Navigating the future of AI – Opportunities and challenges for businesses
We are living in the era of Artificial Intelligence. The advancement in AI has changed a lot of sectors, and business is one of them. Most businesses around the globe are adopting AI to efficiently manage and perform their routine tasks.
According to Exploding topics, around 35% of companies/businesses are using AI, and approximately half of the worldwide businesses are planning to make use of AI this year. Wondering why it is quickly adopted? This is so because it provides a number of opportunities. However, it is important to note that along with opportunities, it also has
Opportunities That Businesses Will Get by Utilizing AI
1. Automation in marketing
We all know how important marketing is for businesses. It is quite time-consuming because the marketing team first has to create an effective strategy/marketing plan and then take the necessary steps to start things.
The steps themselves can be very time-consuming. AI presents opportunities for businesses by helping them automate and streamline their marketing-related tasks so that they don’t have to spend a lot of time and money on them.
For example, AI can help with:
There are different types of digital marketing strategies that brands use nowadays. for example, there is content marketing, email marketing, social media marketing, and the like.In all of these strategies, there is planning required.
For example, in content marketing, you have to decide what type of content you want to
create and when to publish it. On the other hand, in email marketing, you have to do pretty
much the same thing.
The next thing that you can do with AI is content creation. In marketing, creating the actual content is one of the main important things. If you are doing content marketing, then means having to make a blog or a newsletter. In email marketing, it means creating email messages. With AI, you can get help in this process in the following ways:
- 1. Creating the content draft: AI tools like ChatGPT can be used to create the content
- 2. Improving and optimizing the content: AI tools like Paraphraseonline.io and Grammarly can help in improving and optimizing the content.
- 3. Content publishing and distribution: AI tools such as Hootsuite can automatically publish, schedule or distribute content on different social media platforms.
It is a process in which businesses keep track of their marketing efforts to determine whether their strategies are providing them with the required results or not. Fortunately,the introduction of AI has also streamlined the analysis process.
There are numerous AI analytics tools available online that will allow businesses to keep track of their strategies. For instance, if a business has worked a lot on SEO to improve its visibility in SERP, then the business can utilize AI tools like Ahrefs to determine how the SEO is performing for them.
2. Automatic operations
This is yet another opportunity that businesses will get by utilizing the power of AI. The employees of the companies have to perform a lot of routine tasks related to the business. These tasks are often time-consuming and labor-intensive, greatly affecting both the efficiency and productivity of the workers.
But the good thing is that AI has an automated solution to routine marketing tasks. It is helping with a number of daily tasks like the ones below:
Businesses hire professional data entry operators who are responsible for entering essential data related to customers, companies, etc. into the database. And we all know the process of data entry…right? it requires first extracting data from invoices, bills, and bank statements, and then entering it into the database.
Obviously, this not only requires time and effort. But there also is a chance that the person may make mistakes due to human nature.
Schedule or book appointments
Now, AI has introduced a number of automated text extraction tools that can quickly scan digital images and scanned documents to extract all the data from them within seconds without compromising accuracy.
Scheduling/booking appointments with customers and stakeholders is also a routine operation for businesses around the globe. For this, companies have hired special persons to manage all this.
But let me tell you, there is also a chance that the employee may forget to keep track of an essential appointment or may not be able to efficiently book customer's appointments,especially when the demand is higher.
Fortunately, AI also has a solution to this. There are a number of tools available such as Acuity Scheduling, that will automatically book and schedule appointments, helping businesses to succeed.
3. Adopting a customer-centric approach:
Most business people out there already know what a customer-centric approach is. It is a strategy that involves putting the loyal customers first at the core of the business to provide them with a positive experience.t business people out there already know what a customer-centric approach is. It is a strategy that involves putting the loyal customers first at the core of the business to provide them with a positive experience.
This has become quite essential nowadays because most of the customers want businesses to value them. However, adopting a centric strategy was quite a difficult task, before the introduction of AI.
Now, AI is providing businesses with the opportunity to adopt this strategy quickly in a
number of ways.
By aligning your (brand) goals with the audience:
Artificial Intelligence can help businesses to efficiently forecast customer behavior. For this, there are numerous tools available like Xineoh will understand a large amount of data such as the buying behavior of customers, needs/preferences, and their browsing behavior.
By all these, businesses can understand what their targeted audience wants, and then align their future goals or strategies accordingly.
Let’s say your business is about selling skincare products online. Then by integrating AI algorithms into your online store, you can provide the customer a personalized behavior.Want to know how? Let me explain.
When a customer visits your store, the AI algorithms can identify their preferred genre and then show them similar products as recommendations. This way businesses can provide customers with a more personalized experience.
Challenges That Businesses Will Face by Utilizing AI
1. Highly qualified and professional staff:
If a business is planning to make use of AI, then it should hire a more qualified and professional staff. This is so because, AI is complex and difficult to understand, which makes it challenging for businesses to identify mistakes or errors in it.
Due to this, it is recommended to go for highly trained staff that can easily operate/use AI for business success. Obviously, hiring professional staff will also cost more than usual.
2. Ethical or legal consideration:
The integration of AI in business has raised ethical and legal concerns regarding security, privacy, etc. Due to this, it is essential for businesses to carefully consider these issues before integrating AI into their business.
Artificial Intelligence is providing a number of opportunities for businesses to quickly become successful in their required field/market.
These opportunities include marketing planning automation, automated content creation,and many more. However, it also has some challenges as well. In this blog, I have covered both the opportunities and challenges of AI for businesses.