2020 has been an accelerating year for artificial intelligence (AI) as digitalization became a need of the hour for organizations during the pandemic. This sudden transformation expedited the use of AI to help organizations drive more decisive engagements, sell smarter, boost customer support, and personalize experiences.
As the pandemic continues this year, AI-powered predictions will be much significant than ever. AI is providing progressive estimates and answers that align with specific business outcomes. Every day, AI technology delivers billions of predictions for customers.
This range of adoption is vast and primarily benefits those who use AI as the core business strategy and want to understand better and engage customers.
Worldwide Spending on Artificial Intelligence Is Expected to Double in Four Years, Reaching $110 Billion in 2024
How is AI helping businesses?
AI technologies are better-equipping organizations to predict customer behaviors and preferences. Here we have mentioned multiple ways that AI predictions help businesses operate and support their customers more efficiently.
- Personalized communications with customers
During the pandemic, several companies were required to drive better engagement as most customers began shopping online. Personalized conversations were never an essential aspect for traditional businesses to meet their customers’ expectations and grow sales. With AI, companies have shifted their focus on well-equipped customer conversation through focused email campaigns, respond faster to exciting trends, and increase traffic to online platforms.
- Accurate prediction of cash flow
Many financial services organizations faced delays in customer payments and struggled to predict short-term and long-term cash flow. AI-powered predictions helped these businesses to continue while being empathetic to the crisis their customers faced. AI has enabled organizations to predict cash flow more precisely, quickly and respond to customer queries promptly.
- Effective sales teams
The value of an effective sales team, being the team the informed and empathetic advisors, has grown during the current epidemic. However, the time team members can commit to fetch valuable insights is reducing. That’s the reason why more teams are automating tedious tasks to enable salespeople to spend more time establishing loyal relationships with customers. AI has empowered salespeople to adequately prioritize leads, determine action plans, and, most importantly, log customer notes and sales data.
- Better customer experience
During the lockdowns and social distancing, goods delivery services have experienced a surge in customer requests. During the period, AI technology is helping businesses deal with increasing case volumes and assisting customers in tracking packages or orders, report issues, and get refunds. All these hassle-free services are keeping customers happy and adding value to the customer experience.
The rise of automation
The current crisis has proved that AI adoption is the turning point for organizations, and it’s here to stay. These technologies are helping businesses become more productive and provide a better customer experience. Besides, employees can focus on more strategic work with the automation of their routine tasks. AI tools will help them implement and innovate quickly without using code.
AI can boost flexibility during these challenging times. Encouraging employees to understand these technologies will cultivate a culture of constant development that aligns with current business needs.