AI solutions are highly potential. Did you know about the news flash? – If you ask Siri to read the texts and emails for you, find the nearest departmental store, or call your friend for you, then you have made AI a part of your everyday life.
It is a fact that AI seems to be becoming our future. Some of the live examples are current weather forecasting systems, spam filtering programs, and Google’s search engine, which are AI-powered.
Know a little about artificial intelligence
Call it a result of human intelligence; artificial intelligence can replicate the cognitive functions of a human being. Artificial intelligence is a thing that can learn and solve problems in no time.
It is a significant term which is further classified into three names –
It is the automation of regular or necessary tasks. The best example of assisted intelligence is machines in assembly lines.
This type of intelligence cannot yield direct results without human intervention. And, we can make better decisions only based on AI information.
In this, it keeps humans out of the loop. Examples of autonomous intelligence are self-driving cars and autonomous robots.
One sector that attracts users and most of the benefits of AI is the business sector. AI solutions have the potential to improve business decision-making processes significantly. It has started becoming a crucial element for enterprise applications and working toward strengthening successful business strategies.
You might have seen AI-based enterprise apps in computerized billing systems, salesforce automation, office productivity suites, resource planning, process management, and IT compliance. So, it is very likely that the revenue of AI-based enterprise applications will grow exponentially by 2025.
Let’s see how enterprise AI-based applications support better business decisions.
The term data mining is already popular in the industry, but did you know about another similar term, opinion mining. Opinion mining involves analyzing sentiments, emotions, all of which depend on Natural Language Processing (NLP), computational linguistics, and biometrics to extract quality information.
AI has helped analyze and collect opinions and customer feedback as quantifiable information in almost no time.
Customer Relationship Management (CRM)
It is anticipated that CRM and artificial intelligence are a prosperous combination. The use of artificial intelligence helps in understanding different customer needs and also supports building the right solution to the problem.
To help customers best with their questions, much data can be processed very quickly. The best CRM and AI results are indicated in these areas, such as forecasting, predictive lead scoring, natural language search, and recommendations.
In CRM, it is a valuable chat or AI that can show results in the primary analysis and give smart answers about customers based on available data. It is proved that those organizations with AI-equipped CRM can generate valuable results.
It is essential to understand what your customers are looking for. Based on which, the next step is to change the marketing decisions. Customer needs are understood only with the help of the technology named artificial intelligence.
It helps businesses make proper marketing decisions through the available data. Artificial intelligence records everything right from the time spent on the customers’ apps and choices, almost everything that can help convert them.
AI or artificial intelligence is one such thing that can quickly become a friend to a user or buyer. It mainly shows how websites communicate with users to get maximum ROI based on customer’s purchases and preferences. This technology is used to recommend various products or other items to the users.
A relevant example is Netflix; it recommends only a limited set of options that you are likely to enjoy. Such features or capabilities save time and help in delivering better user experiences. It allowed the application to become the most favorite and brilliant source of revenue generation for people.
In the coming time, this feature will not only prevail in the market but also move into eCommerce, finance, and other industries.
So it is sure that when decision-makers and business executives have reliable data analysis, recommendation, and follow-up through artificial intelligence, they can make better choices for employees and businesses. It helps in the overall development and improves the competitiveness of the company.
But, there is an underlying gap in the complete development and usage of artificial intelligence. There is only 80% of the unstructured data available. Also, neither humans nor artificial intelligence can process this amount of data to make it more usable for the business.
To expand your horizons, don’t forget to check and download our latest whitepapers on artificial intelligence.