Would you like to reduce sales call times by up to 70%, increase sales leads by more than 50%, and reduce operating costs by as much as 60%? A study by the Harvard Business Review found that companies using artificial intelligence technology for sales did just that.
Another study released just last month found that 58% of marketing professionals reported an increase in performance thanks to the use of generative AI tools such as ChatGPT.
Companies also are using artificial intelligence to automate and improve IT and network performance, customer experience, manufacturing processes, recruitment and retention, and business intelligence and forecasting, and to reduce human errors.
Regardless of the size of your company or your business industry, AI can help your business by streamlining internal workflows, empowering your team provide higher levels of service to your clients, and increasing efficiency to boost profits.
Check out these five ways AI can help your business.
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Sales: Reduce Phone Calls and Costs, Increase Leads with AI
AI can help your business refine and automate sales process. Research by the McKinsey Global Institute indicates that nearly one-third of all sales and sales operations tasks can be easily automated with AI tech. These tasks include sales strategy and planning, lead identification and qualification, pricing and contracts, order management, post-sales communications, and sales and reporting analytics.
AI tools can be particularly impactful during the early stages of the customer buying journey. You and your team can employ AI tools for time-consuming tasks such as initiating contact with sales leads, following up on leads, and answering questions from sales prospects.
Your sales team can leverage AI tools to quickly help write personalized emails for inbound and outbound leads. AI forecasting and data insights also can enhance your sales planning and management process and help you better understand your customers’ evolving needs.
Just how effective is the use of AI and automation in the sales cycle? A 2020 Hubspot survey found that 61% of sales teams who exceeded their revenue goals used automation in their sales processes.
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AI Can Help Your Business Market More Effectively
According to Hubspot, the top three reported uses for AI in marketing are predictive analytics, content personalization, and content creation.
AI can help your business by collecting and analyzing large swaths of data from multiple sources and campaigns and summarizing their efficacy. AI also can be used to predict campaign outcomes such as time on page, email opens, purchases, and more.
With AI tools, you can personalize content in a way that would be extremely time-consuming to achieve manually. For example, AI can automatically choose different types of content with which to engage your clients depending on the client’s online behavior, occupation, position in the sales funnel, and other factors.
AI tools are ideal for content creation, as well. Generative AI tools such as ChatGPT can help your team brainstorm ideas for blog posts and assist your team with creating content outlines, product descriptions, headlines, and more.
You and your marketing team may want to use ChatGPT and other AI tools for market research and competitor research, as well.
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Leverage AI To Improve Customer Experience
AI has become a foundational element in how businesses provide support to existing customers. AI tools can be used to detect the tone and purpose of incoming messages from your clients, including the context of those messages.
AI tools even can recognize complaint, crisis-related, or lead-related vocabulary in client communications to trigger specific actions. For example, artificial intelligence tools can recognize phrases such as, “I’m upset” or “I’m interested in” and trigger an action for follow-up with your support or customer care team.
Self-service AI tools such as chatbots are ideal for answering basic questions from your clients when members of your team aren’t available. It’s worth noting that many of your clients likely are already familiar with and see the value of chatbots.
According to a survey conducted by Userlike, 80% of respondents had interacted with a chatbot. Even more compelling, 68% of survey responders reported that they enjoyed the speed and convenience of interacting with chatbots.
Your company also can leverage AI tools to better understand your customers’ preferences and automatically personalize product offerings based on those preferences.
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Be an HR Leader Not a Lagger
AI can help your business recruit and retain top talent, as well. In fact, many human resource departments already are harnessing the power of AI for activities such as delegating internal tasks, analyzing candidate profiles, and recruiting new employees. To stay competitive, you may want to consider using AI tools in your hiring processes and employee management, as well.
According to Gartner, 81% of HR leaders already have explored or implemented AI solutions to increase efficiency in their departments. In the same survey, Gartner found that 76% of HR leaders believe that if their companies do not adopt AI tools in the next 12 to 24 months they will be lagging behind their competitors.
Use AI tools to sift through scores of resumes in a very short period of time, analyze candidates’ skills, and compare those skill sets against your top-performing team members in comparable job positions. Consider using chatbots to quickly gather information about candidates to speed up your recruitment process.
Your HR team can use AI tools to create more effective job descriptions and a more personalized experience for candidates whom you are actively recruiting. Leverage AI to onboard new employees faster, provide more effective new employee training, streamline internal benefits administration and payroll, and to eliminate human errors.
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Industry-Specific AI Tools Take Efficiency To New Heights
As AI has become more widely used and accepted, industry-specific AI tools have been developed to address specific industry needs, too.
For example, if you’re a legal professional, you may want to consider AI tools such as Diligen to review contracts for specific provisions and clauses and AI platforms like Blue J’s to streamline legal research, predict case outcomes, and better understand complex cases.
If you work in finance, you may want to investigate AI-driven document processing software such as Ocrolus that automates your process for the loan eligibility. You also can use AI to monitor financial portfolios, better understand market sentiment, and manage large and diverse portfolios.
No matter your business or industry, AI tools are here to stay and are ideal for the savvy business owner in search of ways to increase efficiency and productivity, improve customer experience, and reduce operating costs.
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