AI technology is everywhere these days, and it’s proven to be a game changer for pretty much every industry – but you might still be wondering if using it in your business is really right for you.
While you might be a little apprehensive at first, the reality is, AI technology isn’t going anywhere.
The sooner you adopt it, the sooner you can benefit from it.
We know by now that AI and automation go hand in hand, but one of the most exciting things it brings to the table is helping you really understand your business data.
It’s essentially a business assistant that can pull out important insights from your data that would take you days or weeks to find, if at all.
By leveraging AI analytics tools, you can effectively eliminate the guesswork associated with growing your business while making data-driven decisions that bring you more success.
Unlocking AI-driven analytics for modern businesses
Chances are you’ve put a lot of time and energy into understanding your customers and the markets you’re trying to explore – for most businesses this means wrestling with complicated spreadsheets or juggling a variety of different tools.
But there’s a common problem with this.
Even the best market intelligence tools available still give you a bunch of manual work to do when trying to pull helpful information from them. You may have even had to hire a team of specialists or analysts just to help you make sense of all the numbers.
This is what’s so helpful about AI. It’s like flipping an automation switch on all of these activities.
AI-driven analytics tools analyze your data in real time and help you spot patterns or trends that would normally fly under the radar. Then, they can take this data and help you predict what other trends might come up for your business based on historical patterns.
How predictive insights can be leveraged for more accurate decision-making
Every business would love to be able to predict the future. Unfortunately, AI isn’t exactly a crystal ball.
That being said, the technology can help you to better understand the ups and downs of your industry, while giving you actionable insights you can use.
Because of this, AI views data unbiasedly, which makes it easier to pick apart legitimate patterns that are useful for predicting where and how things might change for your business.
All of this is done without being weighed down by gut feelings or leaning one way or the other.
Now, this doesn’t mean that AI needs to or should replace your teams. Businesses still need real humans to pick apart why things might be happening in their business and what these AI-driven insights mean for them.
That being said, AI is the perfect solution for double-checking your assumptions and backing up your decision with proven data.
Below are some of the ways you can leverage the predictive analytics your AI tools provide you:
Avi Bhatnagar
More accurate demand forecasting
AI tools can act like your business’s inventory manager. This is achieved by using features like time series analysis and machine learning to look through past sales, seasonal demands, and even weather patterns that can impact deliveries.
This gives your business a clearer picture of what stock levels it needs to keep on hand, meaning less wasted product and fewer out-of-stock nightmares.
Customer behavior prediction
It’s important to really know who your customers are, especially when it comes to what they buy or tend to click on.
AI tools help you to create marketing campaigns that will actually resonate, giving you the data to offer spot-on product recommendations and maximize their engagement.
Rebecca Stewart
Risk assessments
Business risk is everywhere. It’s important that you have the tools necessary to help you navigate it effectively.
If your business is centered around finance, AI can help you evaluate everything from credit scores, personal income, and job histories to make smarter decisions regarding lending or client risk.
Market guidance
AI can also be your secret weapon when approaching real-estate selling.
Whether you need information on new housing markets or looking for high-value renovation ideas, AI can move through market data fast and efficiently, giving you the data you need to make the right buying or selling decisions at the right time.
Incorporating AI into the customer experience
Caring for your customer’s needs is everything. But what they want is always changing. No matter how large or small your business is, following these changes in their preferences is critical.
But as you grow, this isn’t easy. You need to always have your finger on the pulse of your customer satisfaction and adapt when necessary.
So how do you achieve this?
Of course, you always have the option to scale your support team. But while this might help in the short term, you’re also making it harder to sustain profits.
Stewart Townsend
AI tools can be a great alternative solution for addressing your customer needs.
AI chatbots and virtual assistants can operate 24 hours a day. They can answer your customer’s questions when they need them most, even outside your standard operating hours.
AI tools also help to automate many of the routine tasks your business has.
This frees up your teams to focus on the things that really matter for your business while still giving your customers the personalized service they’ve come to expect.
For example, many CRM tools like Zendesk, Freshdesk, and HubSpot leverage AI-powered solutions to not only create a seamless support experience for customers but also assist agents in providing faster, more accurate responses.
Many solutions also include native support of generative AI tools like ChatGPT and other tools that use LLM (Large Language Models) to allow agents to interact with CRM data using natural language through text-based prompts.
Revenue Operations Alliance
LLM prompts that can simplify common tasks
Some of the prompts that could be used to simplify common tasks include:
- “Summarize [CUSTOMER’S NAME ]'s recent feedback and summarize key areas of concern.”
- “Draft a follow-up to all customers who inquire about [SPECIFIC PRODUCT OR SERVICE].”
- Analyze the last six months of customer reviews and categorize them as “Positive,” “Neutral,” or “Negative.”
- “Create a list of frequently asked questions based on recent customer interactions that can be added to the company knowledge base.”
These are just a few examples of how AI tools can be used to simplify support activities and automate a wide range of business processes.
Optimizing all areas of business operations
Making better business predictions and keeping your customers happy are both big wins. But AI can do so much more than that. It can inject optimization into every element of your business.
For example, you no doubt have a lot of necessary but time-consuming tasks you need to do every day. You may even be hesitant to pass them off to others because of how important they are. But this doesn’t have to be the case.
AI tools are incredibly flexible when it comes to business process automation. You can train AI assistants to carry out tasks the same way you would, with much less likelihood of error and in considerably less time.
You can automate everything from order processing, IT support, employee onboarding, and customer service. This not only helps you to keep your business running more smoothly, but it also keeps extra administrative burden off your teams while significantly improving your bottom line.
Start to leverage the power of AI in your business
If you're ready to unlock the full potential of your business, AI technology can be the answer you’ve been looking for. By leveraging the flexibility of AI and predictive analytics capabilities, you’ll help your business stay ahead of the curve while keeping customers happy and streamlining your operations.
About Dalip
Entrepreneur, technologist, and passionate business leader sum up the core of Dalip Jaggi, co-founder of Revive Real Estate, a PropTech company with a goal to democratize house flipping.
Since its 2020 inception, Revive has since become the smartest solution for homeowners to maximize their home’s sales value across the nation.
