Artificial intelligence application in the enterprise is profoundly changing the way businesses work. Companies are incorporating AI technologies into their business operations to meet increased customer demands, automate processes, and create new markets. AI, when combined with the capability of mobile computing, can interact with customers through chatbots, robotics, and other intelligent systems.
The trend of using AI is also helping enterprises optimize and speed up complex tasks while improving customer experiences.
Moreover, AI also empowers better decision-making while capturing completely new technologies. It has also given enterprises the ability to generate actionable insights at a faster pace than ever through access to more diverse data.
As per a report by Markets and Markets, the global enterprise AI market is expected to reach USD 6,141.5 million by 2022 from USD 625.0 million in 2016, at a CAGR of 48.7%. These numbers indicate that businesses of all shapes and sizes consider enterprise AI to solve real business problems.
In this article, we will examine the ways enterprises and AI development companies can use AI-powered solutions to grow and engage their users.
Why should enterprises adopt AI-based solutions?
AI is used across industries such as healthcare, finance, and retail to drive revenue growth and operational efficiency. It is helping businesses to stay relevant in this competitive landscape and capture new opportunities to enhance customer experience and grow.
Here are a few ways in which AI provides value to enterprises and help them achieve their goals:
Improves user experience: Artificial intelligence can be used to improve the user experience by evolving UX-based features. The user experience usually depends a lot on how the enterprise app or website is represented. Therefore, businesses can use AI to uplift their applications and websites’ UI and UX experience.
Moreover, it has been observed that customers are likely to interact with the brand offering better real-time interactions. The UX/UI must be engaging enough to grab the attention of each individual.
Boosts revenue via product recommendations: AI is widely used in product recommendation systems. It suggests products or information to users based on special data analysis methods. A product recommendation facilitates purchase decisions by helping customers find products that they are most interested in.
The recommendation is based on several factors such as the customer’s purchase history or the behavior of similar users. This ultimately leads to increased revenue as users buy more products.
For instance, Amazon recommends many products from categories you’ve been browsing. They have integrated an AI-powered recommendation system into nearly every part of the purchasing process.
Offers valuable insights: Big enterprises and brands are working on a large volume of valuable data related to their customers and trade. The utilization of AI helps enterprises to understand the complete volume of data sets.
This advanced technology offers a substantial advantage for processing and understanding data in each and every sphere. AI helps businesses in processing large data sets and understanding the latest pattern of the market data.
Thus, businesses gain valuable insights from data and deliver a personalized experience using AI technology.
Helps in sentiment analysis: Sentiment analysis is an automated process for monitoring and analyzing people’s emotions and opinions.
Using sentiment analysis, businesses analyze the comments expressed by customers and measure feedback placed in millions of web pages, reviews, and forums.
Thanks to AI, enterprises can analyze huge amounts of data, understand how customers feel, and merge all types of social data to discover customer needs, intents and preferences.
Automates processes: As per a Forbes analysis, AI could save the average Fortune 500 company $4.7 million per year via automation. AI allows businesses to automate a wide range of processes, free up employees’ time, and help improve overall productivity.
By automating repetitive tasks, AI can help enterprises achieve greater output in less time at a lower cost. AI technology can also save the time of employees by automating some of their less-important and time-consuming duties.
Now that we have seen how AI is transforming businesses around the world, let’s dive into the best practices entrepreneurs can follow for the successful implementation of AI.
Best practices for successful implementation of AI
The successful implementation of AI involves the active participation of your employees. Once done, AI can reap several benefits and generate more revenue for your business. Here are some best practices that enterprises can follow for implementing AI.
- Automate: This is the first step businesses should follow for the successful integration of AI into their business. It involves automating business processes and creating a connected data flow. This would help to collect, analyze, and streamline all the organization’s data and provide a real-time window into the business process.
- Learn: This step involves building AI tools that use existing and historical data to learn. Here enterprises need to define the basic parameters each team must comply with. Businesses also need to define what they expect from AI and plan the ML and data gathering process.
- Implement AI tools: After successfully implementing the automating and learning phases, the next step is to test how your AI is performing and offer more data to improve its learning. AI tools should be trained to increase productivity and predict future situations.
AI-based solutions have become an integral part of any company today. By providing advanced options for security, cost savings, and automation, AI allows for technological exploration and innovation. If customers, growth, and security are your top priorities, then working with AI technology is a smart move.
So, if you plan to invest in AI-based solutions, it’s advisable to contact a trusted AI development company. The experts will guide you through the process and help scale your business.