How Is AI Going to Impact Business in Future?

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How Is AI Going to Impact Business in Future?

The media is full of misconceptions. Movies on Artificial Intelligence depicts that it would eradicate human in future.

What is the first thing that comes to your when you hear Artificial Intelligence (AI)? Robots. Well you are not wrong. Most of us associate AI with Robots and more than often than not in a negative way. We are waiting for the future when the world will be taken over by robots, but have you ever thought that we might already be living the Future with AI. We are already living in the world of AI and robots. Right from Airports that rely on AI for security to the business using CRM (Customer Relationship Management) for managing their clients and their details. We are living with AI.

Artificial Intelligence and Entrepreneurship

Artificial Intelligence has helped business across functions – human resources, accounts, sales and marketing by eliminating human error. This is has resulted in reduced time needed to complete a task.

However, with this advancement, we need to worry too. AI would replace humans. Machines would take over human jobs. This has been proven by a study which says that 85% of customer relationship will be done by AI by 2020. Most of us in the client servicing would worry. But we shouldn’t be. The AI facilitated automated system will be improving client service by responding quickly to the emails, phone calls, social media chats, etc. It is suppose to make the process all the more efficient thereby increasing client satisfaction and rating. It would at the same time, save business money and time.

There is already a growing where virtual assistants are being used to automate routine mundane work. It is quite a similar situation when during the industrialization era, machines replaced humans.

Automation and AI makes it possible to interpret and analyze volumes of data, which we all agree could not be done by human.

Artificial Intelligence in the Digital Age

A lot has changed due to the digitization movement. We live in the age, the Digital Age, where the websites are more important for a business than a brick-and-mortar office. The advantage, of course, is that this helps your product to sell faster. In some cases websites have helped business sell more given how easy it is to enter items in the virtual cart.

How does it help a business? Knowing the tendency of a customer to keep adding products you can continuously show them the similar products tempting them to buy more. Moreover, from the data you can gather from the retail analytics you can always show them your range of products in just one click.

The important thing here for the business is to have a website. And if you have done a little research then you would have an idea it is not easy to build a website nor maintain it. It is time-consuming and needs lots of things to be brought together before you can have your website up and ready.

Website and AI

AI has made this task of building website, a lot easier. Nowadays you need be a web design expert to build it nor you need to spend thousand of dollars to hire someone to build it for you.

There are numerous options now that helps with easy website building. And you do not need any coding skills to work on them. Plus, these options are available in both free and paid versions.

There’s one particular website builder that is attempting the collision of the complex AI world and the designer’s mind. Such websites are going to be the future of the business world. Bookmark aims to use AI that would eliminate more than 90% of pain points that is associated with branding, building and launching your business.

The Bookmark Website Builder has an AI-powered algorithm that creates a brand new website within two mins. All you need to do then is simply walk through their process of editing images and content.

Such easy-to-use website builder that builds fully-functioning website in minutes, with the help of AI definitely helps entrepreneurs and businesses operating on tight budget. It also saves them time and money. With such AI aided website builder, the money can be used where it really matters – in product or creating better customer service, etc.

Artificial Intelligence and Customer Service.

Customer service is an important aspect of running a business. It needs lot of time and investment on money to cater to each and every request of the customer. Answering to every queries can be a burdensome too.

Companies are now relying on AI such as CRM to look after their client management. In the past it was a challenge for business to look after customer queries in real time. But with AI like chatbots it is quite easier and faster. Chatbots have made it possible to interact with thousands of client at any time. In turn helping businesses build positive brand image which eventually leads to customer loyalty and sales growth.

Again, with the analytics that is provided by the AI, it is possible for e-commerce business to predict next potential buy of the customer based on their previous transactions. This helps the business know the crucial details of the customer and hence helping them to serve customised and personalise services, leading to successful repeat sales.

For enterpreneurs, startups and small business owners harnessing the power of AI will give them all the needed advantages in moving ahead and catering to their customers and consumers.

And therefore, I can safely say that for entrepreneurs, AI is not the future but it is the present. It provides them with a whole bucket of solution helping them grow in their business. Any entrepreneur who fails to under this is surely going to bite the dust sooner if not later.

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Avani Lalka is an experienced marketer, and a writer in the field of new-age marketing and career development. She writes from her heart to make a difference in the lives of the people that follow her. Currently she is heading Account Based Marketing (ABM) in a popular Pune-based startup. Feel free to connect her as she welcomes new ideas and opportunities. Email: lalka.avani7@gmail.com