PART 3: HOW DOES AI INCREASE REVENUE?
Whether it is about finding actionable knowledge in existing databases, mining text, interpreting large amounts of new IoT data and video streams, or automating customer support – companies increasingly turn to AI. The technology is as versatile as its use cases. In this series we will investigate some of the most promising areas.
AI for boosting profits and productivity
A recent Harvard Business Review survey of AI applications in enterprises shows that companies do better if they take an incremental rather than a transformative approach to developing and implementing AI. Utilizing customizable AI modules is a perfect way of building knowledge and increasing expertise. The survey also suggests focusing on augmenting rather than replacing human capabilities. So how can AI not only support companies in saving cost, but in boosting revenue and customer satisfaction?
In this 3rd part we review AI applications that help sales, marketing or manufacturing improve productivity.
Increase sales by recommending the right products
Recommend a product or service that a client might be interested in, based on past purchases. Recommendation systems are an integral part of almost any ecommerce website. They gather and analyze large amounts of data on customer behavior, interaction, content and predict suitable products with similar content or from similar users. The early adopters of such systems, big online retailers and data-driven companies, benefit a lot from increased sales and reduced customer churn.
Improve Customer Relations and Satisfaction
AI-based systems can help increase Customer Relationship Management (CRM) adoption, by eliminating manual data entry, capturing all contact data and activities and entering them to the right opportunity accounts. Sales teams start to see the AI-powered CRM as a dependable assistant and adoption increases.
Increase Leads
Sales teams that have adopted AI have increased leads and appointments, according to Harvard Business Review. In those organizations, Machine Learning has taken on the time-consuming tasks of connecting with leads, qualifying, following up and sustaining the customer relationship. AI-based systems can also help better prioritize sales leads, taking instinct out of the process, and replacing it with historical data and evaluating multiple parameters.
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Increase Sales with Insights from reviews
The impact of customer experience on revenue is hard to dispute, but to actually measure and analyze it can be very difficult. With a mix of web scraping and topic recognition, you can monetize valuable insight from publicly available information. These insights can directly translate to more impactful campaigns and better branding.
Increase marketing effectiveness
Most businesses can only guess how likely prospective clients are to engage with their marketing channels. Segmenting clients based on their purchases / behavior is much easier with a Machine Learning based system. Uncovering often invisible groups of customers makes it possible for the marketing teams to design a different marketing strategy for each segment. Accurate engagement predictions allow re-prioritization of marketing budgets to ensure efforts produce better outcomes.
Gain a Competitive Edge with Yield & Quality Optimization
In manufacturing, AI augmentation of organizational knowledge can improve both output and quality. Correct predictions from ML-based prescriptive optimization can help improve yield and reduce waste. Modelling production lifecycle with digital twin can further improve quality. This can help companies to achieve sustainable market dominance.
Improve Sales Forecasting
AI-based systems can help sales managers do an even better good job predicting their team’s sales numbers and setting goals. AI can help improve prediction accuracy, taking into account historical data and many variables. That also improves organizations' operations – better planning for production, inventory and resources.
How does AI increase revenue: Summary
The ALSO AI Team works with a variety of vendors, developing a wide range of products from Translation Tools to Chatbots and Cybersecurity applications, to name just a few. Follow our series to learn what other benefits the use of AI tools can bring to your and your customers’ business. Next we are going to look into how AI can support humans in making the most of their strength – creativity and relationships.