2018-04-19 10:14:18TechnologyEnglishLearn about artificial intelligence for business and discover some ways that your company can add AI into its existing technology and...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Engineer-Explaining-Benefits-Investing-Artificial.jpghttps://quickbooks.intuit.com/ca/resources/technology/business-invest-artificial-intelligence/Should Your Business Invest in Artificial Intelligence?

Should Your Business Invest in Artificial Intelligence?

2 min read

The technology that allows computers to problem solve just like humans is called artificial intelligence. With artificial intelligence, also known as AI, machines learn and adapt their behaviors based on a particular situation. Although it sounds futuristic, AI has already arrived, and it’s only getting bigger. By figuring out how you can use AI, you can stay on top of the trend and benefit your business.

Speech Recognition for Sales

Do you have a sales team that makes daily calls? If so, your businesses could benefit from a type of AI called speech recognition. Programs such as Chorus.ai and Gong record your conversations and track factors like talk time, questions, topics, and outcomes. The program then uses that information to figure out why your best salespeople close deals. Armed with this data, you can adapt your strategy and ultimately improve sales.

Let’s say the AI system notices that you get more sales when an employee mentions price in the last 30 seconds of the call. From there, it can tell you exactly which employees are bringing the subject up too early — which makes it easy for them to change their behavior and close more deals in the future.

Managing Channels with AI

Chances are, your business manages multiple marketing channels. You probably have a website, Facebook profile, LinkedIn page, and an Instagram account. If you run different digital ad campaigns, you might have accounts for Google AdWords, Bing Ads, and a keyword analysis tool, among others.

For a single person or even a team, it takes a lot of time and effort to track each channel every day, look for trends, and react quickly. But AI programs constantly track all of your channels, ultimately cutting down on your stress and workload. If you’re managing 100 different ads across 20 accounts, a multi-channel AI program can tell you which ads are and aren’t worth your money. Even better, you can learn which ads would give you a higher ROI for the same dollar amount.

Customer Service

If your business depends heavily on customer service, AI also comes in handy. Consider a program like DigitalGenius; when it’s first installed, the system interacts with your service staff to learn how to answer common questions. Once DigitalGenius knows the answer, it no longer needs your staff — it interacts with customers on its own, saving you time.

What Businesses Benefit from AI?

AI has potential to improve almost any type of business, from technical sales to wedding planning. This powerful technology is particularly useful if your company needs to analyze large amounts of customer, economic, or industry data across a number of business sectors.

For example, if you run a travel business, you can build engagement and loyalty among customers by offering personalized experiences. But when you have thousands of customers, how do you make custom offers to each one? AI-based programs like Maya are the solution; they collect data about each of your buyers, analyze it, and deliver specific, relevant recommendations on a personal level. That means you could suggest a restaurant that a customer is almost certain to love or provide tour selections that are an exact match for the person’s interests.

As the technology continues to advance and help businesses just like yours, it’s clear that the technology is here to stay. By investing in an AI program that supports your small business’s goals, you can streamline your workload and hopefully boost your bottom line.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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