How AI Can Help You Automate Your Business

First published: October 18, 2021 @ 6:00 pm

AI is an incredibly useful tool for businesses of all sizes. There are numerous applications of AI, from customer service to email marketing to credit card fraud detection. However, the benefits are not always immediately obvious.

How does AI work? What can you do with it? How do you know if it’s really working? These are all the questions that I will try to answer in this article.

What is AI?

Let’s start with the basics. AI is an acronym for Artificial Intelligence. It is a branch of computer science that involves machines making decisions based on information collected from the real world and then learning how to perform tasks without being explicitly programmed to do so.

AI is not the same as machine learning, which is the process of using AI to solve problems. Machine learning is often applied to unstructured data, whereas AI is more often applied to structured data.

I find it interesting that AI is often conflated with machine learning, even though machine learning is not inherently AI. Machine learning uses the same kind of algorithms as many forms of AI, but there are plenty of machine learning algorithms that are not inherently intelligent.

How does AI work?

The best way to understand how AI works is to look at a few examples. Let’s say you want to know if someone has purchased a product online. You could use one of many free products to track what people are searching for and see what they buy.

Another way would be to create a series of rules based on past purchases and use those rules to predict future purchases. The downside of this approach is that it requires lots of time and resources for gathering data and building the rules.

On the other hand, it does have some clear advantages: If you were just interested in knowing if someone has purchased a product, you could quickly and easily build a model that predicts purchases and run it in the background.

If you want to know what the chances are of someone purchasing a particular product, you could apply machine learning to get an accurate prediction of how likely someone is to purchase something. Of course, if you are tracking people’s behaviours, there are many other methods for gathering data.

How AI Can Help You Automate Your Business?

With the proper AI tool, you can gather information about your customers, generate a list of recommended products based on what they have purchased in the past, and run a predictive model to see if they are likely to purchase a product in the future.

The amount of time you spend tracking your customers is greatly reduced, and the amount of time you spend analysing their behaviour is greatly increased. Here are several benefits of using AI to automate your business:

Reduced Customer Acquisition Costs.

A typical B2B startup spends thousands of dollars on customer acquisition, which can often take months or years. If you are only interested in getting new customers who are likely to buy your product, you can use AI to identify people who are likely to purchase your product and reach out to them via email.

Once they’ve bought the product, you can run a review process to make sure they are happy with their purchase. As a result, you’ll have a better idea of how effective your marketing efforts were and whether it’s worth continuing those efforts.

Better Understanding of Customer Demographics.

You can use AI to gather information about your customers. For example, you could run a sentiment analysis to determine how happy your customers are with your product. You could also look at the purchasing behaviour of your customers and see if there are any trends that you can exploit.

If you do this for every customer, you’ll be able to gain a better understanding of what differentiates happy customers from unhappy ones. This will help you tailor your product and marketing efforts to those most likely to buy and improve the overall experience for everyone.

Improved Customer Service.

AI can also be used to reduce customer service costs by helping human employees review customer feedback and send personalized responses back to them via email or chat. This helps with the quality of service as well as with efficiency.

If a customer has a complaint, it is easier for the employee who handles their case to handle that case than it would be if they had hundreds of other cases on their plate.

Better Product Quality.

Many products have some sort of process for collecting user feedback and improving the product based on that feedback. If there is no automated way for users to give feedback, you will need to spend a lot of time manually collecting feedback and manually analysing it.

If you can automate the process, you can use AI to gather feedback and send automated messages to users when they are likely to have problems with your product. You can also use AI to flag potential issues that may not be reported by customers, but that may cause problems in the future.

Increased Profitability.

Many companies have a complicated web of product offerings, many of which are sold on a number of different channels. If you can automatically identify products that customers are likely to buy and recommend them to those customers, you can increase your profitability.

In addition, if you have several products that compete with each other, it may be worthwhile to focus on those products that customers are likely to buy and use AI to recommend them over the others.

Reduced Risk.

If you have one product, there is a fairly small chance that your customer will have a problem with it.  However, if you have multiple products and all of them have a number of customers who have had problems with them, it’s possible that the problem will affect all of them at once.

With AI as an early warning system for potential problems, you can detect problems earlier and correct them before they cause significant damage to your company’s reputation or financial performance.

How do you know if AI is working?

There are several ways to tell if AI is helping your business. The first thing to look for is data. The more data you have, the better your model will be. If you have a lot of customer feedback, that’s great!

However, it’s not enough on its own — you need to know what they are saying. The best way to get the most out of your data is to run some machine learning models on it and see what happens.

Once you have a model in place, the next step is to use it in the real world. If you are running a review process or marketing campaign, make sure that it’s working properly by checking out the results of the models after they’ve been running for a while.

Finally, make sure that all of your customers are getting better service from your AI system — this means making sure that all customers are getting an automated response when they ask for one.

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