A new wave of AI programmes is taking the business world by storm, and it is easy to see why. Given that machines are now imbued with human-like intelligence and can use algorithms to unearth patterns and create insights from whatever data they’re given, they can be game-changing assets for businesses.
More businesses are cottoning onto AI’s benefits. 83% of the 3,000 business executives, managers, and analysts surveyed for the Reshaping Business with Artificial Intelligence study in 2017 felt AI was a strategic priority for their companies. The International Data Corporation also anticipates global spending on cognitive and AI solutions to increase at a 55.4% annual rate over the next few years.
The media’s portrayal of AI focuses on self-driving cars and robots, but it’s not all like that, and companies across the world are discovering useful ways to utilise AI technology. Read on to find out how your own company can take advantage of the AI revolution.
Use AI to manage data
Many businesses collect large swaths of data each day that can be difficult to keep track of and manage, from sales transactions to customer information. Fortunately, AI makes this a whole lot easier. SAP’s HANA cloud platform is an example of AI technology that does just this.
SAP, whose enterprise resource planning (ERP) software helps businesses run various processes, like accounting, finance, and sales, are increasingly delving into AI, as can be seen with HANA. The program uses machine learning to gather information from various access points, like mobile phones and computers, before analyzing them to spot trends and irregularities.
Retail giant Walmart use HANA to process large volumes of transactions within seconds. The machine learning platform instantaneously highlights any unexpected differences involved in the business process, like a factory machine running slower than usual, or an excess product order that seems strange for a certain customer. The results can be used to decide whether a new course of action is required, like an inspection of factory machinery.
This is just one facet of a huge drive towards AI at Walmart, with the company working on various other AI innovations, such as the Amazon Go-inspired Scan and Go Shopping. To cope with this, the tech division of the company, Walmart Labs, have announced they want to add up to 2,000 new employees, including AI specialists. If your own business decides to implement such technology, you’d need to employ more AI-savvy employees yourself. Niche recruiters can help you with this, with SAP recruitment companies like Eursap in Europe or Portland Resourcing in the US particularly useful, considering SAP’s increasing presence in the AI world.
Use AI for marketing emails
Some AI systems are so revolutionary they’ve turned the business hierarchy on its head. Virgin Holidays—one of the largest tour operators in the world—now relies on AI technology from a small British startup for several million pounds of annual revenue. Richard Branson’s company began using British startup Phrasee’s AI technology to optimise and automate its marketing email subject lines, and found their open rates increased by 10%. All Virgin Holidays had to do was feed Phrase three years worth of email subject lines and its brand guidelines so it could learn the brand’s tone of voice and alter its algorithm.
Small changes like this could make a huge difference to your own business, with plenty of evidence demonstrating that marketing emails can massively benefit a company’s bottom line. A survey of US marketers found that emails have a remarkable median ROI of 122%, over four times higher than other marketing formats studied, including paid search and social media. They have a phenomenally large reach, more so than social media, so are an effective way of delivering your company’s message and driving conversions. Although brands can jeopardise this by sending too many marketing emails, they are clearly popular with consumers. According to a study by Statista, 86% of consumers want promotional emails from organisations they do business with at least once a month.
As shown by Virgin Holidays, AI makes email marketing easier and more efficient than ever. AI technology cuts out human error and bias in email content, makes the process much less time consuming, and can automate the optimum send time based on each subscriber’s engagement history. In addition, AI can also learn from each consumer’s purchase history to determine which offers work best for them.
Use AI to train staff
Research shows that a mere 42% of businesses understand their employees’ unique talents and experience. When companies know what their staff excel at, they can alter their training programmes accordingly. However, without this understanding, the majority will find it hard to create bespoke training programmes that cater to different learning styles and knowledge.
AI solutions can change this. For example, Amplifire is a cloud-based learning system which uses AI to adapt tests—like multiple-choice quizzes and games—to a user’s specific knowledge on certain topics. Air Methods, a medical transport helicopter organization from Colorado, began using Amplifire to train staff in January 2016. If the system notices a pilot struggling on a particular training area, it will linger on that specific section and present the information in a different way, before retesting. This creates a more individualized and efficient way of training.
Marney Andes, senior director of talent management at Air Methods, told Allen Comm that this has proven popular with staff, with employees frequently posting positive feedback about their personalized training. She also stated that she felt “personalized learning is becoming a way to attract talent”. So, by using AI to train staff in your own business, you can both improve training efficiency and attract new staff.
Above are just three of the ways your business could make the most of AI. Find the right solutions to your business, and you should see some marked improvements in operations.