Can A.I. Tackle Trends and Save Businesses Millions?

Aug 28, 2019


BEST PRACTICES SERIES

Article ImageIron Man once said, “Jarvis, we need to run before we can walk.” This applies to businesses as well. In an era governed by digital evolution, you need to run a sprint before they can walk or run the marathon, to become profitable.

What’s your main concern? Simply put, CEOs fear the inability to stay relevant after scaling. Some are unsure if they can maintain the same quality amid rising costs and lack of demand for their products or services. 

Whether you want to scale or move into an untapped market, it is important to follow the latest trends and adopt the new technologies, A.I. being one of them. A lot of you believe that A.I. is meant for the bigger sharks in the domain, and this is not true. 

According to the Global CEO Pulse Survey 2017, apart from infrastructure and maintenance costs, there are a few concerns that need to be addressed before adopting the technology. Meanwhile, 28% of the CEOs are concerned with where they can apply the technology and a good 48% are divided between being unaware of the technology, and not considering it. 

If you want to overcome your concerns and remain relevant, then you ought to put all your strength into approaching these trends with well-defined A.I. strategies and tools. 

Trends that Shape Businesses

#1 A Customer-Centric Approach

Know what your customer expects, before planning the launch of a new product/service or, scaling your business. A good 63% of businesses believe that customer expectations have risen over the past five years.  

  •       Know their preferences in detail before launching a newer or better version
  •       Identify the gaps that exist in the market 
  •       Understand how the user uses and interacts with your product, specifically if it is a digital product. 

#2 Data-driven Innovation

Apple is known for the innovation it offers. From Mac Books to iPods to the iPads and now AirPods, Apple has known what drives the consumer, thus ensuring good business.

Sometimes, something as simple as innovating the customer experience can help you drive innovations for your business. 

#3 The Perfect Online-Offline Collaboration

Retailers like to browse the products online, but when it comes to the actual purchase, 46% of retailers claim that customers decide to complete the purchase at a store. 

73% of the retailers surveyed by Forbes claim that omnichannel presence is important.

Look for opportunities to enhance your omnichannel presence and ensure a seamless experience across all channels for better interaction and experience. You should showcase the same personality across all corridors for your business. 

#4 Increased Preferences

The customer is spoiled with choices. An example of this would be buying a product as simple as the earphones, and you are bombarded with choices. There are wireless, wired, and various other varieties of ear pods that you can choose from. 

In an Oligopoly market, businesses need to differentiate either by introducing a unique product or tapping into an untapped niche. 

#5 Defining Experiences through Personalization

Know what your user is looking for or, what issues they face. Help them overcome their hurdles or offer them just what they need. Personalizing the solutions is the key to convert or retain the customers. 

#6 Improving Supply Chain Practices

Eight in 10 customers are unlikely to shop again in cases where the delivery experience was not up to the mark.

Supply chain not only improves operations but also helps retains your customers by giving out good customer experience. Sales forecasting and predictive pricing help determine the inventory that you need to store for the coming quarter. It will also help you manage the raw materials, logistics and distribution for the products

How A.I. Helps Businesses?

Catch up with these A.I. trends to get an edge over the competition and be more customer-centric. 

#1 Make informed decisions

With the assisted intelligence that keeps learning from your interactions with the users, you can make quick and real-time informed decisions. The A.I. tools have the ability to adapt to the situation and act accordingly, without human interference. Automate several cognitive as well as manual tasks for increased efficiency.

 

#2 Seamlessness in supply chain

A.I. tools are capable of acquiring all the data related to your supply chain, thus enabling faster and efficient delivery and preemptive production of the products. 

Complete monitoring of the supply chain processes for predictive scheduling and making the entire process predictable. 

#3 Managing the inventory

A.I. can determine the demand-supply ratio for the products in your portfolio and helps you stock them up. It also aids in future forecasting for products, which might be in demand in the future. Nike has created a demand for customized shoe variants. Using A.I. Nike helped customers design their own shoes and try them virtually. 

Predictive sales also help in keeping a stock of the raw materials required to manufacture the products.

#4 Personalization for customer retention

When you offer what the customer wants at the right time, then your chances of converting are higher. A.I. tools analyze the data available from the customer purchases, their browsing history, as well as their feedback. Through personalization, customers don’t need to search for the products and engage better.  

#6 Better product assortment

Where you sell will determine the product assortment you need to get ready for the customers. A.I. strategy will help you understand the customers, their interests, and characteristics better, thus helping you with the product selection. A.I. powered assistants can help you engage customers better. 

#7 Initiate customer support

Often, you find it hard to connect with the customers at their time. As a result, you lose out on customers. With A.I. powered chatbots, you can easily connect with the customers, understand their issues, and serve them with a solution. 

Implementing the right A.I. strategies across your business will help you convert better and make your organization profitable. An optimized business plan combined with current technologies can help your business engage better with the customers and offer products or services that they need. As technology evolves, you ought to evolve too for increased scalability.


Related Articles

Natural Language Generation is the driving force behind chatbots, but it can do so much more. Learn about the current and future states of NLG and how it can transform your content creation.
In Part I of this three-part series on "Artificial Intelligence and the Connected World," we examine the role of Linguistic AI in content creation and how global marketers can prepare for a future where content creates itself, and prevent content "parking lots" or mountains where material may become obsolete or overlooked.
The challenges of personalization have long been too much for some brands to overcome. But technological advancements, like AI, have helped make personalization a more attainable goal.
The threshold for a product becoming a brand is debatable. However, just as it's reasonable to say an actor who is not famous is not a celebrity, it's also reasonable to say a company or product that is not famous is not a brand.