Artificial Intelligence (AI) is powering the day-to-day activities of each industry. Companies are reaping significant benefits from AI investments and are transforming into market leaders. AI-powered BMW factor in Germany perfectly illustrates how AI can change the face of commercial and industrial environments in the coming future. The factory uses AI software to perform quality analysis and check whether manufactured auto parts experience deviations from standard specifications. The best part is that the AI software can perform inspection tasks and thorough examinations in a fraction of a second.
The following points explain how BMW has benefited by implementing AI software.
a. Reduced/eliminated pseudo defects.
b. Made the logistics process faster and efficient.
c. Achieved energy management in vehicles.
d. Provided intuitive AI-based customer interaction.
e. Has an intelligent personal assistant that allows handling most of the functions through voice commands.
Industries realize the importance of AI and the impact it can create in increasing their revenues, reducing their operational expenses, and providing more free time to employees to focus on mission-critical issues.
A recent study, the state of artificial intelligence in 2020 by Veritone, reveals that AI will become the backbone of 75% of commercial enterprise applications by 2021.
Let's get a comprehensive picture of how AI will impact businesses in the future.
1. Smarter healthcare system
World Health Organization reports that chronic diseases will rise by 57% in 2020. More importantly, pandemics such as SARS, MERS, Ebola, H1N1, and the recent COVID-19 have shown how fast life-threatening diseases can travel worldwide and pose a serious risk to humanity.
AI plays a significant role in developing robust healthcare solutions by considering previously untapped parameters like:
b. Family history
c. Human evolution
d. Physiological data of a particular patient
Previously, these factors were challenging to analyze because of the amount of data processing required to perform a 360-degree analysis. But with recent developments in AI and Machine Learning algorithms, it has become convenient to take into account multiple factors at once and get a holistic picture of the patient.
AI enables doctors to design a comprehensive diagnostic chart and a personalized healthcare journey for patients. Moreover, AI is also playing a substantial role in developing more impactful medicines, lowering pharma manufacturing costs, and forecasting medical emergencies or pandemics.
2. Data-driven predictions
We live in an age driven by data where everyone is connected with the world through a digital device. Companies must realize the power of data and implement AI-enabled CRM systems to get a 360-degree perspective of their customers.
AI-enabled CRM systems collect critical customer information, such as:
a. Geographic details
b. Demographic details
c. Psychographic details
d. Behavioral details
e. Past purchasing patterns
When you have access to the customer's needs, wants, desires, and ambitions, you can brainstorm effective marketing strategies and create robust and evergreen customer relationships.
AI is also playing a massive role in the manufacturing industry by revolutionizing repair services. AI performs predictive maintenance to figure out which electrical equipment is highly probable to fail in the coming future.
Consider the following example. You sell electronic devices like microwave ovens, refrigerators, and washing machines. A customer purchases a washing machine and experiences a technical fault after using it for three weeks. As a result, they call customer support and anticipate a speedy solution. Unfortunately, it happens to be a Sunday, due to which they fail to receive immediate help.
On the other hand, AI-enabled IoT equipment is attached within machines that send real-time reports to the manufacturer. If a particular component inside a device is experiencing a problem, the service engineer will know about it before it breaks down. This will enable the manufacturer to inform the customer beforehand and plan a site visit.
3. AI helps improve business communication
Business communication plays a vital role in forming fruitful and long-lasting customer relationships. Without effective communication, companies cannot grab their existing customers' attention, let alone finding new ones.
As we discussed above, in the data-driven age we live in, the world has become a global village. People are always busy with their mobile phones, tablets, PCs, laptops, smartwatches, or other electronic devices. So, high-quality customer engagement has become vital for companies looking to retain their industry leader status in the market.
Let's see why AI-enabled communication is critical for companies.
a. AI-enabled Chatbots provide instant solutions to customer queries 24 hours a day and 7 days a week. Customers don't have to wait for service agents to ask their questions.
b. AI-enabled chatbots collect critical customer details like name, address, company name, email ID, and much more. It allows service agents to brainstorm effective sales strategies instead of wasting time collecting trivial information.
c. If the chatbot fails to answer a question, it routes the question to a human counterpart. The chatbot finds an idol service agent in a fraction of a second and assigns them the task.
d. AI-enabled chatbot sends periodic reminders, alerts, and notifications to customers. For example, if a customer has added products to their online cart but has forgotten to make the final purchase, the chatbot will send an alert to remind them about it.
e. AI-enabled chatbot saves operational expenses as companies don't need to recruit an extensive customer service team. It has dual benefits. Firstly, companies need not worry about paying salaries to a lot of people. And secondly, they don't require ample office space.
A report by Juniper research claims that eCommerce transactions via chatbots will reach an incredible $112 billion by 2023. The current coronavirus pandemic has destroyed the physical marketplace. Companies that entirely depended on brick and mortar stores have faced considerable losses. On the other hand, organizations that shifted their operations online have registered massive profits.
So, if you plan to expand your operations online, AI-enabled ERP software will provide immense value to you.
AI is transforming business across industries. It's helping to increase operational efficiency, decrease operating expenses, enhance profits, and build concrete relations with clients.
The following list provides the benefits of implementing AI-enabled ERP and CRM software in your business:
a. Engage with customers during non-working hours.
b. Increase customer reach.
c. Brainstorm effective marketing strategies and design eye-catchy discounts.
d. Enhance business operations by increasing machine efficiency.
e. Forecast customer preferences and changing market trends.
f. Perform voice-based search.
So, if you plan to become a market leader and compete with other industry players, implement an AI-enabled ERP and CRM software today.