Using AI and Bots in Business for a Competitive Edge
Artificial Intelligence (AI) and bots have been around for a while, but in the recent years, advancements in technology have made these developments more mainstream. With the use of the Internet, businesses can collect vast amounts of client data on a daily basis. It is only when this data is analysed that it becomes useful and can assist in marketing strategies, branding, sales, improvements in the business, increase productivity and so on.
Computing and understanding/making sense of large amounts of data manually is time-consuming and fraught with error. Businesses that have switched to automation and use AI are at an advantage over their peers who are still not employing these technologies.
This short video will give you a better idea of why AI is so important these days.
Business automation with the help of Artificial Intelligence (AI) and Bots
First, let us get a clearer idea of what Artificial Intelligence or AI is. Intelligence in humans is described as being able to find a solution to a problem by examining different angles, applying knowledge and experience, and using creativity and perception. AI is the ability of a machine to act similarly. The main difference between human and artificial intelligence is that the latter functions within a fixed set of parameters.
Another aspect of AI is its ability to learn and evolve. AI is also referred to as machine intelligence because when applied, machines like computers can learn how to perform certain tasks without being directly programmed for those tasks. Where humans learn from experience, machines learn from analysing data and using a learning algorithm.
So, then what are bots? Bots are applications that can be used to automate tasks using artificial intelligence and typically function within an interactive framework. A good example of a bot performing a task is the Google Assistant who can increase or decrease the thermostat in response to a voice command.
How can AI and Bots be applied to businesses?
In the present business climate, real-time data collection is the norm. Almost all big companies have systems in place that track client information and get all the numbers in order. AI can also actively analyse the data and put forward charts showing which products are selling well and which are not. AI analysing data can calculate all other information, such as during what time of the day or which day of the week the sales are the highest, and what products are most often bought together.
In this same business model, the next step which involves using this data to improve sales and marketing strategies still falls mainly on a human data analyst. What happens here is that a person or a team is supplied with large amounts of analysed data which they then have to refine further to help develop the business. This step effectively slows down the whole process as people require a lot more time to read data sheets and form conclusions.
By automating this third step, businesses stand to save a lot of time and also dispel with human error that is bound to occur otherwise. AI’s role in the future of businesses is to take over the next step of data analysis and prepare the best approach to sales and marketing moving forward.
Businesses who fail to incorporate this final stage will start to fall behind competitors as they lose time building plans for the future. The technology already exists where automation can take over the final stage of data analysis and produce insights in easy-to-understand language.
When it comes to applying bots to business, their usefulness is far-reaching. Bots bridge the gap between humans and machines. Asking SIRI to find out when and where a movie is showing adds a human element to the machine and makes life a lot more convenient.
Bots or chatbots can be integrated into a host of systems to assist customers. If you are in the travel business and a client logs into your website, you could have a chatbot pop up in one corner offering assistance. If the client is unable to find what they are looking for, the chatbot can offer immediate assistance using information from within its databases without you even having to be there in person. An immediate response to a client’s question or concern is much more likely to make a sale than a response that takes 24-hours.
Let’s look at the usefulness of bots from a user’s point of view. If you have opened two websites to buy a product but cannot find the size you are looking for, the site that has a chatbot informing you that the product will be available in the next two days is more likely to retain your business.
Bots work well for small businesses where there is not enough staff to reply to every customer at any time of the day or night.
Bots integrated into apps can be very helpful when it comes to financial or health tracking. If you run a fitness business, you can develop an app that reminds clients to drink sufficient water or to get up and stretch every hour during the workday.
The bot user interface is very effective in adding an extra level of convenience to the customer experience, which, in turn, leads to customer loyalty and retention.
AI for security in information technology
Another area where AI is proving to be very useful for businesses is security. New technologies have developed AI that can detect security breaches in real-time and increase protection instantly. AI is also now able to predict vulnerable features in databases so that security can be improved even before a malicious attack occurs.
When we look at the information presented, we can see that business automation through AI and bots can save on time, increase sales, increase security, and better the customer experience. Businesses can no longer ignore the power of artificial intelligence in this highly competitive environment.
If you would like to know more about how your company can get that competitive edge by implementing AI and bots, get in touch with the team at Liquid Digital.