How Technology Can Help Your Business
Businesses rely on technology for everything and the integration is only becoming closer. What you may not realize is how useful AI-based technology can be for your company. There are now several solutions available that can vastly improve your profitability, reduce risk and help you to better understand your customer. This will introduce a few ways that modern technological innovations and AI can help your business.
Revenue Intelligence
If you are in a sales or marketing company, then revenue intelligence technology is about to become your new best friend. This technology is quickly changing how sales and marketing are conducted by automating data entry and understanding the customer in a much more detailed way.
The sad truth is that much of sales and marketing is still guesswork. You can research your customer’s habits, what they’ve bought in the past, what they’ve liked, and try to arrive at a conclusion. While this delivers some relevant information, it’s not the whole picture. Revenue intelligence follows your customer around and sees what they are actually doing, understands what they are trying to say, and helps you discover what they really want.
Utilizing this Modern technology ensures that you approach your customer in the right way. It helps you make tailored marketing specifically for each customer. Many of the largest companies, like Netflix, are using this technology and to great effect.
Competitive Intelligence
You have to keep up with your competition. This traditionally means that you need at least one person, but usually, a whole team, to consume everything the competition is putting out. They have to read their articles, watch their videos, pay attention to their sales and products and so on. It’s a massive undertaking. Then the team has to generate reports about what the competition is doing, which is another massive undertaking.
AI can do all this heavy lifting with ease. AI-based competitive intelligence programs can track your competitors through social media, their websites, blogs and any other digital channels they have. The best intelligence programs even generate easy-to-read reports so that you quickly understand what your competition is doing.
This makes it much easier to respond to changes in the market. You can also focus more on beating the competition rather than using hours and hours to understand them.
Advanced Chatbots
Chatbots are a polarizing subject and it’s easy to see why. Many people think of the early chatbots that either responded with irrelevant text or only worked with highly specific prompts. Today’s chatbots are completely different. They use advanced AI to listen and learn from customers. They continue to get better as more customers interact with them.
That doesn’t mean these programs start off slow when you first install them. The newest chatbots are getting closer to true human interaction. They understand the context better and are able to interact with people in a comfortable and efficient way. This not only makes customers happier, but it leads to people having their questions answered with less human interaction. That means your staff can concentrate on more pressing matters.
You don’t need a huge budget for a chatbot. The truth is that these are even better for small businesses because they don’t have the budget for a dedicated sales and customer service team. These programs are quite affordable and easy to install on most websites.
Conclusion
AI is becoming the hottest thing in business because the programs are adaptable and take on a detailed, human-like quality. From enhanced marketing and sales to complete competitive intelligence, these technologies can help your business succeed.