WIth technology evolving every single day, there is a continuous struggle for various business to stay in trend. It is a top priority for businesses to live up to the expectations of their users. In case businesses fail to match the user expectation, there is a significant downfall in the overall performance of the business.
In a recent survey, it was found that 99% of the Fortune 500 companies have already deployed AI in their workflow. More than 35% of the companies have deployed AI in their business functioning, and a further 42% of companies are planning to deploy AI in the near future.
In this article, we will explore which business case is better solved by artificial intelligence. Identifying the most effective business case helps in deploying AI systems in all the right systems. In addition to the various business cases, we will also discuss the various criteria necessary for the deployment of AI and the role of such systems in the day-to-day workflow of various businesses.
What is Artificial Intelligence for business?
Artificial Intelligence (AI) is a predefined computer language or coded program that has the native ability to learn, reason, solve problems, and make decisions. AI can be considered as the brain of the computer system. AI uses a large volume of data to solve incoming queries; therefore, they provide users with solutions that resemble human intelligence.
Artificial Intelligence is typically a method of incorporating human intelligence into computer systems. This system is a combination of various different systems such as machine learning, natural language processing, computer vision, and many others. All these technologies help your AI system solve and adapt to diverse scenarios with ease.
Which business case is better solved by Artificial Intelligence?
Let’s deepen our analysis of the three different business cases where artificial intelligence plays a crucial role in various businesses. This will help you understand the important role of AI.
#1 AI in Sales and Marketing
WIth Artificial Intelligence, you can effectively plan marketing campaigns and sales activities for your business. This is because AI uses a large volume of data to analyze past trends of your users. Therefore, you are able to personalize and provide users with discounts, offers, and other optimized solutions.
When it comes to marketing, AI can serve a number of other cases related to email marketing, advertising, content writing, and market research. In the below section, we will explore the role of AI for such functionalities.
Email marketing
When it comes to email marketing, there are a number of factors that influence the success of this campaign. First, you will have to create a list of email addresses. Once you finalize the list of emails, then you will have to personalize the emails demographically. However, when you deploy AI in your business, it will significantly lower the workload of your marketing team.
The AI system can automatically group email lists and send personalized emails to improve the visibility and reach of the business. Further, it will also analyze the interaction of the recipient with such emails. Therefore, the next email is modified and iterated as per the performance of the previous email.
Advertising
With analyzing marketing trends being one of the key strengths of AI, this unlocks a key potential when it comes to advertising. AI helps in personalizing advertising functions and showing them to the relevant audience. This will help you streamline your advertising campaigns and manage your spending efficiently.
Further, AI can monitor the trends and performances of various ads along with the time spent by various people on the ads. This will provide you with a detailed report to understand various factors and plan your future advertising campaigns accordingly.
Content writing
Generative AI comes in handy for creating content quickly and effectively. Content created from AI has an human-like approach and caters to a wide audience. The emerging trend has changed the concept that only humans can create content. You can effectively lower the workload on your writers and publish more content in a short time.
Such AI systems are not only capable of creating content but can also help you generate landing page content, email content, video scripts, and many more.
Market research
AI has already been playing a significant role in keyword analysis and market research. Ahref, Google Keywrod Planner, and other tools use AI algorithm to manage the search volume and performance of various keywords. While deploying AI in your marketing department, you automate this process, thereby simplifying the process of understanding user requirements.
The AI system helps you decide on the most relevant keyword and simplify your market research. This will help you to identify the most preferred feature for your users and provide them with the most relevant results.
Sales
In addition to marketing campaigns, AI also plays a crucial role in improving the sales prospect of your business. WIth effective market research and campaigns, you can improve the sales of your business with ease. With AI-powered sales functionality, the system provides you with the report of the necessary contacts that will drive sales and improve lead conversions.
