Businesses that are in the nascent stage can neither ignore artificial intelligence nor wait for large businesses to come up with the latest developments. There are a few strategies that can be embraced by start-ups or small organizations to save money and stay a step ahead of the competitors in the world of Internet marketing. Here giving some information about how to use artificial intelligence in internet marketing to outrank competitors.
When you get to hear the word Artificial Intelligence (AI) means you would think about big companies and universities who are researching this technology. Undoubtedly, this topic is complicated and very expensive for small businesses to deal with. The only thing that these small businesses do is to hear the word and then get back to their regular tasks.
However, no company irrespective of size can afford to ignore AI. This technology is creating waves in the technology world since it is faster and transformative than the other technologies that are already emerging. Due to evolving of Internet technology, many jobs got shrunk, since this technology has helped the business to do business tasks briskly with less manpower.
There are many venture capitalists who have invested around USD 3.6 billion in the start-ups that are doing R & D on AI. Moreover, there are technology giants including Apple, Google, Amazon, and many top companies that are investing a huge amount of money in AI. Small companies can use AI to improvise the product that they are releasing in the market.
What does AI really require?
AI has become a buzzword in the technology world. This AI is still in the research phase in many technology laboratories. Few of the AI-related technologies include.
Machine Learning: This is what people refer to about AI applications. Basically, machine learning is not about the applications or computers that are coded by the programmers, but it is beyond that. This machine learning is highly flexible and requires less coding than traditional software. Machine learning totally behaves on the data you feed.
Smart Robots: The robots are added to the technologies to make the tasks completely automated while reducing manpower. For instance, there is a robot called Flippy, which will make food Hamburgers faster than the chefs. This robot is integrated with various applications and is carefully crafted by experts in robotics. There are over 45,000 robots working at the Amazon centers.
?These are helping the customers to complete the transactions and soon the menus available for the customers on the website will disappear. Moreover, there are a few virtual assistants who will schedule the meetings on your behalf. IBM’s Watson virtual assistant can set up a bank and brokerage account for you without your presence. Capital one is using the virtual assistant which has the ability to transfer money or to pay bills for the customer with ease.
This software will listen to the commands given by humans and do the activities accordingly. You might have heard the IVRs of the call centers which will irritate you by not listening to what you would like to get from them. The advancement of Speech recognition software by using machine learning is helping the customers get accurate information from the call centers based on the commands given by them.
Natural Language Generation:
This technology will carefully analyze the data and then put it in the human-understandable language. This will take business intelligence to the next level. Narrative Wave consumes raw data from industrial applications to generate insights. Environment Canada will automatically generate weather reports in both English and French language. Forbes uses this NLG to give the profit report of the companies.
There are two terms that are often used by businesses to explain automated decision-making. Those terms include Enterprise Decision Management and the other is Business Decision Management. This is blended with other technologies to analyze data either completely or partially to make automated decisions.
What a business can do to make more out of AI?
You need to educate yourself on the latest technologies and learn about AI. There are many websites where you can find a treasure trove of information on AI which helps you to get acquainted with this technology right from the comfort of your home. You can go through Amazon Echo and Google Home to know about AI and to learn about the technology that converts voice data into text.
You need to make changes in your business to stay on par with the latest technology trends. Need to jot down the areas where you can develop new solutions that can automate the tasks and give solutions for the existing problems. Put the latest developments you would like to make in your business in business terminology . And take the help of experts on how to implement them.
Start investing a small amount and after you see profits; you can expand in developing the transformation applications. If you are into a business where you receive many inquiries from customers and phone calls. Then you need to add a chatbot and find a product that can recognize voice and answer the customer queries immediately. This helps you to save big on customer support.
Ideally, many of your competitors might be using AI to automate the tasks and serve the customers quickly. In addition, a few companies are using machine learning and decision management to improve processes. Stay on par with help you to give fierce competition to your competitors without losing your customers. Take an example of Amazon, an eCommerce company that is giving tough competition to the top technology giants Google and Microsoft. Now, it is venturing into the meal delivery and grocery business.
You need to keep tracking the key performance indicators of your business to make necessary improvements in the product or service time and again. You need to use chunks of data and keep averages at bay. Ideally, averages will take away your business opportunities. You need to invest time in the cohort analysis. And analyze the data which helps you to gain more out of it. Always think of how to automate your business tasks and improve products to take your business to newer heights. Need to be proactive and make technology your key strategy.
Many businesses will access AI through vendor products. You need to find the people who are investing in AI which is also helpful for your business. You need to invest in the companies that are developing solutions for automation and data. These people will develop AI products investing in will help you give a strong competition to your competitors.
Take risks in the business to be the king of technology. Try to revolutionize your business. Constantly think of how to outrank your competitors at least in one of the crucial business processes. Develop an AI that will help you to give the best quality product or service to the customers while reducing the cost. You do not need to stay ahead of your competitors. But you need to strive to be on par with them.