If in the business field, you’ve probably noticed that leading firms continue to thrive despite the effects of COVID-19. Well, this is because these companies are capitalising on Artificial Intelligence (AI), a new technology that improves how firms operate. This is also evident in the emergence of AI contract review software designed to help businesses with their contracts.
AI is taking over the business world and is being used to transform operations effectively. With this knowledge, a high number of leading firms have incorporated AI-powered software in their operations and are reaping its benefits.
In this article, we will look at reasons why these firms have continued to thrive in 2020.
- Intelligent Automation
Leading firms that have incorporated the AI technology have greatly benefited from automation of routine tasks. The technology automates routine tasks like generating sales forecasts, allowing organisations to minimise costs, save time and make informed decisions quickly. This is very crucial especially at this time of the pandemic when things are unpredictable.
- Improved Personalised Customer Shopping Experiences
According to research, 60% of customers expect to get a personalised shopping experience. Most leading companies have understood the benefits of doing personalised marketing to strengthen their brand loyalty. Basically, this form of marketing increases engagement, leading to increased customer loyalty and improved sales.
One way to ensure customer engagement and improve the business marketing strategy is by use of AI technology. Through transactions stored in cloud, AI can establish customer patterns in terms of purchasing behavior and browsing habits. It then offers personalised offers to individual customers for enhanced shopping experiences.
- Improved Customer Communications
Another reason why companies using AI technology have thrived is because their customer service is exceptional. AI-enabled chatbots automate customer communications, making it possible for companies to offer 24/7 customer support.
AI analyses data that is gathered from past communications and programs computers to accurately respond to each customer. Plus, unlike humans, the AI Chatbots can automate unlimited customer interactions simultaneously.
Consequently, this improves customer satisfaction and strengthen brand loyalty.
- Streamlined Hiring Process
Companies that integrate AI technology report a streamlined hiring process. AI helps companies analyse candidate applications much faster than human staff. It does this by automating the analyse and review process of candidate applications.
Apart from reducing the overall time spent in the hiring process, AI is also able to eliminate human errors that are usually common with the recruitment process. This gives companies a competitive edge in highly competitive fields with limited talent.
- Operational Automation
One advantage of using AI is that it can run other technologies in order to improve operational automation. In offices, AI can help maintain the right temperature and work with cloud technology to keep track of inventory.
- Real-Time Assistance
With real-time assistance offered by AI technology, leading companies can maintain constant customer interactions with many customers throughout the day. AI can interact with customers in real-time and send personalised information and updates. This is especially helpful at this time when one-to-one interactions are discouraged.
The use of AI is particularly evident in the transport industry, where airline, bus and train companies use it to communicate travel information to their customers. This includes updates about their bus, train or airplane whereabouts, estimated time of arrival and delays.
- Better Quality
By adding AI technologies to their processes, companies are now able to deliver better quality that makes them thrive better. Human employees are prone to making mistakes, which can be costly to the organisation. However, AI technologies can reduce these errors and improve the quality and standards of processes.
- Effective Data Mining
Cloud-based artificial intelligence is great for businesses that want insight into previous information that has remained undiscovered. By providing relevant findings and processing big data, these companies get a competitive edge in the marketplace.
- Predicting Outcomes
You will notice that companies that use AI technology are able to meet customers’ needs and demands in time. This is because AI can predict outcome depending on the data analysis. Based on customer data, AI can detect the patterns to establish whether there will be demand for products that are currently on sale and when their demand will decrease.
With this information, companies can make informed decisions on the amount and types of products to purchase. Still on predicting outcomes, businesses in the banking industry use AI to make predictions of the stock price and currency fluctuations.
Additionally, the healthcare industry has not been left behind as they use AI to predict infections by examining social media posts.
- Unlocks Opportunities and Generates New Revenue
A recent study by McKinsey has established that firms that use AI will report increase in cashflow by over 120% by the year 2030. This is because applications of the technology to businesses contribute greatly to adding value to customer service. This in return helps to generate new revenue and lower costs in the long run.
AI offers notable opportunities and most leading companies have already been capitalising on it. There are many benefits of using artificial intelligence including personalised marketing, customer interactions, operational automation, forecasting outcomes and many more. All these have contributed greatly to these firms thriving despite the many challenges they experience.