information it can gather from consumers and big data in the online world. Not only that but AI’s machine learning algorithms can develop strategies for engaging consumers on social media and nurturing leads through every step of the buyer’s journey, thus creating more conversion and sales.
The next step for ecommerce
AI technology will most likely revolutionize the ecommerce industry. Improved personalization and customer experience are crucial in today’s ecommerce environment. AI technology can take that to a whole new level. By analysing consumer behaviour and purchasing decision, AI’s machine learning can gather valuable information that will help business owners develop new promotions, customized and personalized offers. AI can also improve the security of consumer sensitive information that gets processed by ecommerce businesses every day.
What’s more, AI-powered automation has already made its way into ecommerce logistics, where robotics, autonomous forklifts and drones, as well as fully automated processes are helping with storage, packaging and delivery of products to end users. Although this trend may be quite beneficial to ecommerce businesses, it might lead to numerous job positions being shut down, thus leaving many people jobless.
Better company performance
Companies that utilize AI technology are not solely focusing on their market performance but on their in-house efficiency and performance as well. AI’s machine learning algorithms can be implemented into company-wide systems and processes to improve employee effectiveness and productivity, as well as improve the efficiency of company services. That being said, AI can be used to analyze financial data, in order to produce information for data-driven decisions.
For instance, IBM’s Watson Equbot can analyze 10 years of stock history and real estate holding in less than a second to provide clients with actionable data for investments. What’s more, AI’s capabilities in legal transcription services can help lawyers process information efficiently from various court hearings. In essence, companies who leverage AI technologies can not only increase their efficiency but also increase the efficiency of their employees, as they can leverage more reliable data gathered from AI’s advanced analytics. Simply put, AI is revolutionizing the way companies provide services to their clients.
The future of customer service
Nowadays, serving consumers through seamless customer service, support and experience is essential for a company’s survival on the market. Customer service has become more important than ever before, mainly because consumers are becoming savvier and they’re expectations are increasing. In order to meet these new expectations and needs, many companies have turned toward AI technology, specifically chatbots. Chatbots are computer programs that are powered by AI’s machine learning, deep learning and natural language recognition capabilities.
Their intended purpose is to deliver exceptional customer service. Chatbots can analyse human behaviour and adjust to individual consumer needs. What’s more, they don’t need any time off and they can provide service for 24/7 and to multiple consumers at once. Businesses see the potential that chatbots have to engage and ensure loyalty from customers but also reduce the operating costs of labor. In fact, chatbots can completely avoid human error and deliver exceptional service and support to each customer. It’s safe to say that the future of customer service, as well as the way businesses interact with consumers will be overtaken by chatbots.
AI technology is taking the lead in innovation. Industries that are starting to adopt AI technology will certainly start to experience vast changes in the near future. Moreover, further development in AI technology will continue to have a major impact on the business landscape and environment.