In the recent years, communication technologies have overcome the roadblocks across various sectors resulting in the emergence of revolutionary devices where the communication highly empowers interaction between humans and machines. Today, Artificial Intelligence (AI) has successfully revolutionized the human-machine interaction and vice-versa, thereby allowing machines to interpret, interact, and respond meaningfully.
Business Intelligence is one such application that has received overwhelming attention from many businesses. Vaguely, the adoption is quite higher than the deployment rate since competition between the IT organizations and non-IT organizations is getting fiercer than ever. Adopting a Business Intelligence is not a new trend anymore and for a business process to undertake BI straightly implies, to identify and understand the underlying trends for deriving insights out of gathered data. A company with a BI platform on its side becomes capable of maximizing its sales via designing a more efficient business model. In fact, research indicates BI applications will be the fastest growing areas in the AI technology in the next eight to ten years.
While we talk a lot about Artificial Intelligence for business, it encompasses several aspects of business. (Here we cover Marketing, Sales, and Accounts to better understand the role of Artificial Intelligence in these areas).
1. AI For Marketing:
The textbook definition of Marketing explains the concept as the “management process through which goods and services move from concept to the customer”.
Although the definition offers the old-school view of marketing, this purely concludes moving goods or service only to the market and keeping the consumer informed. Presently, as we embrace digitalization as a part of our normal lives, the term marketing and moreover the act of marketing is getting more complex.
Marketing managers need to know and understand customer segments to cater to them with the relevant and best product and clearly establish their needs, wishes, and desires. Identifying the most appropriate desire from consumers is more likely to result in a profitable marketing model for a product or service. Therefore, AI programs can anticipate customer needs and wants and come up with optimized solutions that highly reflects their buying patterns, delivering better consumer service, enhance customer experience, and create a data set for high-value consumers.
2. AI For Sales:
If the old-school definition of Marketing is to introduce products to the market, the same old-school definition for sales indicate offering service to customers in the end-use market.
Likewise, the sale is a process completely built on trust and loyalty between consumers and the business. If consumers are happy with the organization they are likely to recommend the product or service to others. And this totally depends on the talent of the salesperson. In fact, a talented salesperson can have a direct influence on the crux of business.
Additionally, AI is capable of extracting the best of the best out of salespeople and assist them with sales tool that not only help them with acquiring clients but generate more revenue for the organization. BI tools for sales not only get confined to assist but also lead the sales team to build accuracy with the sales forecast and anticipate customer retention.
3. AI For Accounting & Finance:
As Josh Fredman (contributor for Chron) states that, “accounting and finance play an existential role in the management of any business”.
Accounting and Finance form the building blocks of a company’s legal foundation. However, AI is already dominating this area as many companies have shown optimism owing to the cut-off for audit time and asset management.
AI for Accounting and Finance is completely capable of extracting key terms and analyzing, compiling and interpreting tens and thousands of data in a very small amount of time. Risks assessment and evaluation are some of the major features till date and one of the biggest glory is its ability to handle vast amount of data and produce apposite information to the user.
The Future of AI in the Business:
AI unfurls and unfolds many opportunities in the business spheres. It can offer a huge competitive leverage to the companies who’ve shown a high reliance. Simultaneously, AI offers automated resilience to large organizations with a relayed functioning capacity. With so much around, it is highly capable of leading the mankind to inflated expectations.
What to be understood is, artificial intelligence consulting can bring precision and effectiveness to the business process thereby eliminating redundancy and reduces the overheads.To add more, it is not only gaining a wider adoption but it is surely helping companies to enlarge their landscape and come up with a potential like never before.
Artificial Intelligence is a fast emerging concept in Western civilization. In fact, the Eastern culture is widely adopting AI for its business needs. The Grand View Research report affirms that the artificial intelligence for IT operations platforms market in 2019 rose to USD 4.36 Billion, which is ready to expand at a CAGR of 30.6% in the next seven years. The robust growth attributes to the rise in data-driven companies, customer analytics, and growing use of chatbots, automated responses and consumer friendly online advertising. This means AI is already ruling the roost in the commercial sector and seems promising for many business processes.
Although AI is a widely adopted entity and like said earlier, it has earned a reputation, it can be clearly misunderstood too!! The recent developments about AI expressed on Internet and other mediums are impressive and exciting, but at the same time, it is necessary for entrepreneurs to understand its true value in the decision stages. Artificial Intelligence has gone to become a broad concept that may or may not sound like a boomerang. But one thing is for sure, the early you get adaptive, the chances of you measuring your business success becomes pretty clear.
Guest article written by: Saket Panicker. Saket is a full-time business writer for Grand View Research, Inc. (U.S. based market research and consulting firm). His ability to connect with the readers brings simplicity and clarity on the subject. He has been a successful contributor as a guest writer for Grand View Research. When he is not writing, he loves travelling, and playing soccer.