HOW AI CAN BOOST YOUR BUSINESS STRATEGY
It's no longer a question of whether Artificial Intelligence can help your business, but which company strategies it would give the biggest boost.
In 5-10 years, it is expected that any business that hasn’t incorporate AI into their arsenal will be left behind, so striving to build that competitive edge early is key. AI technology can help build your strategy in any number of ways. It's all about opening your eyes to to any problems or opportunities active in your business. Even a slight improvement from the technology can make a huge difference.
One of the more common ways businesses use AI is to automate tasks in their business that are repetitive and follow a predictable routine. These are the processes that can require little variation, so automating it helps free up your employees, allowing them to have more time and save their energy for when a more human touch is needed.
AI used in this sense is also helpful for organizing and finding information. This doesn’t just include text, but images and videos can be analyzed as well. For example, lawyers may use AI to scan court documents for any key information. There’s also conservation societies that use images taken in the wild to keep a watchful eye on endangered species.
AI technology can take any activity or process your company is doing and make it even more efficient. This means carefully balancing the resources your company has available to do things like cut costs, shorten travel distance, speed up production time, and maximize revenue to ensure your company is making the most out its situation.
AI technology allows your team to run what-if analysis, testing to see if your goals are possible and what areas need improvement. AI can help your team configure S.M.A.R.T. goals, which will make them more likely to be successfully executed. It will help ensure your goal is clear, measurable, achievable within your company’s means, relevant to the current environment, and has a specific deadline in mind. A challenge is always good, but AI lets your team know if it's possible.
Developing Buyer Personas
A buyer persona is a representation of the customers your business attracts and is actively targeting. Multiple steps, including interviews should go into creating a buyer persona, but AI can help breathe life into their identity through how they use your products and services.
This is best when paired with a preference center, so that when your customers purchase any gifts or make an off-the-wall type of purchase, they can choose to exclude those from their profile or make any other changes to their profile they feel does not suit them.
If your team would love to get more heavily involved in blogging and writing for your company, but aren’t the best with words, AI can help with that, too. Grammarly is just one of many writing assistants that can help your team improve their writing skills by correcting grammar, improving structure, and helping your writers maintain a tone consistent with your brand.
AI technology makes it much easier to observe trends in your data. For example, when you can anticipate your customer behavior, you can predict why they may churn, which will help your company take preventative steps early. Remember, it’s much more costly to acquire a new customer than to retain a current one.
More Targeted Ads
AI also improves advertising. It uses machine learning to pick up on customer interests through their browsing habits in real-time and targets them appropriately. This will help improve ad spending on the whole, as your team will learn when, where, and what makes customers click and spend their money.
Observing customer behavior also allows your company to predict what they may be interested in next. This will help your team to anticipate their needs by developing future product, services, or new features before they have ask for them.
The companies that take steps to go this extra mile in ensuring a positive customer experience are rewarded with higher levels of customer retainment and loyalty. AI helps companies to observe historical data to predict any potential threats or opportunities, like socioeconomic events that may impact their company.
AI can help any company further define a problem or come up with a solution, it's all the creativity of how it can be used for your company.