Artificial intelligence is here to stay. It has proven itself as a valuable and effective way to perform routine tasks in a variety of industries. While AI may not have poked its head around the corner of your office door yet, it doesn’t mean that it is not on the horizon as a tool to help unload some of your most arduous responsibilities.
AI has the ability to free up your times and provide accurate completion of routine skills. This year is expected to be the year that the technology heats up and hits desks, making it a possibility at your workplace in the near future. To understand how AI will truly impact your business in the coming year, a panel of entrepreneurs from YEC gave their thoughts on the following question.
How will artificial intelligence affect business in 2018?
Their best answers are below:
1. Create a More Customized User Experience
With AI on the minds of not only businesses, but also customers, it’s definitely going to become more aggressive in 2018. More businesses and brands will use AI to customize the user experience, while analyzing data, buying trends and browsing history. There will no longer be a need to ask for name, email and contact information, as this will soon all readily be available through the use of AI. – Zac Johnson, Blogger
2. Change How We Use Social Media
The biggest impact of AI will involve social media. The coming year will see a rise in real-time personalized content targeting with the aim of creating increased sales opportunities, mainly because AI can make use of effective behavioral targeting methodologies. Consider this: an AI-enabled marketing stack works in determining when people on any given platform start looking for new CRM software. – Derek Robinson, Top Notch Dezigns
3. Power Fraud Prevention
Fraudsters have elevated their game in today’s digital world. Luckily, the capabilities of AI-powered fraud detection tools are available to help businesses protect against sophisticated fraud schemes by leveraging automation, machine learning engines, natural language processing, speech and video recognition, to name a few. – Stephen Ufford, Trulioo
4. Predict Customer Behavior
Although AI is being used to predict customer behavior to some extent, it will get a boost in the future. Businesses will use AI to detect if a customer is willing to purchase the product, seeking support or switching to another provider even before they actually approach. The focus will be on making machine learning intense so that it appears more human for better engagement and successful deals. – Liam Martin, Time Doctor
5. Enable 24/7 Customer Support
With chatbots being employed to deliver 24/7 customer support, businesses can also incorporate this data into their CRM to gather more valuable customer insights. This data can then be used to optimize various touch points, including chatbot interactivity, creating a feedback loop of customer data. Ultimately, AI enables the ultimate customer experience by providing indispensable customer data. – Kristopher Jones, LSEO.com
6. Change News and Marketing Research
Other than that it’s the future, you don’t really know for sure, like any other disruptive mechanism. Bitcoin is a perfect example of that. That said, I see the business of news changing dramatically because of artificial intelligence. The same with marketing and customer behavior. That’s going to be the game changer, and you’ll see a lot of jobs as we know them become extinct. – Philip Michael, New York Equity Group (NYEG)
7. Further IoT Technology
Internet of things technology will be further integrated with blockchain for security. This will help fuel an explosion in innovation and consumer adoption. In particular, watch for more smart home products which will see IoT making further inroads into the everyday life of consumers. – Ismael Wrixen, FE International