Using Artificial intelligence (AI) to boost business revenue necessitates the use of human creativity. As the initial wave of AI-based applications (such as data analytics and robots) gains traction, it's clear that businesses are largely using the technology to replace humans and save money. While cost-cutting may be essential in these difficult times, relying on AI to play defense is unlikely to be enough for businesses to prosper in the post-pandemic future.
The opportunities for organizations to utilize artificial intelligence (AI) seem limitless as AI continues to imitate human intelligence in machines. With this in mind and a constant rate of AI adoption, many executives are debating whether they, too, should start investing in AI technology.
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AI uses computer algorithms to imitate human intelligence processes, and sales organizations like Base CRM, Cogito, and Salesforce are already employing it to boost sales and develop their businesses—and you can, too. Companies utilize this type of automation to save time on repetitive tasks and stay competitive in today's market.
Not only can AI help you expand your selling hours by automating busy tasks, but it can also help you analyze your patterns and improve your daily productivity.
By implementing the correct AI technology, your company may be able to:
By automating and enhancing routine procedures and tasks, you can save time and money.
Increase productivity and efficiency of operations
Take quicker business decisions based on cognitive technology outputs
Avoid blunders and 'human error,' assuming AI systems are properly configured.
Leverage data to anticipate client preferences and provide a more personalized experience.
Mine a massive amount of data in order to generate high-quality leads and expand your consumer base
Boost revenue by spotting and utilizing sales opportunities
Develop knowledge by facilitating analysis and providing sound advice and guidance
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According to the MIT Sloan Management Review and the Boston Consulting Group, 84 percent of corporate executives (out of 3000 from 112 countries) believe AI will help companies acquire a competitive edge in their industry.
Experts believe that by 2020, "more than 85 percent of customer contacts would be managed without a human," and that current chatbot iterations might cut customer support expenditures by as much as 30 percent.
It's difficult to find a company that doesn't employ AI or automation to make work easier– it's all around us, and it does make a difference. In reality, the correct AI implementation can boost your security, simplify leadership decisions, and even boost revenues. Is it difficult to believe? The rise of the big data era, as well as the expansion of the Internet of Things (IoT), has created favorable conditions for revenue-generating AI-based apps and services.
Take a look at some of the AI strategies that can be used to increase revenue:
A great marketing plan is critical to every company's success. One of the most crucial parts of a good marketing plan is targeting your campaigns to reach your targeted market. Marketers have apparently limitless options with AI-enabled marketing tools like chatbots, data collection software, and marketing material.
Personalization and target marketing methods have been prominent strategies for companies like Netflix and Amazon over the previous decade. Today's consumers anticipate more individualized marketing and advertising, and generic messages are ineffective.
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Using AI marketing technologies to develop a tailored strategy can also help you increase revenue from existing marketing initiatives while also analyzing their efficacy.
AI’s today don't just look at customer data; they also look at a lot of social and sales data, which might be far more relevant than you might think. For example, a smart AI can figure out which payment choices and channels have a greater success rate among your target audience, which is especially useful if you don't know where to look for or evaluate this information.
That capability can also be used to put advertising in the proper places and on the right platforms to attract the type of business you desire. When implemented correctly, it has the potential to transform a company's profits.
Employees can use automated processes to execute time-consuming and repetitive operations like data analysis, personnel recruitment, and customer service. Your staff will be able to devote more time to focused experiences that have the potential to increase sales as a result of the elimination of these chores.
AI systems today are capable of much more than mere automation: Consider the latest Cortana features, which enable the voice assistant to read emails for pertinent information and create automatic calendar events depending on what you're talking about. Advanced capabilities like this actually put the "assistant" in voice assistant, which means you'll save a lot of time and, with enough use of these tools, you might even be able to reduce your workforce.
You can more readily discover inefficiencies in production and streamline those processes if you use an agile enterprise resource planning (ERP) solution that incorporates AI technologies. ERP software unifies a company's numerous tasks into a single, easy-to-manage software system to assist in simplifying production across the board.
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Enormous data sets may be retrieved in seconds using AI, and the information can then be translated into a more easily digestible format for people to study. Furthermore, when using machines, there is minimal to no mistake, providing decision-makers with the knowledge they need to make informed decisions.
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Companies that are attempting to implement more digitized options tend to have a lot of customer data - we're talking about how customers pay, when they buy, what channels they buy via, what products they like, what they look at before buying, how often they buy, and a whole lot more. All of this data may be tracked by AI, which can then draw truly valuable conclusions. Skilled CRM AI systems can identify high-value clients who spend a lot, target them with further deals, and find new possibilities who have similar characteristics to these high-value clients and merit special attention in order to boost profits.
The data analysis AI abilities can then be put to use in the following ways:
Develop more intelligent pricing tactics.
Identify places where operating costs can be cut.
Identify inefficiencies in the manufacturing process.
Different ways in which AI can be used in Businesses
While being authentic with your audience, using intelligent chatbots to fuel your customer support operations saves your organization time addressing queries and feedback. These chatbots help save money by removing costly contact centers, which have long been demonstrated to be unproductive and inefficient in providing customer care.
Although chatbots cannot replace all vital human interactions, they can:
Replicate human-to-human service interactions to a high standard.
Outside of work hours, make yourself available to customers 24 hours a day, 7 days a week to answer queries and issues
Provide frictionless transactions to help customers feel less frustrated.
Almost any language is supported.
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Quality Regulation and Intelligent Screening
Healthcare systems built to automatically sift through a tremendous quantity of data to seek indicators of issues like breast cancer or heart disease are at the advanced end of this AI skill.
They even become better the more they scan, delivering more reliable data (very similar to how security AI systems scan for signs of malware). In quality control, less strict but still helpful variations of this approach can be used to look for recurring problems and narrow down reasons to assist reduce production costs and increase efficiency.
Any salesperson's success is determined by the quality and quantity of leads generated. Because AI will handle this activity, the salesperson's queue will constantly be full, and they will have more time to work on it because they will not be producing the leads. Most CRM platforms, including HubSpot, Salesforce, and Marketo Engage, which is part of Adobe Experience Cloud, can do this.
While using AI to create leads saves time, it is still important for organizations to prioritize the leads. Salespeople need to know where they should spend their time among the leads. If the salespeople generated the leads themselves, they'd have a better understanding of which ones are by far the most promising. Because they aren't, AI will be in charge of scoring. Lead scoring software includes VanillaSoft, Maroon.ai, and Oracle DataFox.
In order to close a deal with a customer, many firms rely on field salespeople to decide prices for products or services. During the closing process, the salesperson prioritizes frequently adjusts the price on the fly — high enough to justify the firm's investment but cheap enough to keep customers on track.
Based on path deals, win-loss rate, deal timing, and other parameters, AI is ideally suited to identifying optimum discount rates. Vendavo, Pricing Solutions, and Competera are examples of pricing optimization tool providers.
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When the customer is prioritized by the salesperson, the following step is to have customized content ready to use in closing the deal. AI may develop products that attract clients based on their wants and preferences using customer profile data in the CRM platform. Evergage, Softcube, and Granify, which also conducts revenue optimization, are content customization software vendors.
AI will eventually be recognized as an essential technology for any industry to stay competitive. It's a powerful tool, no doubt, with cost-cutting features and sales-boosting abilities that benefits anyone who embraces this technology.
Today's marketplace has a plethora of technologies that firms of all sizes can make use of. Finding AI-driven solutions that are right for your company and implementing them quickly will most likely result in a boost in profits.