AI Adoption: Embracing Artificial Intelligence for Business Growth
Contrary to common belief, AI is not all about humanoid robots. When dealing with data, AI reveals patterns and insights, performs repetitive tasks, and can even predict future behaviors. AI often uses automation or Machine Learning (ML) to do these advanced tasks, creating a more efficient and profitable business, according to the respondents of a recent Corinium report.
In this article, we will explore how current business leaders are viewing and using AI within their companies, as well as how smaller businesses can begin to adopt AI. Most importantly, we will explore the reasons behind why companies such as these have adopted AI, and why it has become so popular in modern business.
How companies perceive AI
Businesses are increasingly adopting AI. Corinium’s report indicated that 100% of surveyed business leaders predicted ROI on their adoption of AI. These leaders stated their key drivers for adopting AI included: increasing efficiency, generating intelligent insights, reducing costs and informing their business decisions.
While all 100% of surveyed business leaders were open to AI and ML, as few as 5% were actually using AI to its fullest extent. The most common explanations for this were cited as: difficulties integrating AI with the excessive legacy technology being used within the company (64%), inability to locate the right talent (57%), and lack of leadership (41%).
Nevertheless, 80% of these companies do currently use ML algorithms, 50% use the deep learning aspect of AI to predict behaviors and so on, yet only 35% are currently using Chatbots to increase efficiency and improve customer experience – despite the fact that Chatbots are the easiest way to adopt AI.
How can small companies implement AI?
AI has become a buzzword in sales pitches, and has been shown to increase demand and conversions. As a vast and quickly developing industry, there are increasingly more applications for AI, meaning you can harness its power (and its buzzword) more easily than ever. Listed below are the easiest ways that you can either start using AI, or begin exploring deeper into the AI realm.
Automate, automate, automate
For all repetitive tasks, automation is key. Not only does this remove a large amount of monotony from the job, it reduces errors, cuts costs and results in a more efficient and therefore more profitable operation.
AI does human tasks faster, machine learning predicts outcomes and makes predictions. For example, AI at work within a website can gather data from its users, compile and analyze client profiles, and subsequently predict consumer behavior. Not only does this inform companies, but it can also be used to personalize and thereby improve the customer experience.
Interestingly, customer service is not always cited as a key driver behind AI adoption – despite how beneficial it can be – with one report stating that only 39% of participants had adopted AI for that purpose.
Adopt AI for customer interactions
Using AI to automate responses, for example as a Chatbot, is often touted as the simplest way for companies to adopt AI. This automated Chatbot can ask a few short questions to determine the issue and provide solutions, such as specific FAQ articles.
If the client or customer’s issue is not simple, the ChatBot can escalate the question to human support personnel, but by using the ChatBot it saves time and serves the customer better. Chatbots allow for more than 1 query at once to be dealt with, reducing queues and human error.
Of course, this automation should not be overdone; too many questions can make it difficult and frustrating for customers who may have already checked the FAQ and still require help. Hiring experts can assist you to strike the right balance between automation and human interaction.
Amping up the AI in customer service can mean the customer is smartly transferred to the right department, providing a more seamless (and less frustrating) customer experience. However, customer interaction with the brand can also be improved through the increased personalisation through the data that can be acquired, collated and automated through AI.
In Conclusion
Conversions have been found to increase where AI is used in pitches or on websites, offering a competitive edge. In addition, time and money can be saved by automating monotonous tasks, and customer service can be improved by offering an automatically personalized service, whilst freeing up employee’s time to deal with the most important tasks.
Of the business leaders Corinium surveyed, the resounding consensus was that they anticipated an ROI within 2 years, as a result of adopting AI. 59% predicted an ROI of least 50%, with 0% predicting no ROI. This illustrates the strength of conviction that business leaders have in the power and future-proofing qualities of AI.
Advancements in AI are being made all the time, and therefore the applications of the technology are improving. This includes addressing current challenges, such as AI’s ability to work with legacy technology – a barrier that prevented two thirds of Corinium’s respondents from adopting AI. A further 57% found it challenging to find and hire the right staff.
To begin harnessing the power of AI in your business – or to increase AI operations within your business – simply post your project on Pangaea X which connects you to a broad range of freelance data, AI and ML specialists, and helps your business adapt to these new technologies.
Get your data results fast and accelerate your business performance with the insights you need today.
