AI is like a super-smart computer assistant that can help your business in many ways. Let’s look at five areas where AI can make a big difference – even if you’re not a tech expert.
1. Making customer service better with AI Chatbots
Have you ever visited a website and seen a little chat window pop up, asking if you need help? That’s often an AI chatbot. These are not the frustrating automated systems of the past. Modern AI chatbots are much smarter.
What are AI chatbots?
AI chatbots are computer programs that can understand and respond to customer questions, almost like a real person. They use Natural Language Processing, which helps them understand the meaning behind what customers are saying, not just the exact words.
How do they help?
- They can answer customer questions 24 hours a day, 7 days a week.
- They can handle many customer questions at once, so no one has to wait, easily scaling operations during peak times without compromising service quality.
- They can quickly find information to help customers, faster than a human could.
Real-world impact:
- The global conversational AI market was valued at USD 10.19 billion in 2023 and is projected to reach USD 61.69 billion by 2032, growing at a CAGR of 22.4% from 2024 to 2032.
- Businesses using AI chatbots have seen customer satisfaction go up by 20-30%.
2. What is AI in sales?
AI can look at all your past sales data and customer information to make predictions. It’s like having a super-smart analyst working around the clock.
How does it help?
- It can predict which potential customers are most likely to buy.
- It helps decide the best price for your products or services.
- It can suggest the best time to contact a customer.
Real-world impact:
- Companies using AI in sales are 50% more likely to reach their sales goals.
Companies utilizing predictive analytics for sales forecasting are better positioned to drive revenue growth, as they can anticipate market trends and customer needs more accurately. This capability allows them to optimise their sales strategies and operational efficiency with predictive analytics, businesses can analyse customer data to tailor marketing strategies, enhancing personalization. This method has proven to increase customer engagement significantly.
3. Making marketing more personal
Have you ever wondered how some companies seem to know exactly what you want to buy? That’s often AI at work.
What is AI in marketing?
AI can look at what customers buy, what they look at online, and other information to predict what they might like. It’s like having a personal shopper for each of your customers.
How does it help?
- It can send customers product recommendations they’re likely to love.
- It can create email campaigns that are different for each customer.
- It can help decide which ads to show to which people.
Real-world impact:
- Companies using AI for personalization report improved customer satisfaction and retention rates, with 46% of financial institutions claiming better customer experiences due to AI integration Zendesk
- Companies that self-rate their personalization capabilities as “advanced” or “best in class” are nearly twice as likely to achieve major revenue growth compared to those with lower ratings
- Experts think AI in marketing will help companies increase their profits by 15% by 2024.
4. Making supply chains work better
If your business sells products, AI can help make sure you have the right amount of stock at the right time.
What is AI in supply chain management? AI can predict how much of each product you’ll need, when you’ll need it, and the best way to get it to your customers.
How does it help?
- It can predict how much of each product customers will want to buy.
- It helps decide how much stock to keep in your warehouse.
- It can find the fastest or cheapest way to deliver products.
Real-world impact:
- Companies using AI in their supply chains have cut their inventory costs by 20%.
- They’re also 15% better at delivering products on time.
- AI can reduce mistakes in predicting product demand by up to 50%.
5. Making day-to-day tasks easier with robots (No, not Skynet…..)
When we say “robots” here, we don’t mean physical robots. We’re talking about software robots that can do repetitive computer tasks automatically.
What is Robotic Process Automation (RPA)? RPA is like having a tireless assistant who can do all the boring, repetitive tasks on a computer, like entering data or generating reports.
How does it help?
- It can do tasks much faster than a human, without getting tired or making mistakes.
- It frees up your employees to do more important work that needs human thinking.
- It can work 24/7, so tasks get done even outside of office hours.
Real-world impact:
- Companies using RPA have seen their efficiency improve by up to 60%.
- It can cut the costs of processing things like invoices or reports by up to 30%.
- Experts think 90% of large companies will be using RPA by 2025.
What does all that mean?
AI might sound complicated, but it’s really about using smart computer programs to help your business work better. Whether it’s improving customer service, boosting sales, personalising marketing, managing inventory, or automating repetitive tasks, AI can help your business grow.
You don’t need to be a tech expert to start using AI in your business. Many AI tools are designed to be user-friendly, and there are experts who can help you get started. The most important thing is to be open to new ways of working that can help your business succeed.
Interested in learning more about how AI can help your specific business? Don’t hesitate to reach out for a chat about the possibilities.
We’re here to help you understand and use AI in ways that make sense for your business – no tech degree required!
