There was a time when someone heard the term artificial intelligence they associated it with science fiction franchises like Terminator or The Matrix. But AI is no longer science fiction. In 2022, it has become a science fact.
But the artificial intelligence we’re dealing with on a daily basis isn’t composed of killer robots. They’re tools that use advanced machine learning to anticipate the needs of a business and fulfill those needs efficiently.
As AI continues to develop and become more commonplace throughout the business world, many innovative companies have started to use it to gain a competitive advantage over their rivals.
But how are these companies leveraging the power of AI to push themselves over chief competitors? What can your business do to bring the power of AI to your organization?
Read on to find out.
Content Creation and Design
AI can become a great difference maker in many areas of your website. By leveraging the power of artificial intelligence, you can easily improve your website by using landing page tools with AI functions.
Of course, the ultimate goal of any website is to be found and read. This can’t happen without extensive optimization using SEO best practices. It ensures that search engines like Google recognize your authority and list your site on the first page of results for popular key terms in your industry.
Today, being on the first page of search engines is a game changer, as people don’t often move to the second page. One way to improve your ranking is through the use of blog pages that are updated regularly. Search engines reward those that generate fresh content and add value to users. Those businesses that don’t have a large marketing department might not have the time to churn out fresh content on a weekly basis. That’s where an AI Content Rewriter Tool can come in handy.
Another way that AI can have a positive impact on your website and throughout your marketing ventures is by aiding in your design efforts.
For example, Tailor Brands has gained a large customer base from its free AI powered logo maker. Businesses are able to use this tool to create the logo they’re envisioning without the need for an expensive graphic designer.
However, Tailor Brands also benefits by offering this no-cost AI service. The company’s investment in this AI technology has paid off by generating warm leads on a continuous basis. The logo maker is free, but it requires the user to fill out a lead magnet form with their email address if they want to see the finished product. With such information, Tailor Brands can email these leads with offers for its other paid business-building products.
Another company that has contributed to the exceptionally transformative role AI plays within creative industries is Picsart. This business has committed to rolling out a wide range of products powered by AI. In 2021 it rolled out the PAIR team (Picsart AI Research) and debuted its remove background API. It’s now moving into more image-enhancing tools and fonts powered by the ideas of the PAIR team.
Machine Learning
Machine learning is artificial intelligence that can learn and adapt without having to be told what to do. It uses a series of algorithms and statistical models to analyze data and, in turn, learn from it to adapt.
Businesses are using machine learning to analyze customer data. By examining the behaviors and preferences of your customers, and even your leads who ended up not signing, you can derive powerful insights that can be laid out in an easy-to-understand report.
These data-backed insights can then be shown to decision makers along with your marketing strategies to offer up some concrete reasoning behind your plan of action.
Machine learning can factor into most of the other items on this list, including fraud detection and industry projections.
Fraud Protection
Cybercrime is a serious problem plaguing the world. Malicious hackers seek to break their way into the secure systems of businesses all over the world with phishing emails and ransomware. When a business is the victim of a cyber attack, the public reputation of that business is shaken.
The average cost of a ransomware attack on a company is upwards of $4.5 million. Most data breaches occur because a cybercriminal hacks an employee with access to the company system. One of the main ways cybercriminals do this is through what’s called spear phishing.
This is when the cybercriminal reaches out to one of your employees, posing as a colleague with an email address that looks like it came from within your organization. Those emails contain a link, which unsuspecting team members might click. The hacker then gains access to your system and can make off with all of your precious data.
You can turn to the power of AI to fight back against cybercrime and protect your business from costly fraud. The use of AI in managing user access to company resources has revolutionized cybersecurity and reduced the risk of data breaches.
Additionally, you can use machine learning to detect potential cyber-attacks, keeping a much closer eye on your system and the data protected within. AI systems can flag suspicious emails and keep up with the tactics used by successful cyber criminals the world over, adapting instantly over time to create a more secure and reliable security infrastructure.
This carries over into the financial sector as well. Mastercard, for instance, uses 13 different AI technologies coupled with rules-based tools to scan for fraud within its platform. The system is able to identify potential fraud in under 50 milliseconds. By solely relying on rules-based tools, the company realized it was generating a lot of false positives, which greatly frustrated users. Thanks to the power of AI, customers are safer, and the fraud detection system is far less intrusive.
Real-Time Optimization
Companies use AI machine learning algorithms to shift strategies and perform tasks in real-time, often making large changes within seconds.
