Technology is constantly evolving, in order for businesses to maintain relevance within the market, they need to stay up to date with emerging technological trends. They also need to have a certain level of adaptability, willingness to learn, and innovation.
There are various ways that technology and artificial intelligence (AI) are impacting the realm of business, some of which are as follows:
Streamlining customer service interactions
AI is influencing customer service and many of us have experienced first-hand interactions with AI when contacting customer support hotlines. This technology is being utilized to answer customer calls and attempting to resolve issues without directing them to a live customer support agent. While this technology in its current stage may not be perfect, it has definitely come a long way and has the potential to shape the future of customer service while having the potential to reduce company costs.
Management of information databases
AI is also being used within businesses to effectively manage databases of information by making it easier to access and apply within business functions. This technology can be utilized to increase productivity and decrease operational costs. For example, it can be utilized during audits, which are typically a very time-extensive and overwhelming process, to detect keywords and patterns, in order to obtain the necessary documents more quickly and efficiently. Additionally, it can be used to remove irrelevant or duplicated files, which can make information databases more streamlined. In addition to this, it could also be helpful in regards to creating a more effective order management system by speeding up and enhancing the order fulfillment process.
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Improve marketing and advertising efforts
Lastly, AI applications have also been successful in increasing the efficiency of companies' marketing and advertising campaigns. For example, it can be used to analyze a customer's previous purchases and searches, in order to develop more specific and tailored product recommendations. Often, you will find examples of this during online shopping experiences in which you are given recommended products based on your recent purchase history. By suggesting products that are relevant to a customer's interests, you can increase the probability of them actually purchasing additional products. You will also see examples of AI within advertising on platforms, such as social media, in which customers are suggested products based off of their recent online activity.
Overall, AI can help streamline business processes, increase sales, and improve marketing and advertising campaigns. Also, AI has the potential to become the future of online and phone-based customer service interactions, which will also help to further reduce operating costs for many companies. It is important for companies to stay informed about emerging technology and more specifically, AI.