Artificial Intelligence (AI) is morphing from the lab to the workplace at a rapid rate, embedding into the fabric of our daily lives with profound implications for businesses and consumers. AI is revolutionising how companies create value in our lives from household robots, smart TVs, smartphone assistants like Apple’s Siri, Alexa, Google’s Google Assistant, Netflix recommendations to self-driving and autonomous cars which are predicted to outnumber manually driven cars within our lifetimes. In fact, by 2025 AI is predicted to power 95 per cent of telephone and online conversations.
Customers now expect AI-enabled experiences, therefore incorporating AI into your business presents a myriad of benefits saving time spent on tasks, decreasing costs, increasing results, improving flexibility and reducing risk.
COVID-19 has rapidly moved consumers and businesses to digital channels to update demand patterns, reconsider supply chains and build scenario plans around resource needs facilitating greater automation.
Coraggio presents the following ways you can integrate AI, a critical enabler of these pursuits, to fast track innovation to positively impact your business.
Engage with clients and customers while you are sleeping
AI has the ability to create and deliver content at scale while freeing up your team to spend more time on creative tasks by incorporating technology to accelerate AI development, such as cloud-based data platforms, application programming interfaces (APIs), microservices, and modern DevOps practices. One of the easiest ways to invest in AI to improve customer service is with a Chatbot. Whether it’s on your website or as simple as Facebook Messenger this is particularly useful for businesses that don’t have a customer service team Chatbots save time for staff and improve customer experience by speeding up response times, working for your business 24/7.
Using customer-centric marketing to create personalised messages and content ensures the consumers is receiving exactly what they want and desire.
Coraggio’s, CEO, Richard Skarzynski highlights,
“Despite the economic challenges that pandemic-mitigation measures have caused for many companies, those seeing the most value from AI are doubling down on the technology.”
For example, eBay turned to artificial intelligence and tested AI-powered copywriting solution Phrasee using natural language generation and deep learning. Phrasee is capable of learning a brand’s voice and automatically writing optimised email subject lines, Facebook ads, and push messages reaching millions of customers-all in the matter of a few minutes.
Track customer interactions to maintain a sustainable competitive edge
AI is a critical enabler in the pursuit of customer relationship management (CRM) platforms tracking customer interactions to facilitate the end-to-end process of capturing every customers’ point of entry (a click, transaction, milestone, indicator, or sensor) guaranteeing consequent actions, decisions and interactions are more specific and effective. This empowers companies to take a more systematic view by establishing a continuous loop of learning and improved performance.
Additionally integrating AI into CRM tools, like Salesforce and Infusion, enables businesses to further automate tasks, aggregate sales insights and deliver actionable predictions. CRM platforms provides businesses with insights to optimise lead generation and train sales teams. Marketing campaigns can also be adjusted based on customer feedback whilst mitigating company risk by investing in the most effective strategic planning moving forward.
Results from McKinsey Global’s 2020 artificial intelligence (AI) survey suggests that organisations are using AI as a tool for generating value. Increasingly, that value is coming in the form of revenues.
Furthermore, the long-term competitive benefits of processing qualitative and quantitative data on a massive scale and enormous speed whilst continuously adapting business models and operational strategies is a direct impact of capturing and analysing this accumulative data.
Stay ahead of the competition to future proof your business
It’s imperative for businesses to stay abreast of what their competitors are doing, however this can be a time-consuming, manual process. Incorporating AI enables you to seamlessly track digital activity of other businesses across social media, websites, video content and more.
Artificial Intelligence is driving greater consistent, proactive, relevant and timely communications by augmenting interactions with real-time recommendations to up-sell and retain consumers, generating a competitive advantage by increasing customer lifetime value.
“Artificial intelligence would be the ultimate version of Google. The ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing. We’re nowhere near doing that now. However, we can get incrementally closer to that, and that is basically what we work on.”
For example, Crayon is a market analysis tool that gathers data regarding competitors and then distills into easily digestible reports. Leveraging these insights enables businesses to stay at the forefront of industry changes and respond if required, ensuring they remain ahead of the competition.
Increased data from digital channels delivers a more meaningful customer experience, enhanced personalised content and automated digital customer service. These New Zealand case studies demonstrate some examples – https://newzealand.ai/artificial-intelligence-case-studies
In conclusion, the future of technology is being transformed by the promise of Artificial Intelligence in new and exciting ways to deliver better experiences for customers for businesses to remain relevant in a highly competitive environment.
Integrating artificial intelligence platforms will result in greater insights and more effective client engagement, resulting in more productive and timely business outcomes.
What is Coraggio?
Being a business owner can be challenging and may include facing unchartered territory. However, it doesn’t have to be lonely at the top. Making the right decisions to future proof your business deserves more than the occasional conversation with a mate. It deserves to aggregate the experience and a shared knowledge of collective awareness from fellow executives to stay ahead of the curve.
Operating a company typically presents complex issues, sometimes on a daily basis. Imagine if you could leverage the experience from an extensive group of industry peers to improve your decision making and future proof a sustainable business, whilst being held accountable?
Also imagine if you gained the peace of mind to seamlessly access these answers and navigate business challenges, simply by connecting with entrepreneurs and gaining knowledge from business leaders? This is the strength of peer to peer leadership mentoring and impactful, meaningful relations.
Coraggio offers a mutual exchange of expertise, ideas and a support system enabling you to capitalise on a give-and-take dynamic amongst advisors who have walked the path before, mitigating risk to your business.
Leading business owners and entrepreneurs join Coraggio to become part of a highly effective business community facilitating leadership, guaranteeing accountability and sharing innovative ideas within a cohesive and confidential national network.
This mutual exchange of Member’s expertise tangibly results in sustainable revenue streams, increased cash reserves and productive outcomes to future proof your business.
Coraggio Chairs are industry leaders, Members are forward-thinking advisors and all Advisory Boards are dedicated to the ongoing success of their fellow Member’s businesses, offering Fearless Objective Advice – that’s the Coraggion Spirit!
Afterall, in the words of Henry Ford “If everyone is moving forward together, then success takes care of itself”.
Would you like to be a part of this?
Want to be an integral member of a confidential group of business owners sharing their insights and experiences for the benefit of your business? Imagine how your business would benefit and grow from connecting with a broader community consisting of more than 400 high performing and driven business owners!
Explore membership today! Find out how our proven program can help you build a better business and become a better leader.