The introduction of AI into the business sphere also allows companies to gain a competitive advantage over their counterparts in the market. As the rate of technological innovation increases in line with the use of exponential technologies, market dynamics will change accordingly, and those businesses which adopt the most flexible and modern strategies will significantly increase their chances of financial success.
Moreover, as consumers increase their engagement with the online marketplace, the behavioral data surplus they produce will provide valuable insights into their motivations, personality traits, purchasing habits, interests, and much more. Businesses that implement AI technologies will consequently have the ability to use this information to inform their marketing and product campaigns, consumer experience, and market insights.
Moreover, as consumers increase their engagement with the online marketplace, the behavioral data surplus they produce will provide valuable insights into their motivations, personality traits, purchasing habits, interests, and much more. Businesses that implement AI technologies will consequently have the ability to use this information to inform their marketing and product campaigns, consumer experience, and market insights.
Let us explore some of these benefits.
Automation of Repetitive Tasks
There are four major task-based components of running a business in the digital age:
- Customer Support
- Marketing
- Finance
- Administration
Customer support can be defined as a business’s ability to respond to and accommodate the needs of its customers as their consumer preferences change over time. From a digital standpoint, such tasks include the creation of Help Desk tickets that chronicle customer concerns and digital outreach programs that address consumers’ interests and foster strong business-client relationships.
Personalizing the Customer Experience
Businesses can discover ways to stand out to consumers by optimizing the consumer experience. They can achieve this by providing data-driven customized product and content recommendations, AI-assisted conversation, targeted personality-based marketing, and improved responsiveness to customer queries and concerns.
The use of Machine Learning as an analytic business tool also yields prominent benefits. Businesses can use AI to track and analyze their sales and marketing data to spot correlations and patterns between data points that indicate inherent weaknesses in the business model.
Better Market and Consumer Insight
We live in an age of Surveillance Capitalism where behavioral data surplus has become the most valuable piece of information a business or for-profit institution can possess. Market dynamics are often impacted by consumer sentiment, something which before the advent of Big Data, was difficult to disseminate and quantify.
Today, businesses have indirect access to a wealth of digital information that chronicles the specific attributes of every individual’s life from age and gender to demographics, personality traits, political and social interests, socioeconomic status, professional aspirations, social networks, and so much more.
Reducing Cybersecurity Threats
Data is extremely valuable, especially as businesses become more data-driven. Unfortunately, this means that the incentive to hijack valuable data is heightened, especially when there is significant profit to be made or sociopolitical pressure.
Businesses can protect themselves against hackers and cybersecurity attacks by employing various analytical and predictive forms of AI that anticipate both how attacks will occur and what may motivate them.
Reducing Overall Costs
All of the aforementioned benefits result in a business’s ability to run more effectively and efficiently. While this may ultimately lead to certain employees losing their jobs and being replaced by autonomous agents, the business as a whole will benefit.
The introduction of AI tools that enable Big Data analytics will allow businesses to maximize their financial profits and minimize financial losses by identifying weak points in the business model, increasing their digital presence, and providing products that cater to the specific needs of consumers.
Source: https://www.aitimejournal.com/
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