Further, you can lower the expenditure you spend on your sales team. The AI system can help you complete all your sales efforts with ease. By understanding the user behavior, these systems also provide you with future trend predictions.This helps you to focus your sales effort in the right direction. Therefore, this will significantly lower the ineffective sales performance and provide effective lead conversion continually.
#2 AI in Customer support
Customer support team had the long-standing stereotype of being a department dominated by humans. However, as technology evolves, AI is quickly taking over customer service in various businesses. Conversational AI has the sheer ability to provide solutions in human-like tone. This not only provides your users with instant solutions but also with answers that match the emotional quotient.
Further, these voice bots can listen to users and predict their mood. They can then adjust their replies and tone to match the wavelength of the users. This comes in handy for higher engagement and increased loyalty.
With businesses shifting their manual resources to AI-powered customer support teams, users get a comfortable environment to solve their queries instantly. These systems analyze past trends and questions and provide effective solutions instantly. Also, the accuracy and precision of various solutions are also comparatively higher than the manual customer support system.
#3 AI in Human Resources functionalities
When it comes to the HR department, AI simplifies the role of HR professionals. This provides them with sufficient time to focus on typical tasks that require human interference. On the hiring front, these AI-powered systems can quickly shortlist candidate CVs and move ahead for the interview. This reduces the efforts and time spent by recruiters in hiring candidates for the company.
Also, these AI systems for HR department can manage onboarding, exit interviews, and other compliances of various employees in your business. Employees can solve regular queries related to leave and salary by interacting with the AI-powered system. Since these systems rely on pre-defined conditions, the possibility of bias is lowered. Every employee is treated at par with each other.
#4 AI for Healthcare and medical
AI plays a vast role in healthcare and medical business. AI-powered systems can keep the entire patient history in check and provide doctors and healthcare workers with the necessary information at the right time. Such systems can assist patients in making quick decisions that are cost-saving, too.
Additionally, robotic arms are used to perform complex and critical surgeries. This has significantly improved the overall treatment methodology. Healthcare workers can fetch patient records from all across the globe without the need for physical notebooks and documents.
Further, AI can predict health impacts before they happen by monitoring the lifestyle and the various trends of the patients. This increases the average life span of the patients and ensures they receive treatment at the right time.
#5 AI for Finance and Banking
AI in banking and financial businesses serves as the central repository for making various decisions related to credit and other transactions. This eliminates the need for repetitive work by keeping all the necessary documents in an easily accessible format.
Further, these systems help individuals make personal decisions for managing their finances with ease. They can save and invest depending on their lifestyle. This serves as a win-win situation for both the users and the business. The users are able to get the required information with ease, and the business increases the engagement and loyalty with the customers.
The role of AI in business case
Before answering the biggest question of the era – Which business case is better solved by Artificial Intelligence, let us understand the role of AI in business cases. This will provide you with a clear understanding of what to expect from AI in your business.
Cost saving
AI plays a crucial role in lowering the expenses of various charges in your department in your business. This is because AI can handle a large volume of data quickly and with ease. Artificial Intelligence provides business with predictive analytics, higher success probabilities, optimizing resource allocation, and ensuring ROI. All such functionalities provide you with the ability to lower the cost spent on various resources.
Further, AI provides you with a suitable base for quick innovations and lowering the risk of working with obsolete solutions.
Innovation and adaptability
With AI, you can bring about quick innovation and adaptability to your business. They have the ability to overcome unconventional solutions and bring about quick changes to workflow. This helps you to keep your business at a rapid growth pace and stay significantly ahead of your competitors.
Quick and automated decision making
With rapidly changing technological advancements, businesses are constantly faced with the need to make quick decisions. Businesses utilizing AI have the ability to understand changing trends of various users and solve complex queries.
When there is a rapid change in a particular niche or the trend of the user, the AI system has the ability to understand emerging trends with ease. When you deploy AI systems in your business, you have the ability to capitalize on new changes without delays. So this keeps your business in trend at all times and does not let you lag.
