It is impossible to deny the fact that AI will change the way that we do business in just a few years; it has already done so much. Currently, 32% of companies are investing in AI software and 26% are finding ways to implement AI tech in areas like research, retail, and marketing services.
This technology truly has the power to transform businesses for the better, and yet there are still some non-believers out there. Only 15% of organizations are currently using AI in some capacity, and 35% of businesses still don’t believe that AI is necessary for their strategies.
Whether your goal is to improve the customer experience, increase revenue, or just make better business decisions, AI technology is proving to be the tool to do just that. Businesses must be prepared for the inevitable shift overt to AI-supported departments. The good news is that by embracing this constantly improving technology, they can achieve all their goals (and more) in a very short amount of time.
Let’s discuss the exact ways it can do just that.
1. Human Resources
An amazing 96% of recruiters believe that this kind of technology will benefit their hiring process and improve employee retention. But, this technology not only benefits recruiters; it makes the entire job searching process better for candidates, too.
Machine learning technology can automate the screening process for recruiters and narrow down the number of potential candidates so only the best possible talent makes it to the next round. From here, AI-assisted recruiting software can run personalized assessments to gauge factors like professional values, problem-solving skills, judgment, communication, and more. The system then uses AI to draw on a number of datasets while using predictive models to determine whether or not the candidate matches the need. It can also be used to provide candidates with a realistic job preview so they can make a judgment call as well.
This transparency between both the jobseeker and the HR department means that the entire interview and hiring process can be streamlined and refined. When applicants know what to expect, they will be far more prepared to fill the role, leading to higher employee retention and a better experience overall.
AI can also ensure a healthier and better internal company culture by accurately measuring engagement and offering solutions. Machine learning systems have the ability to not only collect important behavioral dat, but also to translate it into understandable datasets for real time diagnostics. This information can help HR teams identify weak points and warning signs, such as employee flight risks or internal strife.
The human resources department has been due for a change for quite a while now. Long gone are the days of folders, filing cabinets, and documentation. Now, so is the guesswork when it comes to hiring. By utilizing AI in this department, HR leaders can have access to the exact information they need to make more data-driven decisions.
AI is making waves in the marketing department for all sorts of reasons. Virtually every aspect of marketing and advertising can be improved with this technology, but most teams are focusing on utilizing it for data analysis, personalization, and content curation.
AI technology finally makes incredibly personalized experiences possible, something that has been a top challenge for marketers in the past. This technology is able to observe customer behavior and analyze their preferences, needs, and desires based on their actions. From here, this information can be used to create unique offers or even personalized landing pages that are specific to the customer – a factor that influences purchasing intent for 75% of consumers.
One of the greatest advantages of AI offers the ability to gather curated data that can provide highly accurate insight into a business’s target audience. For this reason, 64% of marketers believe that utilizing AI for data collection and analysis will increase their efficiency and results.
AI systems can deliver exceptional results for sales departments by supporting a smoother customer journey while integrating personalization along the way. Customer relations management systems (CRMs) keep track of every interaction a customer has with a sales representative and localizes their data. Once AI assistance is integrated into these tools, sales teams have the ability to automate communication, simplify lead generation, and design sales strategies based on a specific person’s needs.
For example, some CRM systems have AI integration, which uses machine learning to make sales projections and qualify leads automatically. This tool has been extremely beneficial for teams who have reported 35% higher sales as a result of using Salesforce’s AI tool specifically.
The use of AI-powered predictive analytics can also be extremely useful to improve ad placement and relevancy with customers. Machine learning observes consumer behavior to identify patterns that signal movement along the sales funnel so sales teams know the exact moment to reach out.
4. Customer Service
Customer patience for support has become exceptionally thin. These days, 75% of online consumers expect a response within minutes – something that human customer service reps simply cannot guarantee. However, AI-powered chatbots can certainly fill in during the meantime and answer FAQ’s instantly. If a problem cannot be resolved with the customer, AI tools can forward the information along to the proper department and get the customer in touch with the exact person they need.
Customer adoption and satisfaction of this tool has been incredibly positive. According to the State of Chatbot’s report, customers truly appreciate the ease and availability that automated chatbots offer. They also report that in general, these chatbots resolve issues quickly and provided substantial answers.
One of the biggest benefits of AI customer support is the load that it takes off of the department. Not only do these tools save time, money, and resources, they can actually support a better customer experience, too.
The logistics department may not be the first to pop into your mind when you think of incredibly complex AI technology, but it can be very helpful for streamlining processes and saving resources.
It’s no surprise that Amazon leads the way in this field – as the online retail giant ships over 1.6 million packages each day. Their AI-enabled systems are able to accurately predict when items will be shipped and arrive, a feature that absolutely delights customers. This technology also helps to streamline the packaging, shipping, and delivery route process – cutting costs by 5% annually.
AI can support the logistic supply chain in other ways, such as predictive analysis that can figure out if and when a machine is about to break or when supply is about to soar. By reshaping the entire inventory, manufacturing, and servicing process, businesses can improve their logistical decisions and experience higher profit margins as a result.
There are lots of misconceptions about AI technology, and unfortunately, many simply do not understand what it is and what it can do. People are afraid that it will steal their jobs or remove the personal touch from every aspect of the business. Others fear that it is the beginning of the end, like a bad sci-fi film, and that it is the first step to a robot take-over.
While that idea is certainly far-fetched (at least for now), the truth of the matter is that failing to see the benefits that AI will offer will lead to obsolescence as more companies adopt and adapt. What is important is that business owners and leaders understand the exact ways that AI will transform every single organization so they can prepare for a successful future.