Robots at Work
How Leaders Can Shape the Labour Force of the Future Through AI
By Cara Bedford
It is no secret that artificial intelligence (AI) has gotten to a point where it is momentously altering industries by developing efficient business solutions on an unprecedented scale. This is largely because of AI’s capability to not only enable businesses to work faster, but also to uplift their bottom lines.
Investment in AI is also rising and it is increasingly coming from companies that are outside of the tech space. Billions of dollars have already been spent by businesses globally to incorporate AI technologies into their daily processes.
A large part of that investment has been within Canada, which has become a breeding ground for the computer algorithm-powered technology over the last five years. Just recently, Canada became the first country in the world to announce a national strategy for artificial intelligence by allocating a CAD $125 million AI investment over the next five years.
It is, however, important to note that despite being a hotspot for artificial intelligence research, a report by CB Insights has determined that Canadian companies are not making as much of an impact on the international AI scene.
Among the primary reasons that contribute to the slow impact of Canadian companies at the international level is the struggle to implement and commercialize AI into their respective workplace environments. With that taken into consideration, here are some ways for leaders to successfully integrate AI in their businesses.
1. Create an AI Roadmap for Your Business
Every leader should be able to pinpoint and define their business problems and challenges so that they can establish a concentrated AI practice. It is highly recommended that leaders include artificial intelligence into their business models so that they can educate venture capitalists and bankers on what it means for the revenue and growth of the company.
By the same token, an AI roadmap can also help investors realize what it can do for them in return. In most cases, a roadmap is often viewed as a visual representation of the phases that AI needs to go through to benefit the company. Communicating and outlining this from the start is a key to gaining substantial funding for a project since it provides a real and progressive approach to business.
2. Maximize Smart Algorithms to Reach Target Audiences
Developing customized convert leads is one thing; being able to target the right audience with relevant messaging is a whole new ball game. Whether it’s through email, paid search, or social media, maximizing smart algorithms help businesses display ads to potential clients with the use of instant profiling.
Thanks to AI, businesses will be able speak directly to their audience in a way that gauges their interest and prompts them to take action. Best of all, it enables businesses to target people that have similar interests to their site visitors and existing customers, therefore, increasing the chances of growing sales and customer base.
3. Use Bots to Help Clients
Customer service is not a job for someone with a weak heart. More often than not, representatives deal with customers who are generally stressed, angry, and frustrated. By simply using a customized chat bot, businesses can ensure that the general questions of clients are answered and boost customer satisfaction. It should be noted that bots can also be available around the clock to serve customers, meaning an important audience is never left without answers.
Interestingly enough, experts predict that with a wide range of paid and free chat bot solutions available, it is most likely that at least 85 percent of customer reactions will be done without a human by next year. Also, chat bots enable business leaders to monitor interactions and regularly check in on transcripts to make sure that it is providing the information the customer needs.
On top of everything else, chat bots also eliminate basic customer support costs from the financial spend of your business.
4. Restructure Workflows
Re-evaluating workflows is necessary in order to accommodate for the systemization of particularized tasks and ensure a smooth-sailing human and machine interaction. Among the steps that leaders can take to cultivate effective operations as AI is introduced, they can constantly collect feedback from members about which aspects of their jobs they feel could be systematized.
By simply collecting their answers, leaders are able to gather ongoing insights and valuable information into where AI fits in the company workflow. As a result, this will also enable HR managers to comprehend how the technology will impact the hiring strategy of the organization from this point forward.
Benefits of Artificial Intelligence in Business
AI is completely transforming the way we work together and the workplace environment. If used correctly, AI integrations for business can enhance resource use efficiency and improve processes to get ahead of competitors.
1. Automate Client Interations
Social media conversations, emails, online chat and other traditional customer interactions currently necessitate human involvement. AI, on the other hand, is allowing businesses to systematize these interactions by evaluating the data that was collected from previous communications to accurately respond clients and deal with their questions.
By means of automating client interactions, businesses are also able to provide customers personalized marketing that has the ability to increase engagement and generate sales as well as improve customer loyalty.
2. Mining Relevant Data
Integrating AI into your business model can help you unravel essential and significant findings during the processing of big data. It can also provide your business with the ability to predict outcomes based on data analysis. Prediction makes you and your team members actively involved in business and help to keep everyone’s interest level at a high level.
3.Profit Enhancement and Cost Reduction
AI also enables your business to reduce costs and enhance profits thanks to its proficiency to not only monitor processes but also trim down the downtime of production lines and the risks associated with the human factor. AI can also process and perform the necessary tasks without need for breaks, thus, ensuring continuous business efficiency.
Robots at Work
Robots at Work
A New Era for Entrepreneurs
A New Era for Entrepreneurs