Artificial intelligence is the development of computer systems able to perform tasks normally requiring human interaction and intelligence. This can include visual perception, speech recognition, decision-making, translation between different languages, and more. AI tools can help business managers avoid biases in decisions. AI is continually evolving and advancing. Today, businesses are seeing wide coverage and noise surrounding the topic. It is often tricky to navigate its success within the business world.
Last year, the global AI market was valued at more than $140 billion and has been projected to continue to accelerate in growth over the next decade. With this, customer satisfaction is expected to grow significantly this year due to the adoption of AI tools across business operations. A great example of the successful implementation of AI applications can be seen across small to medium-sized businesses. AI-powered automation can provide smaller companies with the freedom to not only manage but also accelerate their business growth and, in turn, leverage cost-saving benefits at the same time.
How Can a Business Proactively Prepare to Implement AI?
Customer experience and sales support services: Businesses are leveraging AI to introduce remote or virtual call centers and receptionists to help assist with incoming call loads. We are seeing virtual agents replacing human agents in some instances along the customer and sales journey.
Speech recognition: Speech recognition is the capability that enables a program to process human speech into a written format. Speech recognition is being more widely offered through VoIP (Voice over Internet Protocol) phone telecommunication features. The benefits of speech recognition lie around how it can be a key driver of revenue growth and efficiency while streamlining and reducing traditional or legacy business processes.
AI for targeted marketing: More businesses appear to be utilizing the advancements in AI to supercharge their online marketing efforts. Online search providers, retailers and other businesses with an online presence use intelligent systems to understand users, their buying cycles and behavior patterns. AI marketing applications assist businesses in delivering targeted marketing in the real world.
Benefits: AI applications are helping make better, faster decisions; AI tools are empowering the customer services offer; AI applications are improving sales and marketing ROI; and AI-empowered tools are boosting team productivity.
What’s on the Horizon for AI and How Best to Leverage It?
Some data engineers talk of Artificial Intelligence Consciousness, with self-aware machines following a path that mirrors the evolution of humans. The outlook for AI is both impressive and can be overwhelming, but it is important to stay in check with reality. AI tools continue to require human governance to maintain, mentor and monitor the data inputs. It is vital that businesses do not become disillusioned by reality, in that there will always be a need for human-centered thinking within any organization.
Fundamentally AI tools can eliminate unnecessary bottlenecks and streamline operations. Machine learning automation can be programmed to deliver repeatable processes, removing the need for a dedicated team. AI can even help facilitate natural sales conversations, answer customer service inquiries and track customer behavior data. Essentially, businesses will find ways to leverage AI to deliver a specific automated process and shortcut monotonous, menial tasks to avoid attention and productivity drifting. It has been proven that cloud-based virtual technologies like VoIP, paired with AI automation tools, are redefining what it means to do business in the modern world. It will be exciting to witness ‘what’s next?’ for AI in the years to come.
Dmitry Tokar is co-founder of Zadarma, an industry-leading VOIP platform that provides AI-based speech analytics and transcription services.