Artificial intelligence has proved to be a valuable catalyst for the business sector. It has unlocked opportunities and pushed for advancements that were not possible in the past. As a result, companies globally can produce more consumer-driven campaigns, launch grand projects, rely more on data-driven decisions, and enhance consumer engagement. Hence, as a business personnel, you must explore AI thoroughly. This lucrative technology is here to stay and will only evolve into a more effective tool soon.
According to Grand View Research, the global artificial intelligence market was about $93.5 billion in 2021. However, from 2022 to 2030, the market is expected to have a compound annual growth rate (CAGR) of 38.1%.
So, what makes AI so profitable? It empowers the business sector in ways entrepreneurs could not imagine. Here's a glimpse of how this tool has reformed businesses and brought changes that take them to the next level:
1. Better Digital Marketing
Businesses need creative digital marketing campaigns to interact with their consumers. If the advertisement is not catchy, innovative, and does not follow global trends, it will be a hit-and-miss. However, your company's digital marketing campaign may succeed internationally when played right.
For instance, in 2021, Airbnb made a campaign called 'Made Possible by Hosts' that utilized user-generated content to create a slideshow that showcased renters having a phenomenal time at Airbnb. This advertisement got 17 million views across all Airbnb platforms! But to get to this level, you need the right tools, and here's where AI enters the picture.
Marketers can use generative AI to develop personalized marketing campaigns. If you're new to this term, you might be looking for an answer to the question: what is generative AI? And what is its role in the business world? Basically, generative AI comprises texts, images, and clips that you can use to make social media posts, pitch unique videos, and feature blog pieces that can give your company a boost. Using your company's existing data, it generates new data that aligns with the patterns and structure of the original or input training data.
2. Enhanced E-commerce
Online shopping is the cornerstone of the 21st century. The E-commerce industry stands at a staggering $2,928.00bn in 2023. Businesses benefit immensely from e-commerce. Therefore, adding AI to the mix gives you a recipe for success. AI allows consumers to have a more personalized shopping experience; the recommendations provided by the AI algorithm are based on a consumer's purchase history and preferences.
AI also uses high-end cybersecurity that allows secure transactions and prevents credit card fraud. It can use complex data science and data mining techniques to learn transaction data, such as decision trees and deep learning, to identify financial fraud.
On the other hand, if you want to know if the comments posted on your company's website are fake or true, AI-powered tools can easily detect which reviews were generated by a bot and which are genuine responses.
You may have noticed how companies like Amazon also leverage AI tools. This trillion-dollar enterprise uses machine learning algorithms to provide shoppers with more focused recommendations for purchasing habits. Another startup based in Chicago called 3 PM Solutions uses machine learning and natural language processing (NLP) to analyze millions of listings and automatically remove counterfeits.
3. Faster and More Efficient Recruiting
Ai has helped companies automate time-consuming tasks such as creating an invoice or sending an email. However, AI can do more than these jobs. Machine learning can analyze large volumes of data to identify patterns and predict outcomes that can benefit a company. This means that machine learning automation can help Human Resources by making it easier for them to get recruits.
AI bypasses the process of screening resumes, contacting applicants, and creating schedules manually. The algorithm matches the applicant's information, experience, knowledge, and skills with the job they are applying for. It helps recruiters find the best candidate quickly and efficiently.
Likewise, AI screening tools allow recruiters to sift through resumes and identify the best candidates. The home office and business products company, 'Brother,' has earned a reputation for itself by using AI tools to hasten their hiring and screening process.
Another example is the insurance company Cigna. This company has a workforce of more than 70,000 professionals, so they need help to shortlist the number of attorneys, pharmacists, and physicians applying to them on any given day. For this reason, Cigna also uses AI to shortlist and hire the needed professionals without going through the headache of individually surveying them.
4. Helps in Forecast Revenues and Sales
Forecasting sales and revenues is a complex process and requires information from customers, suppliers, and employees. However, with the help of an AI-powered tool, you can make it easier for your company to draw predictions. The AI tool you choose will pick from past data and predict what will happen to your company's future by analyzing the information it picks up. The AI tool can detect if there have been any sudden changes in your company that can impact the trajectory of your business. As a result, AI can identify patterns and predict how much profit you will pull over the coming years and what changes you need to make in your business.
Take the American company HubSpot, for instance. They use AI tools to forecast revenues and sales, but how? AI tools offer valuable insights such as past performances, demographics, and interactions. Once that data is carefully analyzed, the company can gauge its performance. AI also offers scoring tools that depict how well the company performed by providing a score that goes through factors like company size and profit. This allows them to predict what the future holds for them. As a result, they can predict consumer behavior, know what the market needs, and what resources they need to develop for their clients before time. Hence, AI saves companies from the uncertainty of whether their business plan will work or not.
Final Thoughts
AI and businesses go hand in hand. Companies today are competing against each other to secure more consumers, leave a mark in the e-commerce sector, and generate more profit. This is only possible when they have a game plan to guide them on their next moves. AI is a one-stop solution for numerous business problems. Whether you want to design a lucrative digital marketing campaign, reshape the way you conduct e-commerce, or streamline the hiring process, AI can help you with all your problems. Therefore, as a business professional, invest heavily in AI tools, use them to govern your ad campaigns, allow artificial intelligence to become a part of your business plan, and watch as profits pour in.
