Practical AI Applications for Business in 2019
- Published 23rd Feb 2019
Last edited 23rd Feb 2019
The year 2018 saw an extensive misuse of the term Artificial Intelligence (AI) as a marketing buzzword. Just like many other technological paradigm shifts, some have used it as the latest promotional gimmick to generate hype around business entities. That notwithstanding, AI has the potential to become a major technological driver of business in the near future.
AI makes use of unsupervised algorithms to handle predictable challenges through data analysis, identifying irregularities and spotting trends. However, for many business owners, the challenging bit has been translating this to a practical business application.
If you are business owner looking to know how AI can help you, check out below the four straightforward applications of AI that can support your day-to-day business operations this year.
1. Automating the Recruitment Process
Employers agree on the fact that recruiting new workers is one of the most frustrating aspects of a business. It is both time-consuming and repetitive and at times subject to bias. AI can take much of the donkey work from the process in a number of ways.
To start with, big data analysis facilitates automated screening and shortlisting of qualified candidates from a sea of applications. Interview assistant bots then carry out preliminary interviews presenting highly targeted candidates for the interview stage. They are not only objective, but also use advanced analytics to evaluate non-verbal cues.
2. Creating Conversational Chatbots
Chatbots will come to the fore in 2019 as they offer businesses the opportunity to curate the customer experience to an unprecedented scale. In a world that never sleeps, they come in particularly handy in providing customer assistance round the clock. Using advanced algorithms and data analysis, they identify unique customer needs and tailor their care accordingly.
Since they do not need to search for answers like human agents, they offer fast, more accurate responses, a helpful aspect for companies that target impatient millennials.
3. Streamlining Customer Experience Surveys
Though businesses often use surveys to interact with customers, they might not always use the approach right to get useful, actionable insights. Thanks to AI, the new generation of surveys encourages a relatively higher response rate and is more likely to produce desired results.
They take an interactive, conversational approach, engaging customers in real time and thus encourage more effective responses. With their capability of analysing responses instantly, they pick up negative sentiment and respond appropriately. This customer-centric model leads to higher customer satisfaction.
4. AI-Driven Marketing Approaches
AI will fundamentally change marketing for small and large businesses alike. Considering the high pace at which consumers are changing, it is hard to keep up with demands and retain relevance.
Using big data and predictive analytics, AI-based marketing models can deliver tailored content at the required scale to meet customer expectations. They transform unsuccessful one-size-fits-all models into highly personalised ones to reach the individual and foster higher engagement.
Moving From Hype to Widespread Adoption
From the above practical AI applications for business, it is clear that the technology is gradually breaking out of the hype cycle and gaining widespread application. Business operators have a lot to gain from the technology in the above and numerous other ways. It, therefore, comes as no surprise that the world expects it to be one of the most impactful technologies of 2019.
Not only does AI hold the potential to shape the competitive dynamics of business in 2019 but it also promises to transform countless other aspects of life as we know it.