Ways In Which AI and Automation are Becoming the Need of the Hour

As the advancements in the field of technology are growing day by day, it is quite evident that the role of AI in our lives as well as in the corporate world is only growing bigger.

While the voice for the need for this technology has been ever-rising, AI has been acting like a boon for humans. Due to its existence, AI has been solving various problems that are related to fields such as medical, hospitality, robotics, etc.

Although, there have been speeding rumors that AI will soon take over most human-filled jobs and in turn may leave millions of people unemployed.

In fact, according to the National Science and Technology Council’s subcommittee on Machine Learning and Artificial Intelligence, these concerns are not entirely unfounded. Also, when such evolution takes place; there is an equal possibility of its misuse. And thus, it has been noted that there have been multiple cases of AI being used for malicious purposes.

Despite all this, we have always discovered that there are two sides to the coin, and the bad and good sides always come along. Hence, the need of the hour is not to fear AI and rather focus on understanding its relevance to our corporate world and human life. So, here we start with the ways AI is becoming the need of the hour.

Offering Personalized Experience

Though the initial in AI which is ‘artificial’, seems to be something dehumanized or imitational, it can actually help you to offer a more personalized experience to your customers. AI actually analyzes the vast dataset in a more efficient manner than a human being. It can identify clusters and patterns in information like past purchasing behavior, similarities between customers, credit checks, etc. much more rapidly than humans. With this information, you can easily plan your personalized marketing strategy and offer a utopian experience to the buyers.

Drive Revenue Growth

By understanding every individual’s purchasing behavior using Artificial Intelligence, you can serve them with a more effective and personalized experience. This enhances the response rates, cut down the costs, generates higher marketing ROI, and, in turn, drives the overall revenue.

Besides this, AI performs a lot more functionalities like customer support and record tracking, allowing existing employees to work on more productive things. This way, it prevents you from investing in more employees and tools/software.

In short, the AI-enabled mobile or web application acts as a perfect medium to gain higher profits at minimum investment.

Retarget the Existing Buyers

Various companies regret that they fail to follow nearly one-third of their marketing leads. Thus, they lose their existing potential buyers. Artificial Intelligence, in this case, helps companies to cater to the needs of every existing customer through Chatbots.

Chatbots, unlike staff members, can more quickly access the data and work upon it. They can work ‘round the clock’ without compromising the quality, which means you can hit your daily target for sure.

According to a report, customer acquisition costs nearly five
times more than retaining an existing customer. Moreover, the probability of
selling to an existing user is 60–70% while just 5–20% in the case of the new
user.

Automate Customer Support

Using chatbots for automated customer support will save a lot of time. Chatbots that are available 24/7 for customers and can automatically answer your customer’s queries, provide recommendations, or direct them to the next step in your workflow can take a lot of weight off your customer support system. Furthermore, bots can gather intelligence on customer needs, engagements, and capture the essence of their emotions.

Vanishing the Myth

While it’s fair to say AI is helping organizations automate basic tasks of repetitive nature, it’s far almost decades from reaching a level of maturity where AI (and robots) can replace humans in its entirety.

According to the survey, only 12% of the organizations surveyed believe they’ll replace humans with AI and robots. In fact, a significant 68% confirmed their intent to hire more people to manage the increased complexity arising out of the use of AI.

Hence our assertion that the use of AI points to the need for newer skills,
which can result in newer types of jobs rather than job losses.

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Factspan Analytics Inc.

Factspan Analytics Inc.

Factspan is a pure play analytics company. We partner with you to build an analytics center of excellence, uncovering insights and solutions from your data.