When you invest in any new technology for your organization, the goal is always to see a strong Return on Investment (ROI) from your technology investment. There’s no guarantee that the technology you choose will have a positive impact on your bottom line, though. You have to carefully select the right technology solution for your business, and follow a variety of best practices to give it the best chance of succeeding.
Lately, one area that many businesses have been investing heavily in is artificial intelligence (AI) and machine learning (ML). When implemented properly, AI and ML technologies can improve the customer experience, productivity, and overall profitability of a business. But, unfortunately, it’s also easy for a business to sink lots of money into these technologies without seeing a meaningful return on that investment.
Business Applications of AI and Machine Learning
Before diving into some of the key business applications of AI and ML technologies, it’s worth clarifying the difference between these two terms. Though people often use AI and ML interchangeably, they’re not exactly the same thing. Machine learning is actually a subset (an application) of artificial intelligence. While Artificial Intelligence is the capability of computer systems to imitate human cognitive abilities, Machine Learning is the process those computer systems use to develop their intelligence independently.
With that in mind, here are some of the top applications of AI and ML for organizations today.
Delivering quality customer support is vital to keeping your customers happy, but it’s also costly and time-consuming. AI solutions can help streamline your support efforts to save your customer support team valuable time and effort. For instance, AI technology can automatically assess the context of customer messages, categorize them, and send them to the appropriate teams. Your AI tools can also flag conversations with certain keywords or phrases and trigger immediate action like connecting the customer to a live representative right away.
Sales require a human perspective, but AI and ML can still play a key role in improving companies’ sales processes. Businesses that do implement AI in their sales department enjoy benefits like 40% to 60% cost reductions and more than a 50% increase in leads and appointments, according to Harvard Business Review. But how? You can use AI for better demand forecasting, tracking email responses, and scoring leads, for example.
AI technology solutions are invaluable for marketing departments, too. Within your marketing department, you can apply AI to everything from competitor analysis and market research to search engine optimization (SEO). Automatically segment customers into specific, useful segments based on detailed customer data. Send out personalized emails and run targeted marketing campaigns. AI can make all of these processes nearly effortless for your marketing team.
How to Maximize the Business Value of AI and ML Technologies
There are several factors to keep in mind to ensure you maximize the business value of your AI and ML technologies. Try to follow these steps to begin.
Step 1- Identify the Business Challenge You’re Addressing
Getting the most out of your AI and ML solutions is a process that starts before you even begin implementing those solutions. Start by identifying the challenges within your organization that you want to use AI or ML technology to solve. What goals do you have for the technology? How are you going to measure your results against your desired outcome? How do your existing business imperatives connect to this technology? By answering these questions, you’ll be better equipped to select the most appropriate solutions and implement them effectively.
Step 2- Carefully Choose a Technology Provider
These days, there are many different companies offering AI and ML solutions to other businesses. When you’re shopping around for the right solution for your business, try to evaluate potential technology providers like you’re evaluating business partners. The solution you choose will play a key role in your business, so it’s important to choose wisely. You need a technology provider that can grow with your business and offer all the necessary support during and after the implementation process.
Step 3- Ensure Data Availability
AI and machine learning models need large quantities of relevant, accurate data to function. If you don’t already collect extensive data within your organization — from sales to marketing to customer service — you should develop a plan for doing so before you implement any AI solutions. Consider leveraging third-party data to get even more value out of your technology. You’ll also need to keep in mind any relevant data laws or regulations within your industry to ensure full compliance.
Step 4- Develop a Strategy for Implementation and Use
Once you’ve laid all the groundwork for your new AI technology, you still need to think through your implementation approach. Rather than making sudden, drastic changes to your processes, consider using a phased implementation approach to ease your team members into the new technology. This will give them time to adapt and get comfortable so they can use the technology to its full potential. At this point, you should also dig deeper into the practical ways you plan to use your new AI/ML technology as part of daily operations within your organization.
When implemented properly, artificial intelligence and machine learning have the potential to propel organizations to the next level. If you’re planning on investing in these technologies for your enterprise, take steps to maximize your potential returns on that investment. By following the steps outlined above, you can set your business up for success in using your new AI and ML technology.
In your search for the right AI solution, Live Earth is here to help. Live Earth is an AI-powered customer data analytics platform that leverages visual machine learning. Enterprises use the Live Earth real-time customer data platform to unlock insights from data in real time for better business intelligence and actionable insights. Contact Live Earth today to learn how we can help your enterprise with AI and ML technology solutions.