How artificial intelligence ensures a competitive advantage in the marketplace?

In the past few years, technology advancement has dramatically changed the way the business run. It is now an irrefutable need of enterprises to realign their strategies as per the current requirement.

Companies adopting artificial intelligence have exceptional potential to metamorphose the industry and have a better chance of staying miles ahead of their competition.

Artificial Intelligence or AI (sometimes referred to as machine intelligence) is an area of computer science which emphasizes on creating intelligent machines that can think and react like humans. In other words, it is the intelligence displayed by machines, in contrast to the natural intelligence demonstrated by human beings.

There are various studies, which shows that the application of artificial intelligence is on a stark ascendance. The global market of AI was expected to cross $89.84 billion by 2025.

Artificial Intelligence

AI offers competitive advantages to a business which are as follows:

v It seamlessly predicts consumer behaviour by analyzing the deep and complex consumer data.  Customer satisfaction is one of the imperatives of any or every business.

v  AI serves the purpose of scrutinizing the data based on factors like trends, demographics, user’s online history and past behaviour by eliminating the guesswork in marketing.

v AI algorithms automate the unnecessary task. It transfers the workforce into the other department, which invariably surges productivity.

v AI is not technologically advanced to curate content on subjective matters like politics, opinion, but it draft content based on data and set templates.  Companies like BBC, CBS, New York Times, Forbes, etc. are already using for writing such content.

v AI analyzes various metrics to decides frequency, content, subjects and titles of email. The main aim is to deliver personalized and customized content.

v The digital advertising industry has adopted the AI to know client’s interest, actions, demographics. A technological giant like  Google and Facebook are already using it and making big bucks out of it.

v Voice-based search contributes  20% to the total  Google search result. A business should optimize the web pages as per the user's colloquial language. Try to frame the question with “what”, “when”, or “how” to help in edging closer to customer’s need.

v Companies are using AI for sending an automating response to FAQs for resolving customer’s queries. These chatbots use machine learning and natural learning process to respond effectively.

v AI anticipates the behaviour of both old and new users to make marketing very precise and customer-oriented. It acquires information from the data management platform to study the client behaviour across various websites, not just of one browsing session

v  Artificial intelligence is becoming instrumental in Predictive Analytics for foretelling the future based on the user’s search history. It enables the sales team to save both time and effort by focusing on the client who is showing the intent of buying.

 CONCLUSION     

   

Therefore, mould the business strategies according to the technological phase to unleash the potential of AI.