Will Implementing AI in your Business give it a Competitive Advantage?
It is said that businesses who adopt Artificial Intelligence are 3.5 times more likely to grow their profit margin by up to five points more than industry peers. Across many industries, businesses can harness the potential of Artificial Intelligence to create value and propel them beyond their competition. Here is how AI can give your business that edge over your competitors.
Any successful business knows that a great customer experience lies at the heart of it. With AI-enabled chatbots it provides customers with outstanding around the clock conversations and engagement while keeping your operational expenses down. Introducing this cutting edge technology sets businesses apart from competitors as it enables a great customer service which turns satisfied customers into loyal brand advocates. This in turn demonstrates how the inclusion of AI in business can act as not only a competitive driver but a growth one too.
Artificial Intelligence has the ability to learn and evolve. Where humans learn from experience, machines learn from analysing data and learning algorithms. Underpinned by such machine learning, AI analytic tools can understand data much quicker and with more accuracy than humans ever could and produces valuable insights. AI takes data analysis to the next level and can prepare your business with the best approach to sales and marketing to stand out from competitors. A better understanding of patterns, trends and segment groups can also guide your business with the best approach to personalised sales and marketing. Netflix is an example of how businesses can leverage from personalisation by using AI. Netflix uses AI algorithms to power its recommendation engine which delivers Netflix users personalised content and saves the business more than $1 billion per year.
It is important to pay close attention to the marketplace in order to stay ahead, be proactive and respond faster to your competitors. Gaining a stronger understanding of competitors and knowing how they are performing can give businesses a far-reaching advantage. AI can be used to provide competitive insights and allow many businesses, from many industries, to leverage from it. Airlines for example are incorporating AI to keep tabs on competitor fares in the marketplace so that they can adjust their pricing strategy accordingly and give themselves a competitive advantage.
By incorporating Artificial Intelligence companies can automate tasks. In doing so it can save businesses a lot of time, while also dispelling human error. Amazon is an example of how they are reaping operational efficiencies by incorporating AI for predictive maintenance. By introducing AI to complete the repetitive, time consuming tasks it allows employees to focus more on creative work; lending a helping hand to the workforce and allowing it to be more productive.
By establishing artificial intelligence in your business you automatically gain a competitive advantage over your direct competitors who aren’t using the technology. AI gives businesses the time to focus on more important aspects and allows that business to be able to perform more efficiently and effectively in a number of areas of their business.