Companies that don’t keep pace with consumers’ expectations will fall short and lose market share.
Amid rapidly changing technology, many people still associate artificial intelligence (AI) with science-fiction dystopias. But in reality, AI has become an integral part of our daily lives. We now rely on search-engine algorithms and digital assistants like Alexa and Siri for almost everything, including ordering a taxi or finding out how many calories there are in a 10-inch Margherita pizza. The potential of this technology goes beyond its household use. AI is making great strides in the business world, and creativity may be its ultimate moonshot. About 200 years ago, scientists believed that machines could not create anything new; they could only follow set instructions to perform tasks. But recently, we’ve seen AI creating original paintings, music, and poetry.
Of course, artificial intelligence has advanced to a point where it can autonomously generate ideas, concepts, or rough drafts. But having this ability doesn’t imply that artificial intelligence can replace human creativity. It’s not that sophisticated yet. Instead, it serves as a tool humans can utilize to augment their creative ability. So a combination of both elements is necessary to maximize creative output in every field.
We’ve mentioned how artists are using AI algorithms to create poetry and paintings. But what about business executives? How are they using this technology to find innovative solutions and create opportunities out of problems? AI is proving to be a revolutionary tool across every industry, transforming the way employees and customers interact with businesses and carry out daily operations. AI’s adoption in the business domain increased by 270% in the past four years, and we can only expect more widespread adoption in the coming years.
Let’s take a closer look at how AI is radically transforming creativity in business.
With the future of work trending towards digital and remote, HR managers are overwhelmed with tons of resumes and applications. Thanks to advanced AI algorithms, they no longer have to spend endless hours identifying the right candidates from a large applicant pool. This intelligent software filter resumes and job applications to find candidates worthy of an interview. Depending on the number of applications a company handles, AI can shave hours or even days off the hiring process.
Another remarkable benefit of implementing a more intelligent, data-driven process is the tendency to eliminate hiring discrimination based on implicit biases. Prejudice is a human trait, but machines are impartial. With such biases out of the way, recruiters and hiring managers can access candidates fairly and make more rewarding hiring decisions.
Today’s marketers are tirelessly seeking new ways to attract and engage potential customers. But in the fast-paced and ever-evolving digital-marketing landscape, getting a steady stream of new clients can be pretty challenging. The key to achieving maximum marketing success now depends on marketers’ ability to deliver highly personalized, relevant buying experiences. And that’s where artificial intelligence comes in.
The adoption of artificial intelligence in digital marketing enables marketers to gain a more comprehensive understanding of their target audiences. How do they achieve this? Well, consider the fact that machines can quickly identify patterns such as past buying history, buying preferences, credit scores, and other common threads.
The insights gathered through this process helps marketers plan and implement creative marketing strategies with a higher degree of precision.
Research and analytics
Thanks to artificial intelligence, businesses now take customer experience to the next level through customer insights. With people spending more time on their smartphones, data collection through mobile-friendly surveys seems to be the most efficient means of research. But there’s another challenge with this research method: How do you match people to the right surveys at the right time? Well, AI takes care of that for you.
Using ML-trained recommendation models, market research can personalize market surveys more efficiently by presenting the relevant questions when the audience is most available and receptive. After gathering insight, what’s next? You’ll find that not every response from a multitude of submissions will be important to the campaign. Once again, AI handles this problem. It can analyze vast data way more efficiently than any human. And while doing so, it filters responses that don’t suit the research requirements.
Customer relations and customer service
Today’s buyers have gotten used to interacting with chatbots. And why wouldn’t they? Chatbots are good at mimicking the way humans have conversations via voice commands and text chats. Even though this tech isn’t perfect in solving customers’ dilemmas, it offers an easier way to provide efficient customer service.
In many instances, companies combine AI with human creativity such that issues beyond the capacity of the bot are transferred to a human agent. What makes artificial intelligence superior in the customer-service division is its ability to target specific consumers and cater to their specific tendencies. Delivering a more personalized experience to customers encourages brand loyalty and keeps the business booming.
An IBM study revealed that human error is the major contributing factor to 95% of cybersecurity breaches. So it’s not hard to see the immense potential of AI in cybersecurity. If harnessed correctly, AI systems can take on the task of filtering out malware or phishing links before they reach the eyes of an unsuspecting user.
Cybersecurity professionals are already using this tech to identify new types of malware and protect sensitive data for organizations. The beauty of implementing AI systems in a cybersecurity strategy is that they learn as they analyze more data, so they get better at their jobs with new experiences.
The business world is ever-changing, and customer behavior is evolving. Managing the radical transformation can be challenging, but it doesn’t have to be when you’ve got AI at your beck and call. Several SMEs and startups have leveraged AI to capture market share and establish their brand.
Soon, AI in business will no longer be a luxury — it will be a necessity. Companies that don’t keep pace with consumers’ expectations will fall short and lose market share. The only way to stay relevant is to adopt the trend.