Artificial Intelligence – the most lucrative commercial opportunity for brands in the coming years

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Artificial intelligence (AI) is a broad word that refers to any type of computer software that performs human-like tasks such as learning, planning, and problem-solving.

Artificial intelligence (AI) is expected to have a significant impact on marketing strategies in the future, including business models, sales processes, and customer service alternatives, as well as customer behaviour. First, driverless, AI-enabled automobiles may be on the horizon in the transportation industry, offering to disrupt both company models and customer behaviour. To avoid being marginalised by AI-enabled transportation models, taxi and ride-sharing businesses must evolve.

Second, AI will have an impact on numerous sectors’ sales processes. The majority of salespeople still consider a phone call (or equivalent) to be an important aspect of the sales process. Salespeople will be aided in the future by an AI assistant who observes tele-conversations in real-time. For example, an AI assistant might be able to deduce from a customer’s tone that an unmentioned issue remains a problem and provide real-time feedback to advise the (human) salesperson’s next approach utilising advanced voice analysis capabilities.

Third, most online retailers’ existing business models need customers to place purchases, after which the retailer ships the items.

Your organisation may be able to do the following by implementing the appropriate AI technology:

  • By automating and optimising common processes, you can save time and money.
  • boost productivity and operational efficiency
  • avoiding mistakes and ‘human error’ is possible if AI systems are properly configured.
  • utilize insight to predict customer preferences and provide a more personalised experience.
  • sift through massive amounts of data to generate high-quality leads and expand your customer base
  • raise revenue by identifying and capitalising on sales opportunities
  • increase expertise by facilitating analysis and providing intelligent advice and support

Rather than being viewed as a replacement for human intelligence and ingenuity, artificial intelligence is commonly regarded as a supplementary tool. Although artificial intelligence is currently incapable of performing commonsense tasks in the real world, it is capable of processing and analysing massive amounts of data far faster than the human brain. The artificial intelligence software can then present the human user with synthesised courses of action. As a result, humans can employ AI to assist in gaming out the probable outcomes of each action and speed up the decision-making process.

So, what role could artificial intelligence play in the future? It’s difficult to predict how technology will advance, but most experts believe that “commonsense” jobs will become much easier for computers to handle. As a result, robots will become increasingly useful in everyday life.

Cognitive technologies are rapidly being employed to solve business challenges; in fact, many Executives think that artificial intelligence (AI) will significantly impact their businesses over the next three years. However, many of the most ambitious AI initiatives face delays or fail entirely.

Artificial intelligence will surely play a role in the future, whether it is pleasant or unpleasant.  As this technology advances, the world will witness new companies, a plethora of business applications, and consumer applications, as well as the replacement of some jobs and the development of whole new ones. Artificial intelligence, like the internet of things, has the potential to drastically alter the economy, but its full impact is unknown.

To read more, contact us; The Social Lions. We are an all-rounder digital marketing agency in Mumbai.

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