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.

INTERVIEW WITH CRAIG NEWMARK

Craig Newmark is the Founder of craigslist and Craig Newmark Philanthropies. Craig is a Web pioneer, philanthropist, and leading advocate. Most commonly known for founding the online classified ads service craigslist.

Q) Craig you’ve lived for many years a life that you crafted for yourself with craigslist, can we go back to a time before craigslist.

What was your upbringing like and did your parents influence you in a way that has impacted you to this day?

I can’t remember much specific. My Sunday School teachers, Mr and Mrs Levin were very influential. From them, I learned the Golden Rule, and the guidance that I should know when enough is enough. Q)) It’s not gone unnoticed that you have a love for all birds, has this always been something you have always been into and do you have a favourite and why? I think it started in the mid eighties when I lived in the Detroit area, and I have no idea how it happened. Let’s talk about craigslist Q)) The idea for craigslist, how did it come about and did you ever imagine it would have become the success that it is to date? Mostly, I started a simple events list and then listened to what people wanted and needed, and took it from there.

In 2000 I turned over all responsibility and management decision making power to Jim Buckmaster, and he continued that tradition. It’s all been completely surreal. Your role at craigslist is customer support as it has been from day one. Q)) Have you always been at the reigns of customer support and do you feel you will ever let it go? I’ve never been at the reins of anything at craigslist since 2000.

(Photo credit: Stephanie Canciello, Unali Artists)

Nowadays, I do customer service work at Craig Newmark Philanthropies.

One of the key things I’ve personally taken away from you, is to listen, get feedback and then to take action on that

CRAIG NEWMARK AND STEPHEN COLBERT AT THE IAVA HEROES GALA, 2018 PHOTO CREDIT: GETTY IMAGES PROVIDED BY IAVA

feedback, so I thank you for that! Q)) Do you think listening has been one of your keys to the overall success of craigslist and how can startups implement this simply and effectively?

Very much so, trying really hard. Listening is much more difficult than people think.

Q)) Who do you personally know and admire in the tech scene and for what reason?

“There’s no genius behind it. It’s persistence and listening to people.” - Craig Newmark I like the way Jeff Bezos supports the Washington Post and leaves them alone in terms of editorial decisions. a country, which is the goal of some of our foreign adversaries and their domestic allies. There were rumours that the past US election between Donald Trump and Hillary Clinton was rigged using Technology, Q)) Which jobs do you predict will be replaced by Artificial Intelligence and how will the people in these roles adapt to this change? Q)) Do you have any concerns about how technology will affect the future? No one really knows, and I shouldn’t speculate in so broad an area. Very broad question, but, yes. Some people will adapt, some won’t. We have the resources Combating fake news is an area you have been actively involved in as you partnered with in the USA to lend everyone a hand, and I should do something about that. Facebook on the Journalism Project. Craig I have to give Craig Newmark Philantropies an Q)) How has that been going for you and what wins and struggles have you had? intro as this is something that has been born from yourself and the success you had with craigslist. Seems to be going well, but it’s way too early to tell. Craig Newmark Philantropies is the umbrella company you Q)) What are some of the other major concerns of what fake set up for your Philanthropy endeavours. news can do to society? Let me briefly outline the It can entirely destabilize amazing donations you have made from Craig Newmark Philantropies

Donations; ● 2017 - $500,000 to Wikipedia to reduce harassment and vandalism on their site. ● 2017 - $1 million each to ProPublica and the Poynter Institute. ● 2018 - $1 million to Mother Jones to help the magazine combate fake news. ● $20 million to CUNY Graduate School of Journalism now the Craig Newmark Graduate School of Journalism. ● $50 million to the Craig Newmark Foundation to support military families, voter registration and women in tech.

In 2018 your donations to charitable causes totalled $143 million.

Craig, you have really helped so many people and in doing so have carved a legacy for yourself and others to aim for in the very fabric of time.

Q)) What are you searching for when choosing who to help and the potential impact you can make?

I’m looking for groups which have a track record for effectiveness and trustworthiness.

Interview by Russ Turner Director at Business Digest Magazine