- Employees routinely sift through emails and documentation.
- This takes up time and routine work means they cannot utilize brain power for company’s growth.
- Engage AI development services to put in place systems that will automatically scan emails and segregate documents.
One spin on AI is that it is good business for those engaged in artificial intelligence development. That is true no doubt but it is equally true that artificial intelligence does help businesses generate more revenues. All segments benefit as a Statista survey shows. 40% of those engaged in marketing and sales saw an increase of about 5% by adopting AI. 40% of manufacturing industries, 28% of supply chain management, 31% product and service development, and 27% of strategy and corporate finance segments showed appreciable gains.
If you are sitting on the fence about artificial intelligence for your business, now is the time to take the plunge. Rope in AI development services and your business will grow fast. Just using software infused with artificial intelligence could lead to positive outcomes. Revenues, according to Tractica, such implementation will increase to $ 118 billion by 2025. Here are ways artificial intelligence development can lead to growing business and revenues.
Letting people be more productive at work
Employees routinely sift through emails and documentation. This takes up time and routine work means they cannot utilize brainpower for the company’s growth. Engage AI development services to put in place systems that will automatically scan emails and segregate documents. Your employees are now free to focus on work that leads to business growth. How much time do employees spend on the phone or in-person answering customer queries? Use artificial intelligence-powered bots for interaction and these employees can work on more rewarding tasks.
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AI in marketing and sales
It seems artificial intelligence fits marketing and sales to perfection. There are various tasks in which you can introduce AI to telling effect. Here are a few:
- Use AI to generate content and use AI to test variations to find one that is most effective;
- Use AI to create emails and subject lines much better than any human can do in a short time;
- Use AI to send personalized and contextual emails; and,
- Use AI in programmatic ad spends for more effective targeting and reduced ad spend.
This is something even small businesses can adapt to noticeable improvements.
There is more to AI. It can help give predictive powers by being used to analyze streaming data in real-time and know changing customer preferences derived from data across web searches and social media.
AI ties IoT neatly to derive intelligence on the way products are being used, preferences, and insights that lead to improvements. Your best investment will be in AI development services to put in place systems to make sense from a whole ocean of data and be one up on competitors.
It is easy to profile buyers, know their preferences, and offer them similar products that will lead to more buys. Your revenues increase with only a little effort.
Reverse low profitability
As it is, the economy was in a decline and Covid-19 accelerated this decline. How do companies reverse the cycle of low profitability is a big question that AI resolves to perfection. The key to the present and future profits is to use artificial intelligence for automating sales, logistics and supply-side management. You reduce dependence on the erratic workforce, reduce errors of omission and commission, and streamline production linked with the supply chain. AI works across the spectrum of sourcing, manufacturing, inventory control to marketing with each one reliant on the other to maintain speed and lean operations. For instance, marketing provides inputs on design and customer trends all of which go back to production and sourcing as well as inventory management. You anticipate emerging trends with AI, cut down on production, sourcing, and inventory so that you are not stuck with dead stock and you can sell more at lower rates.
Cutting down manufacturing costs
Manufacturing sees a lot of wastage that adds to cost. Add to this machinery downtime and costs escalate. Resolve this with the help of artificial intelligence development.
- Artificial intelligence proves helpful in design to minimize material wastage and speed up throughputs. One example is die punching sheet metal to product parts. Another example is casting. AI leads to improved designs that will minimize wastage.
- Machine breakdowns bring production to a halt but your overheads still continue. AI in preventive maintenance keeps equipment monitored all the time and alerts engineers about impending failures. Preventive maintenance reduces incidents of machine breakdown and cost of repairs, directly adding to your profits by as much as 39 percent, as an Accenture study shows.
The AI culture
For AI to be truly helpful to business it is necessary for managers to understand artificial intelligence development, areas where such AI can be implemented, and develop an AI culture within the organization. AI is not an add-on or a software patch or bug-fix.
When you engage the right AI development service they not only analyze your business and recommend areas of AI implementation and show you how it can be done but you also receive training on transforming to an AI mindset within the company. That is the first step.