Movies would have us believe that technologies using artificial intelligence are either malicious minions of the dark side, or noble knights saving humanity from our ill-fated plight.The reality is different. For small to medium-sized businesses, artificial intelligence and machine learning present many positive opportunities.
And artificial intelligence (AI) for business isn’t still in the realm of science fiction. In fact, research released in April showed that 54% of Australian organisations have started adopting AI as part of their business strategy, with 80% of business leaders believing it’s important to their organisation’s competitiveness in the next three years.
AI is the ability of technology to perceive, learn and solve problems. Here are five ways it might affect your business.
1. Smarter tech for better decision-making
Some types of AI use algorithms to quickly process large amounts of data. The more data they process, the better they get at doing it. Dubbed ‘machine learning’, this procedure can capture huge amounts of data from connected devices and turn it into useful information for humans.
This ability to ‘learn’ means AI continually gets better at analysing and interpreting data. Businesses can capitalise on the findings to build more personalised and profitable campaigns. This means they can strategically tailor their marketing budget and resources based on the data insights gleaned from AI and deep machine learning.
At Vodafone, we understand how important it is for businesses to have access to reliable mobile technology and data on-the-go. That’s why we offer our business customers the data and freedom they need with our Endless Data plans. You’ll get a huge amount of data at Your Max Speed; then after that, you can keep using as much data as you want in Australia at speeds of up to 1.5Mbps. This allows you to make video calls with clients and browse the internet to discover all you need to know about them beforehand.
Find out more about what 1.5Mbps means for you at our speed guide.
2. Customer relations
AI is increasingly moving into sentiment analysis, also known as opinion mining or emotion AI. This uses measures like natural language processing, text analysis, computational linguistics, and biometrics to study subjective information such as people’s emotional state.
As AI improves, there’ll be less need for humans to gauge a customer’s tone of voice. Businesses can, therefore, respond more quickly and effectively to customer concerns, complaints and queries.
AI can be used in the customer experience strategy by using automated live chat software, for example. This means businesses can redirect man-hours to other tasks (such as research and development) without sacrificing customer engagement.
Furthermore, when AI is integrated with customer relationship management systems like Salesforce or Zoho, they become self-updating and auto-correcting, reducing the time input required from humans.
Not that AI can ever replace genuine customer service. At Vodafone, you won’t deal with a robot. In fact, if you’ve got ten or more connections, you’ll have a dedicated Personal Account Manager – meaning a superior level of service that’s personalised and responsive to your individual needs.
3. Improved cyber security
Every business owner knows how vital data security and cyber protection are. With data breaches and cyber-attacks becoming more sophisticated, incorporating AI can help to protect customer data, inspire trust and deliver better business value.
AI is already used in business to identify behaviours consistent with fraud.
Biometric technology, for example, uses things like facial or fingerprint recognition for security and fraud protection. AI apps are used to detect patterns and generate insights from still images and video.
4. HR and recruitment practices
According to Undercover Recruiter, AI is predicted to replace 16% of HR jobs over the next ten years. It can make predictions such as how long workers will stay in a position, cost per hire, and which candidates are the best fit – by quickly assessing a candidate’s online presence, for example, and matching it to your business’s needs and values.
For example, AI-integrated video interview platforms use biometric and psychometric analysis to assess interviewees’ tone of voice and body language. This can make finding candidates faster and more efficient, saving you time and money.
5. Mobile focus
Future smartphones are likely to have built-in AI. This will enable many new features, such as real-time language translation. As relevant apps and software continue to be developed, this will create new avenues for businesses to build their revenue streams.
When you need a phone provider that understands your business now while preparing for the future, Vodafone is the smart choice.
Interested in connecting your business with Vodafone?
Get a tech health check from our team by submitting your details in the form below.
4 Minute Read