How Artificial Intelligence Helps Business Grow

Artificial Intelligence is a combination of several technologies that allow machines to sense, learn, understand, and augment human activities. This technology was presented for the first time in 1956 at Dartmouth. Since then, there has been so much optimism about AI that machines were expected to perform human functions within 20 years. This technology was forced to enter an “AI winter” phase when funds ran out. Things have changed dramatically since then. In 2011, IBM’s Watson system surpassed its human counterparts on the popular game show Jeopardy.

AI engines are now looking for jobs in business after they have left gaming. AI engines today are contributing to human endeavors that are valuable. AI will be a disruptive technology in the next five years, with applications across many industries.

These are just a few of the many ways that AI can be used to help your business grow.

1. E-commerce: A personalized experience

Business Insider estimates that approximately 85% of customer interactions will be automated by 2020. This is possible with automated systems that replicate human functions and are able to efficiently handle phone calls, chats, and social media comments. AI is changing e-commerce in many ways today. AI quickly recognizes patterns and groups in customer credit checks and purchase behavior. This will allow for a more personal experience. AI can analyze millions of transactions per day and target offers to one customer. This will provide a more personalized experience.

According to “Conversica”, close to a third of marketing leads aren’t followed up by sales staff. This means that these qualified potential buyers simply fall through the cracks. This is prevented by AI successfully retargeting customers. With sales processes becoming more efficient and less time-consuming, consumers can now be influenced by different media. Businesses can integrate AI into CRM to create customized solutions and sales messages that reach customers at the right time.

Originally publish on The Tech Trend