Effective risk management
In-depth analysis with a large volume of data helps your AI system to predict and improve the quality of the decision-making process. Since AI systems are not controlled by emotions, the chance for bias in the system is low. Each decision is based on pre-defined assessments and thereby eliminates the chances for making wrong decisions.
Further, with effective risk management, AI systems increase the chances for achieving desired outcomes and guided decisions.
Criteria for a Business Case to be Solved by AI
Before deploying AI in your business, there are certain things you should be wary of. This is necessary to ensure that your business has the ability to deploy AI in its day-to-day workflow. You should keep in mind the following specifications before deploying an AI system in your business.
Complexity and Repetitiveness
AI system has the ability to solve complex queries. Therefore, you should ensure that your business is consistently faced with complex situations in order to bring out the complete potential of your system. If your business has a typical and simple workflow, you need not deploy AI system.
Further, AI focuses on receptivity and following a particular trend. This comes in handy for sales and customer service teams, where the incoming queries are redundant. WIth AI system you can lower the workload of your manual resources and deliver responses consistently.
Data Availability
AI systems rely on a large volume of data for understanding various trends and making accurate predictions. When you provide your AI system with a large volume of data, you will get the desired outcome.
Further, the quality and relevance of data is essential for performing tasks efficiently. You will have to develop effective and modern infrastructure to manage, collect, and handle a large volume of data safely and securely.
Impact on Decision-Making
AI system improves the decision-making process. It not only makes the process quick and instant but also provides instant responses. These systems have the ability to analyze and make decisions. While deploying AI systems in your business, you can improve conversion rates in a marketing agency. In case of a healthcare based business, you can diagnose and provide effective medication on time.
Further, the role of AI in healthcare and fintech is based on the reliability of quick decision making skills. As there is no scope for bias and mistakes, the AI system serves as an effective response for quick and emergency-like situations.
Cost-Benefit Analysis
Deploying AI systems in your business will require a huge initial investment. This comes as a combination of software, hardware, labor, training, and other such requirements. You may have to invest a significant amount of finances in deploying AI, focusing primarily on long-term efficiency and benefits.
Further, you should also undertake a thorough analysis of your Return over Investment (ROI). This will help you to decide if deploying AI will benefit your business financially. If your business is customer support driven, then deploying AI will lower the workload on your resources.
Must read: AI Workflow Automation: A Step-by-Step Guide
Conclusion
In this article, we learnt about which business case is better solved by AI. We can use AI to manage various workflows in your day-to-day workflow. AI can play a crucial role in departments like marketing, sales, customer support, and the human resources department.
However, you should keep in mind that deploying AI in your business workflow is a major leap. You should be aware of the complications and technical training involved in the deployment of AI. A smooth onboarding process for AI is necessary to ensure that businesses continue to function effectively after AI deployment.
Frequently Asked Questions
WIth AI your business receives a number of different advantages. The most common and primary advantage includes improved accuracy, scalability, cost savings, and quick decision-making capabilities.
In order to determine the effectiveness of AI deployment, you will have to consider the following points. This includes the complexity and repetitiveness of tasks, the availability of large data sets, cost-benefit analysis, and the impact of decision making
AI-powered systems can help in recruitment, screening, performance analysis, and management. WIth AI,, businesses can quickly identify potential candidates from a large pool of resumes and choose the right-fit without any bias. This eventually helps your HR department make data-driven decisions.
About the Author
Aaron Jebin
Aaron Jebin is an enthusiastic SAAS technical content writer interested in writing for new and existing technologies, platforms, and tools. With an experience of over 4 years in technical writing, he is keenly focused on developing articles to provide readers with complete solutions to the common problems that arise in the everyday workplace. His writing mostly focused on team building, work ethics, business analysis, project management, automation, AI, customer and employee engagement methodologies. He has an interest in baking cakes and making stained glass art. He is currently honing his drifting skills.