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5 Ways Entrepreneurs Can Leverage Artificial Intelligence To Boost Their Businesses!

Companies all over the world are utilizing multiple advancements in artificial intelligence to better serve their customers and clients. In the age of data science, the need for a personal connection between companies and consumers has never been more important. Companies now post testimonials on their social media pages from consumers. But this would largely not have been possible without AI. AI has made it possible for companies to be able to reach their direct audience in the comfort of their homes. With advancements in data science, targeted advertising has made it possible. Now more than ever, entrepreneurs know their most loyal consumers even without meeting them. But that is only one of the many things that AI can do for modern entrepreneurs. Forbes magazine spoke to 16 members of its Forbes Technology Council about how one can leverage AI to boost their business.

See below 5 that we stand by:

  1. Delivering A Personalized Customer Experience

Leaders must advance their delivery of a customer-centric experience using an AI-first mindset. The toughest challenge in this endeavor is to deliver a convenient and personalized experience with a balance of privacy and trust. The design-thinking methodology helps discover and strike the best balance. After all, every company will become an AI company as it becomes table stakes to compete. – Ashish Patel, Architech

  1. Increasing Customer Engagement And Boosting Revenue

Leaders should be using AI in three fundamental ways: to improve customer experience and interaction, to reduce costs, and to contribute to revenue generation using process automation (particularly RPA) and pattern detection—buying patterns, fraud detection, etc. Then, increase customer engagement through intelligent agents, smart FAQs, treatment or health recommendations, and more. – John Esser, Veracity Solutions

  1. Shifting To A Real-Time, Continuous Intelligence Platform

Companies that have made the digital shift are well-positioned to succeed, but only if they can retain and grow their online customers. This requires shifting your data strategy from a traditional big data system to a real-time, continuous intelligence platform to enable companies to leverage machine learning and AI in a practical manner. – Bruno Kurtic, Sumo Logic

  1. Leveraging Conversational Bots

The biggest and most mature use case for AI right now is via conversational bots, specifically for customer care. Many of the questions that are being asked are highly repetitive, and conversational bots can be quickly trained to resolve these questions accurately, reducing cost and improving the customer experience. – Ruchi Goyal, Accenture

  1. Filling The Gaps In Your Business

Artificial intelligence has not only become a necessity but a practical reality for most businesses today. While previously considered a luxury, because of the pandemic AI has become part of the business model. One way leaders can begin to use AI—one that can produce a measurable ROI—is through “gap-filling.” Wherever there is a need in the business, try to fill it with artificial intelligence. – Isaiah Nathaniel, Delaware Valley Community Health

See the full list here on Forbes.

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