Optimizing Your Business with the Aid of Artificial Intelligence (AI)

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To date, when I am writing this article, a two-lettered word is causing noise in the space of business – AI. 

Well, what’s up with that?

I am writing to answer exactly that and more. In fact, according to a survey quoted by Hootsuite, about 54% of organizations are seeing the integration of AI impacting their processes, cost-effectiveness, and efficiency positively. Why leave the growth when it’s right up on the table?!

While the help of artificially intelligent robots is up for utilization, there’s still a thin line as to where you can use it for the maximum growth of your business. This is where this article will come in handy.

But before we dive headfirst into the how-to part, let us try to understand what artificial intelligence (AI) is basically.

What is Artificial Intelligence (AI)?

Quoting here a definition by IBM: “It is the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to biologically observable methods.”

In layman’s terms, it is just the ability of machines (usually computers) to mimic human-like intelligence or perform in a way that sounds rational to humans. 

Now, let’s get back to the point and answer your question: ‘How can you use AI to optimize business?’.

5 Ways AI Can Help You Grow Your Business

Automate Repetitive Processes

You might have realized or might not, but your business has many processes that are repetitive and don’t require human attention. Sending emails, creating reports, arranging meetings, data entry, and whatnot. They suck up a lot of time but don’t add value when weighed up against the resources taken.

So, the best way to go about that is to hand them over to AI tools. Speaking of such tools, we have Microsoft Power Automate that is built to smoothly integrate into your already existing and speed it up, and increase its cost-effectiveness. 

From processing documents to getting automatically notified and kicking off downstream workflows when the KPIs are following a downward graph, it can do almost everything that a business normally needs.

Another notable mention here would be Otter which helps you get the best out of your meetings. This AI-based tool helps you automate your meetings, transcribe what is going on in the room, and save you time while you focus on what matters to your business. 

All in all, these AI tools are great when it comes to making up space in the bandwidth for you to focus on the fundamentals.

Improve Customer Satisfaction

Before we start, let’s put ourselves in the customer’s shoes and imagine you ordering a gift for your toddler. 

Instead of putting a smile on their face, it causes disappointment. Adding fuel to the fire, you contact their customer support. They’re all busy, and you’re waiting there, listening to a low-quality tone that churns you up. You hang up and never go back to that online store again. 

Instead of making you a loyal customer, they lost a customer and significant revenue. You can save your business from exactly that through the integration of an AI-powered digital assistant, which is becoming common.

Popular brands like Windstream use these digital assistants. On the Windstream customer service page, under ‘Live Chat,’ you can talk to an AI-based assistant to discuss the popular internet plans available in your area.

Integration of these powerful AI-based assistants will likely improve your customer satisfaction. They are available for your customer 24/7 without little or no maintenance and are a cost-effective alternative to traditional customer support, which, by the way, shouldn’t be compromised on either.

Improve Your Marketing and Build Brand Identity

OK. So, here’s the thing. You might be operating a niche where you are not the only player whose fate is just the winning. The evolution of the internet boosted the competition in almost every niche, notably eCommerce.

So, there might be other brands in the same game. Why should people buy from you? Quality is a factor in making a business successful but to answer the question: your brand’s identity.

People like to buy from brands that are on the front but not hibernated deep down somewhere in the alley. Now comes the AI to save your day and, most importantly, the time spent on creating and managing marketing campaigns.

AI has matured enough to provide you with insights so you can tailor your campaign accordingly. Hootsuite should be mentioned here as it helps you automate your brand’s social media posts and engagement. 

On the flip side, you don’t have to stare at the screen for hours to know what’s working and what is not. Moz can take the responsibility of making the big headache of SEO a pleasure.

AI covers a vast spectrum, from creating the content to tailoring it and then giving you statistics to tweak where needed. 

Save Hours When Recruiting People

I’m not associated with HR but I talked with a friend who looks after a recruitment process for a Canadian company. According to him, it’s a really tedious task, especially when you have a big organization.

Posting a job opening on multiple platforms, getting the resumes, filtering them, calling the candidates, assessment, and whatnot. While some of these processes, for sure, need human input, others can be replaced with the help of AI.

As quoted by Forbes, Unilever partnered with an AI-powered recruitment expert, Pymetircs, and it did wonders for the mighty organization.

In their case, they used to spend about 70k person-hours more on interviewing candidates and assessing their skills. Now, candidates can get themselves assessed from anywhere around the world thanks to AI that automates their screening process.

It doesn’t stop there, in the process of recruitment there might be some cases where interviewers might have some bias that leads to inferior hiring. Well, AI being emotionless, you can rise up the bar of merit.

Through AI you can eliminate any bias that may come when humans are involved in the process. Manatal is a notable AI-based software that you can use in your hiring process.

Manufacture With Precision and Efficiency

This one has been around and can be utilized unless your brand’s unique selling proposition (USP) is ‘hand made by the best shoe artisans of Italy’.

If you are out of that USP, then this could be an option, but… There might be some concerns when it comes to the safety of humans when working around robots. 

So, technology is progressing at a fast pace, and modern robots are termed cobots or collaborative robots. They can identify when the humans are working around them, and then they will adjust accordingly.

Moreover, these cobots will sound like a hefty investment in the first place, but in the long term, they will be more efficient and a cost-effective solution to human labor. 

Cobots can be seamlessly integrated within the existing manufacturing process with few tweaks. So, all in all, these AI-powered robots or cobots are a fine option to go for.

Why You Should Use AI for Your Business?

integrating Artificial Intelligence (AI) into your operations can be a game-changer. Here’s why:

  • Efficiency: While humans have the creativity to build something from nothing, AI is far more efficient than humans. From manufacturing to marketing, it can do a fantastic job with precision boosting the business productivity and thereby revenue.
  • Speed boost: The ever-rising demand for the customers’ favorite products and manually working out the processes will leave a business short of supply. Enter AI that can give a boost to business workflows and save a lot more time that can be spent making valuable decisions.
  • Take better decisions: You might have heard some organizations use the term ‘data-driven decisions’ or ‘data-driven approach’. Well, artificial intelligence can offer priceless insights to help executives make the best decision possible for the business.

Steps to Integrate AI With Your Business Workflow

  • Identify: First things first, you gotta know where in your business process I can help in the cost reduction, increase efficiency, and overall be helpful for the business growth.
  • Explore: Once you are done identifying where you need AI integration in your business, roll your eyeballs to look for the best solution. Make sure to have multiple options to choose from and get the best value for your money.
  • Help AI: These AI tools use huge data sets to provide the best output. Make sure to determine an effective data source to work out the algorithms at the maximum possible efficiency. Not to forget, the location where the data will be stored is critical because of the cyber-attacks and the safety of your organization.
  • Integration: After you are done with all the steps mentioned, this step is vital to ensure you don’t run down with problems later on. Integrate the AI-based software into your already existing workflows and test run multiple times to eliminate any errors before the actual deployment.
  • Evaluate: This is not really a step, but anyway, the technology keeps improving, and before your competitors grab onto them, be the first one to make the move. Evaluate the performance, and when areas of improvement are found, then enhance them with the solutions available.

Conclusion

In the fast-paced world of business, it’s not about just keeping up; it’s about staying ahead. And AI isn’t just a tool; it’s a transformative force that can redefine how businesses operate. 

So, whether you’re freeing up human resources, elevating customer experiences, refining marketing strategies, revolutionizing recruitment, or embracing AI-driven manufacturing, the message is clear—AI isn’t just the future; it’s the now, and businesses should jump on board the AI train sooner than later.

I'm Allison Dunn,

Your Business Executive Coach

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