With AI, you can increase a sales promotion based on your needs or push back the launch of a new product if one of your other offerings needs some more breathing room. These advancements allow companies to operate at peak profitability and recalibrate decisions based on hard data.
This was all made possible through an advancement called edge computing. This allows machine learning models and data storage to remain local without sending anything off to the cloud.
That means the AI can safeguard the data while instantly shifting strategies when needed. It can eliminate cross-border data flow flaws and dramatically improve an organization’s profitability.
One of the key elements in any marketing plan is evaluating your results and adjusting accordingly. However, with AI optimization in real-time, you can make these decisions on the fly without having to rely on guesswork or gut feelings after the fact. Instead of letting underperforming strategies play out, your AI system can make the changes for you right away.
Customer Relationship Management
AI can greatly improve customer relationships by keeping track of vital information about your customers and even helping them with simpler tasks.
AI systems can be set up with automation that reaches out to customers through touch emails and communications when certain criteria are met. For example, after a customer has a free trial of your product or service, the AI system can reach out to them automatically by email if they don’t purchase at the end of it.
Additionally, AI automation can be used through CRM platforms, letting sales representatives know when they need to reach out to certain leads. It can also segment the existing lead population and improve the salesforce lead scoring process. The AI system can assign point values to specific actions your leads take, and automatically provide lead scoring services that let you know who your hot, warm, and cold leads are.
When it comes to customer service, you can set up an automated chatbot, which will field questions from customers 24/7. Machine learning allows the chat system to gather data and adjust over time, providing a greater level of service as it comes to know your customers better.
Not only does this allow you to provide fast service consistently, but it also frees up your customer service representatives, taking a lot of the more mundane or simple tasks off their plates. Not only does that help improve their job satisfaction, but it frees them up to take on some of the more delicate or complicated customer support tasks that require live human assistance.
Accurate Predictions
You can use the power of AI to accurately predict future trends within your business and the industry as a whole. This includes travel patterns, leisure spending, oncoming economic downturn, marketing preferences, and more.
Companies are using AI systems to make such predictions after analyzing large amounts of data. This includes text, images, news feeds, social media posts, and even voice. These systems can accurately predict downturns in the market. This gives businesses time to prepare and ensure that they won’t be suddenly taken off guard by a period of economic strife impacting their industry and the economy as a whole.
Banks and other fintech companies can use AI and machine learning to predict the performance of their investments, giving them ample time to make adjustments before the market rises or falls. These kinds of predictions might have once taken months. But now, with the power of machine learning, this data can be generated over mere weeks.
Let’s say that an AI system shows that your business is facing signs of an industry downturn. It stands to reason that you won’t be selling as much over that period. This gives you time to alter your manufacturing tactics, reducing inventory production so your supply will meet demand. Ultimately, this action will slash your costs as your profits take a hit.
Enhanced Efficiency
Human error is one of the biggest dangers facing companies in the realm of customer satisfaction. AI systems don’t make such mistakes, and certain industries that rely on diligent filing (like human resources or insurance) can save themselves a lot of time and energy by adopting an AI system to check every document that comes through.
An AI system can review all forms, voice recordings, and videos to highlight anything alarming or point out any glaring mistakes. They can also route phone calls to the proper person, ensuring that more calls are answered.
AI-powered testing tools are also helping software development companies improve quality, velocity, productivity, and security by generating high-quality test environments and test data. This can be used to create more efficient products and roll out updates according to what customers are expecting.
Efficiency is the backbone of profitability. The more efficient a company becomes, the more time it has to dedicate to important business tasks and, thus, generate more income.
Conclusion
AI has become a powerful tool helping businesses worldwide improve efficiency through machine learning and powerful profitable advancements.
To review, the various ways that you can leverage the power of AI to generate a competitive advantage over your rivals include:
- Using AI systems to create content and design elements of your website, including landing pages
- Implementing machine learning systems that can take in massive amounts of data and adapt accordingly
- Protecting your data against fraud and hacking attempts by identifying potentially harmful messages
- Optimizing your marketing plans in real-time based on data
- Enhancing your customer relationship management by taking on customer service tasks, automating communications, and lead scoring
- Predicting industry shifts that will allow you to prepare for periods of economic downturn
- Enhancing the overall efficiency of your business
By following the tips and tricks highlighted above, you can bring the full power of artificial intelligence to the forefront of your organization, improving your offerings and creating a more profitable business going forward.
