HOW TO BOOST REVENUE USING ARTIFICIAL INTELLIGENCE Technology has now become a critical part of our lives today, it has revolutionized the world and created tools which have made things easier and better. New technologies are emerging and Artificial Intelligence (A.I) is among the top trends. Businesses strive to remain competitive in the industry and that is why we are seeing many businesses embracing this technology to their advantage. A business may adopt this technology for many reasons and the overall goal is to increase in revenue. Marketing determines how successful an enterprise will be and businesses opt for the best channel to market their products. With the AI marketing tools, businesses are able to predict consumer behavior and use the advertising platforms to reach the targeted market which will yield astonishing results in the sales. A.I can also be used in sales since it automates the process. This technology can help to generate sales leads as it mines a large amount of consumer data and then identifies the leads that seem to be profitable thus enabling a business to maximize the sales opportunities. A business can cut costs and save money using AI
since it automates workflows and optimizes routine tasks. Some tasks can be tedious and this technology relieves such tasks. AI is more accurate compared to humans who make errors and mistakes which build up to enormous operational costs. So, as long as AI systems are correctly set up, it will largely lower the rate of errors and capitalize on efficiency.
Another way in which AI cuts costs, is through better data analysis since its capable to recover large sets of data and translate the information into a more understandable way, for humans to examine. Through this, a business can develop better strategies of pricing their products in order to increase profits, identify the areas where operational costs can be minimized in order to save more money, and point out the inefficiencies in
the production process; this is done by applying an Enterprise Resource Planning (ERP) system which includes AI technology that easily identifies the inefficiencies that are in the production process of the business and makes the process work better. Automating businesses` customer service also cuts costs. We know that customer relation is a fundamental aspect of the success of a business and the main objective of a business is to maintain its customers as it makes more and that is why customer service offices are important. Instead of hiring lots of employees to do that, many businesses are opting to automate their customer service operations by using chat-bots which saves on time used in answering queries and giving out feedback. They also help in cutting costs by doing away with call centers which charge expensively while still ensuring that all the customer questions are handled appropriately. It also offers continuous transactions which reduce frustrations among the customers. The embrace of AI in business operations is the way to go in boosting revenue.
Business Digest 6
