AI for Business: Will Your 2022 Competitive Advantage be AI Driven Business?
The AI platform market size is expected to grow from USD 2.12 Billion in 2016 to USD 9.88 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 30.5%.
Worldwide artificial intelligence (AI) software revenue is forecast to total $62.5 billion in 2022, with an increase of 21.3% from 2021, according to a new forecast from Gartner.
Artificial Intelligence, Big Data, IoT (Internet of Things) — all are more than just buzzwords today. These emerging technologies are already mainstream with big companies such as Microsoft, IBM, Salesforce, Amazon, Google investing in them and leveraging the same to unlock more business opportunities.
At its core, AI has the ability to automate your business functions by learning different logics and algorithms, identifying patterns, and providing further insights to predict the future of your business based on the data patterns they were trained on.
How can AI boost your business?
From real-time data collection to chatbots, robots, and self-driving cars, AI offers a competitive edge for every industry, and here’s how.
1. Business Intelligence with Predictive Analysis
Machine learning (ML), which is a crucial domain of AI, works by recognising patterns in data and highlighting relationships in the data to predict future outcomes. Data, which is the most valuable asset for any business, can be easily collected and analysed via predictive analysis and ML to get better customer insights and behavior. This helps CEOs and managers to make intelligent business decisions- faster and better; for instance, what products have higher selling rates and other customer interaction, and activities.
One market-leading business intelligence tool, Microsoft’s Power BI fosters intelligent business decisions via intuitive dashboards, graphical representations, and visual reports helping you explore and extrapolate your data and get that 360-degree view of your customers. It is power packed with new AI features including image recognition and text analytics, Azure Cognitive Services, Key Driver Analysis machine learning models and more, unlocking hidden and breakthrough insights to improve your overall business functions.
2. Boosts Customer Engagement
With Machine Learning and Deep Learning, businesses can get unprecedented customer insights based on their journey and behavior/interaction in each step. Businesses can plan and personalise their services, and products to each consumer and cater better towards their needs, increasing their engagement and overall satisfaction. From running a campaign to lead generation and sales order approval, AI can deeply impact your customer relationship and success.
For instance, the Sales accelerator in Dynamics 365 provides a tailored experience for sellers by minimising the time they spend on their search for the best next customer to reach out to. It gathers information from multiple sources and lets sellers focus on how to best approach their customers. Also, marketers can use Einstein Engagement Scores in Salesforce CDP (Customer Data Platform) to omit users unlikely to engage with emails or mobile, and instead utilise other channels like advertising or social media to engage with them.
3. Helps Retain your Best Employees
‘The Great Resignation’ also known as ‘The Big Quit’ is happening globally with employee turnover spiking the charts, but AI is here to save the day! AI can contribute significantly in the areas of talent retention and help your employees and business thrive.
Data-driven HR analytics powered by AI, notifies HR professionals about employee performance reviews and annual appraisals. Furthermore, they can leverage predictive HR analytics to predict employee behavior and their re-skilling requirements to better understand their problems and take immediate action when required, focusing more on creating talent management strategies.
4. AI-Powered CRM
A recent survey by Interface AI revealed that 87% of sales teams are not satisfied with their CRM system due to lack of automation, discrepancies and low user adoption while using such old systems.
AI-powered CRM tools can automate most analysing needs within hours that sales personnel spend days or months processing manually. They can leverage chatbots and email bots to understand leads’ needs and inform the sales teams to improve their performance. With insights gained from these bots, companies can optimise their sales processes.
AI can further discover clients’ needs or desires to offer a personalised experience and recommend products based on their needs. A study by Harvard Business Review revealed that companies using AI for sales were able to increase their leads by more than 50%, reduce call time by 60-70%, and realize cost reductions of 40-60%.
5. Improves Productivity
According to McKinsey, 45% of the activities done by humans could be automated with technology. Some notable business benefits corporate leaders see from AI include:
- Increasing productivity (40%)
- Reducing operating costs (28%)
- Improving speed to market (21%)
- Transforming the business and operating model (20%)
- Improving bottom-line growth (19%)
- Improving customer engagement (18%)
AI integrated into Microsoft’s Dynamics 365 and Salesforce improves existing resources and provides insight that human eyes alone might miss. Moreover, introducing AI can also lead to smoother workflows, improved work quality, and increased reliability.
Leveraging the benefits of AI for business seems achievable but implementing the same requires a great deal of research and in-depth expertise. Our AI specialist company, DynamicAI (Part of Dogma Group) helps you transform your business through the AI technologies of today so you will be ready for tomorrow.
As a CRM, ERP, AI and other business enablement technology specialists, we use our technical expertise in the areas of AI, ML, Data Management, IoT and proven project skills to focus on real outcomes driven by AI. By streamlining your data gathering and analysing process, we help you improve your day-to-day business needs and long-term strategic and tactical decisions.