Home Technology 3 Amazing AI Hacks for Powerful Business Results

3 Amazing AI Hacks for Powerful Business Results

117
0
AI Hacks for Powerful Business Results

Avoiding the trap of perfection and using the potential of ARTIFICIAL INTELLIGENCE (AI) to provide 16 times the expected commercial benefits.

Tell me about how things are doing with your company. Is your company small, medium, or large? Have you set up everything necessary for success? Certainly not. That’s why there’s always room for improvement!

Generally speaking, it is assumed that one may improve their achievements by putting in more effort. Perhaps we need to put up more effort. Just quite, but not quite. The “80:20 Rule” states that our efforts should be concentrated on the 20% of actions that provide 80% of the results.

So, how does this relate to computer simulations or AI? Through AI, a computer may be programmed to do specific jobs more effectively, supplementing our intellect. An efficient AI can assist in accomplishing far more than would be possible with only an increase in human resources alone.

The problem with using AI in the workplace is as follows. The value tag for a “flawless AI” is comparatively great. Perfect insights were previously out of reach for all but the largest companies. There are at least 30,000 small and medium-sized enterprises in the United States and The Fortune 1000. Perfect intelligent software is impractical for these smaller businesses since it requires significant development resources. A substantial return on investment in machine intelligence would be attainable for short to medium-sized companies if they did not need top people, infinite time, or the most costly technology.

Is that even possible? There are several valuable frameworks and approaches in the public domain. Reasonably priced AI solutions are now accessible from the numerous businesses powered by enthusiastic venture financing during the past two years. When it comes to human resources, hundreds of outstanding mathematicians studying computer science and software engineering have already initiated the shift from online and mobile app creation to actual AI development. These up-and-comers are prepared to implement your initial simple and valuable artificial intelligence. Like the shift from online to mobile apps that started with the adoption of the iPhone in the corporate world, developers are beginning to grasp the potential in A.

Similar to the shift from online to mobile apps that began with the acceptance of the iPhone in the corporate world, programmers are quickly adapting to the potential of AI by cross-training for these new challenges.

THE BIG THREE AI CRACKS

I will demonstrate how to leverage cutting-edge AI to multiply the effectiveness of your organization in three key areas by a factor of 16.

  • Sales Profits
  • Save money and reduce cost
  • Easier interactions with customers

INNOVATIVE WAY TO INCREASE PROFITS:

Target the clients who have expressed interest in learning more about your offerings using the information.

Do you have at least three years of experience in the market? Information like purchases, shipments, locations, and client profiles may be easily accessed. In addition, many companies find that three years is the optimum period to train an AI model. As it turns out, that’s all an AI needs to learn how to make accurate forecasts. Traditional methods like big data analytics may yield results in the long run, but only after a substantial investment of time and resources.

See how a minor tweak to your AI may improve productivity with little effort. Researchers and experts in artificial intelligence have made great strides in predicting customers’ actions in recent years. Unique insights may be gleaned from training AI models using seemingly irrelevant data like weather, aircraft schedules, time of day, etc. You don’t have to know WHY someone buys your product to target them as a prospect, but AI may also disclose things hidden from human sight.

Hack #1 to begin developing your consumer targeting AI and gather the existing transaction data from your customers. Let’s use an open framework like Tensor Flow to “train” our AI model with a subset of this data. Then we’ll see how well the AI model can anticipate future actions by putting it to the test with the remaining information. It’s better than going to the casino if we can estimate conversion rates with any regularity at all. I’ve observed predictions with a success rate of above 90%. That’s the equivalent of losing 80% of the business you’d have won with a coin flip. You can see the 16X effect in action right here.

HACK FOR COST REDUCTION: RECOGNIZE EXTRAVAGANT PATTERNS AND DECREASE COSTS

Business process improvement is a passion of mine. I earned my LEAN / Six Sigma Black Belt through extensive waste reduction efforts I undertook throughout my time in the business world. Even though we lacked access to machine learning (a larger class of AI that includes deep understanding) techniques, we consistently uncovered areas where processes could be simplified or designs could be revised to boost quality while decreasing costs.

Hack #2 in the same vein, you may easily reap the benefits of AI by employing it. The best way to educate an AI is to find a specific task that a person performs very well. All efforts are made to ensure the security of the company’s computers. This includes strict regulations, such as lengthy passwords and automatic lockouts following incorrect input. What a pain!

IT support desks now spend a lot of money on password resets. One reset by a customer service agent can cost as much as $20 on average (USD). The cost reductions associated with automating the procedure are straightforward to estimate. Moreover, the speed with which a person may return to work results in extra cost savings.

Allow workers to submit a message asking for a password reset using natural language understanding. The AI can interpret phrases like “I’m locked out,” “change my password,” and “let me in” to launch a safe and orderly process that will bring the worker back to work.

New hire orientation, simplified expenditure reports, fewer mistakes while paying vendors, and so forth are a few other uses.

IMPROVING THE CUSTOMER SERVICE EXPERIENCE

Natural language understanding technology provides an exciting new avenue for client interaction, as demonstrated by the description of an AI-powered password reset system. The use of chatbots, such as Facebook Messenger, and others, are rising.

Seventy-five percent of millennials, according to 2016 research, would prefer to give up talking than texting.

This year has seen a rapid rise in the use of chatbots as a novel channel for communication between customers and businesses.

Hack #3: Since you likely already have a website and maybe a mobile app, integrating artificial intelligence (AI) is a breeze with chatbots. The tools to create a discussion with customers and extend their time on your site are relatively cheap. I don’t understand how this keeps happening. Clicking is faster than typing. If you add a “see you later” to your website’s leave page, you may increase the effectiveness of your message by 16 times.

It will not break the bank to implement any of these AI shortcuts. These hacks don’t have to be flawless compared to the millions of dollars huge organizations are spending on AI right now. Simple AI can increase productivity by a factor of 16! They need to tweak a few things, and your 20 can become an 80.

Also Read:

Previous articleHow could a Seller Register at GeM Portal?
Next articlePlaypens: Portable Pop-up Play Yard for Kids
I am 26 years old passionate blogger and a dog lover. I love to write and share various information.

LEAVE A REPLY

Please enter your comment!
Please enter your name here