How can Businesses combat against COVID-19 with AI
Can AI solve the challenges faced by businesses due to COVID-19? Can businesses upscale with AI?
The potential of AI to safeguard businesses during COVID-19
Businesses are currently facing unforeseen circumstances due to COVID-19.
Things seemed to run smoothly for many of them until this pandemic stuck. Many businesses are on the verge of loss, layoffs, and many other disappointments. To recuperate, what are the steps businesses can take? AI could act as the samurai for many businesses.
With the serious impact thrown upon businesses by COVID-19, we need to thoroughly look for the benefits every business can incur with AI.
Artificial Intelligence comprises of a set of technologies working together to allow machines to learn, sense, augment, and comprehend simple human activities. Even though the technology was introduced in 1956, there has been no time like recent times when it is being leveraged to its maximum potential.
AI engines have started entering the cubicles of businesses like never. It is here to stay, and most probably will stay forever.
Top 5 ways businesses can benefit from AI
How about businesses getting set with AI? These are the topmost applications in the ladder:
1. Prioritise sales performance
Every business’s sales and business development team has been suffering due to the backlash offered by AI. With AI-fuelled Sales performance, you can identify the customer requirements when you set about buying a service or product from your company. You can improve your overall productivity when you know which customers you should be prioritizing on.
As per Gartner’s survey, around 61% of people reported that organizations enabling AI technologies would deliver significant sales value to businesses. This should have set a milestone in your expectations regarding AI for Sales and business.
2. Set straight your supply and demand
AI solutions can analyze external data with a bird’s eye view. Hence companies have the liberty to take advantage of representative data to make decisions.
With this, you can quickly decide on which factors you should depend on while determining consumer goods. With the right data from the last time when the financial crisis struck, you can have a clear idea of where you need to focus.
3. Get the best out of Conversational AI
When you implement a conversational AI platform in all your business, you can get a lot more benefits than you thought during this crisis. Without traditional customer support methodologies, you can solve any existing issues with communicating and messaging to your user.
It is a cost-cutting methodology in comparison to traditional customer support methodologies. Reports show that the chatbot market size would grow up to $9.4 billion by the end of 2024. With automation, you can deploy bots and pave way for high-end customer service.
4. Make use of AI-oriented Digital Marketing activities
Every business can recommend relevant products to its customers based on their views and purchases. Marketing would grow bigger with recommender systems. Unlike traditional methodologies, AI techniques would allow you to target the right audience for your business.
This will act as a pillar for you to skyrocket your business benefits to the next level. There is a study by Forbes stating that AI can let you increase your sales up to 52%, increase in customer retention rate up to 51% and get the best out of new product launches by 49%.
5. Enable AI+RPA to automate redundant tasks
Robotic process automation (RPA) is here to assist every skilled employee who would be working on arduous, monotonous, and boring data entry jobs. It lets you bridge the gap between those vital yet nagging tasks and new-age business requirements.
Solutions like SAP and Oracle can allow workers to get out of that daunting task mode and enjoy working in customer-first environments. Involving an ERP Software might come handy at this time to streamline the business process with RPA and digital transformation.
To sum it up
AI can undoubtedly amplify your sales and market value. If businesses know how to put the right AI methodologies into action, they can recover from the hurdles posed upon them by this pandemic.
What are you waiting for? It is time to boost up the spirit of your employees with AI. Let’s revolutionise the new-era businesses with AI in an employee and user-friendly manner.
I am a Hubspot and SEMRush certified Technical content writer. I have written 150+ blogs in AI, ML and other emerging technologies.