6 Ways to adapt Artificial Intelligence for a competitive advantage in Business

Artificial Intelligence for competitive advantage

Artificial intelligence has embarked on its journey of revolutionizing every business. According to an estimation last year this technology attracted more than $12 billion VC investment and recent researches say that AI will see a sharp rise in growth and will reach $190.61 billion by the year 2025. Every business is trying hard to learn and imbibe the cutting-edge technology that can drive the entire concept of digital transformation for their business. Companies like Ocado is using a deep neural network on its platform that can improve fraud detection. Be it e-commerce, health, retail, brand harness, AI can be seen everywhere. But for proper implementation of AI techniques taking help of the right Artificial Intelligence company is essential. This article will give you an insight into how the adaptation of AI can mark a competitive advantage in business.

It will improve customer service

Every successful business involves providing a great customer experience. Only satisfied customers can be turned into loyal customers. Right? Which in turn can increase sales? There is a prediction that from the year 2020 machines will be replacing humans, AI enabled chatbots will be trained in a way so that they can understand customers’ queries and give exact answers to their needs. The entire process will be done much faster than that of humans and this will reduce flaws. Not only this much, but these tools will also ensure a 24/7 support and availability which will reduce the expense as well.

Artificial Intelligence for competitive advantage

Marketing will be performed more effectively

AI opens up vast opportunities for the creation of more efficient, targeted marketing campaigns. Analytics tool using AI can use a huge amount of data for deriving valuable insight into a customer’s search. This will enable you to create more customized messages across various user segments.

The conversion rate will be improved

The main aim of every business is to boost their bottom line and increase conversion rate.  Machine learning combines mathematical algorithms that can help in keeping the revenue engine updated with a very recent technology called computer vision. These new technologies such as computer vision, image recognition are endowed with the responsibilities of transforming the entire shopping experience. CV helps retailers with merchandising techniques smartly and suggest products that they find visually similar. Shoppers, on the other side, can use CV driven visual searches to find their desired products just by using a picture. Thus, it can lead to better customer satisfaction and higher conversion rates.

Sentiment analysis

Also known as opinion learning, this process by leveraging machine learning and natural language processing can analyze social media news, posts, and reviews and at the same time can gather customer reviews on a particular product or service. Thus, tracking a sentiment your customer can be better understood, their needs can be analyzed more efficiently.

Training and learning will be easier

AI can track customer interactions and identify successful sales strategies which can be further used to train sales representatives. This will help them to work on those areas they are finding difficult. The entire process will get much easier and smooth.

Improved competitive intelligence

For staying ahead of your competitors idealizing any particular industry leader’s example is not enough, you need to be very smart, proactive and response fast. This is only possible if you pay close attention to small details in the marketplace and keep yourself updated on your competitor’s performances. This is where competitive intelligence can help you. CI backed up by artificial intelligence can track your competitor’s activities across various platforms, thus reveal their strengths and weakness.

Machine learning and AI is becoming more affordable by the day. In this era of working smart instead of working hard, AI is the ultimate solution to all kind of business-related problems. Take help from the best AI companies in the USA and stand out from your competitors.