In the last couple of years, AI has come out as a forerunner in the market changing how we approach marketing and customer engagement. According to research from Sproutsocial, nearly 9 out of 10 enterprises increased their investments in AI, mainly in marketing.
Further emphasizing the importance of AI with another research from Grand View which says that the global AI market is expected to grow at an annual growth rate of 38.1% from 2022 to 2030. That’s the reason why business owners are required to be conscious of the huge potential of AI, its role in driving creativity and facilitating unique business solutions.
The question that now arises in our mind is: why this huge surge? The answer lies in AI’s vast capability, few of which include segmenting user behavior and accurately targeting specific groups. Such varying AI roles in different domains of business have led us to see such widespread adoption of AI. For instance, starting from sales to finance, AI is employed in every aspect of digital business to make smarter decisions, craft more personalized strategies, and learn the needs of customers on a deeper level.
Now, let’s explore how businesses can integrate generative AI into their operations to boost their productivity and thus revenue and profits. This rapid rise of AI in the current time is evident that it has benefited every aspect of business operations in one or multiple ways.
How can you leverage AI for business expansion?
Utilizing AI services can help your business grow in this competitive world. It helps in automating processes, boosting customer experiences, and making data-focused decisions. Listed below are a few different ways in which business owners can harness the power of AI for growth:
- AI in product development
AI is changing the way businesses previously developed products. It is disrupting modern industries with the latest and advanced tools. Now they are using advanced AI-based methods and tools to build, design, and manage them. Additionally, the developed products using this method are more intuitive and customer-centric. Let us understand different phases of product development and how AI is being utilized in them:
- Product Design: With AI in place, businesses can fetch vast amounts of data, analyze market trends and customer feedback, and then build products that align with users’ demands.
- Project Management: The next phase is project management where AI helps in automating routine tasks and optimizing resource allocation which improves project management efficiency. Moreover, real-time insights and enhanced risk management ensure smooth project execution and timely delivery.
In conclusion, integrating AI into development allows businesses to create cutting-edge products that meet market needs and exceed customer expectations.
- AI in marketing
In the field of marketing, AI tools, and ML algorithms are highly employed by marketing teams of organizations to examine data, search for customer trends, and upgrade campaigns and strategies.
Also, AI tools like ChatGPT and Claude help team members automate repetitive tasks and thus save their time and effort. According to a survey by the marketing Artificial Intelligence Institute and Drift, 78% of digital marketers believe that they will automate more than a quarter of their tasks in the coming 3 years.
Here are a few instances of how AI is being used in marketing:
- Better market research and competitor analysis: Utilizing AI tools such as AlphaSense and Crayon helps in searching, organizing, and examining relevant market information. Further, it saves time for SEO teams which would have been spent on manual research.
- Improved audience segmentation and personalization: AI can clarify how digital marketers trace, understand, and forecast customer behaviors. Moreover, it helps businesses to segment their customers into different categories which depend on several indicators like user behavior, preferences, and demographic data.
- AI in customer support
In this field, AI learns from the past data of how businesses interacted with their customers, captures useful insights, and then uses it to improve experience. In addition to this, implementing AI for customer support includes 24/7 availability, faster response times, and chances to offer customized solutions based on unique requirements.
A survey of 4500 customer experience executives organized by Zendesk in 2024 found that 70 % of informants will integrate GenAI into their customer touchpoints in the next 2 years. Some of the common applications of AI in customer support are listed below:
- Enhanced analytics and customer insights: Businesses collect data from different sources like emails and chatbot logs to identify customer’s pain points. And, then they address their problems with the insights gathered from the data.
- Self-service and knowledge-based systems similar to chatbots: These systems come equipped with advanced search functionality where the customers can get answers to all their questions.
- AI in sales
Predictive analytics and ML algorithms are the two main components that empower the sales team to understand their customer better which further helps in improving sales figures.
An insight from Salesforce which features 5500 sales professionals found out that the sales team is reaping the advantages of AI in a good way. The next striking stat is that 41% of sales organizations have fully equipped the required technology in their operations as per the latest edition of the annual State of Sales report. AI can help teams in the following aspects of the sales process and strategy as well:
- Automating manual and repetitive tasks like data entry and update sharing
- Predicting future demand by analyzing past data and current economic conditions
- Using tools like ChatGPT to draft outbound emails to leads and customers
- Facilitating real-time leads and prospects with AI-powered tools like Seamless. AI, LeadIQ, and Outreach
- AI in human resource
AI has its impact in this field as well. AI-based HR tools play a role during an employee lifecycle, starting from candidate recruitment and onboarding to record management which help HR teams focus on the optimum use of available resources.
As we can see, human resources is slower to adopt AI in comparison to other domains of business, but in recent times, its adoption among HR teams has been on the rise. There are several use cases of AI in the field of human resources, some of them are:
- Leveraging AI tools like ChatGPT and Copilot to write content for recruitment and hiring purposes
- Employers are making use of AI chatbots on their careers page to drive engagement among candidates
- Screening tools like EVA, Workable, and more help HRs automatically screen candidates based on their specific qualifications
- AI in accounting and finance
There are several benefits of adopting AI in the field of finance. Some of them include customer spending pattern analysis from large datasets, refining the decision-making process, preventing fraud, and maintaining compliance. A survey by Tipalti and CFO Dive of 150 finance executives, it is found that 59% of informants believe that finance teams should be trained to properly use AI tools and technology.
There are several key applications of AI in the finance sector, some of them include:
- AI-powered data analytics tools such as Napier AI and Comply Advantage identify suspicious behavior and thus help in preventing fraud and money laundering.
- AI tools make use of financial data for future predictions which help companies improve their budgeting and resource allocation
Conclusion
Wrapping up, it can be clearly seen that AI represents the beginning of an evolutionary era for businesses around the world. AI’s accuracy and insight are making every interaction more effective, whether it is helping a customer find the correct product or assisting HR in talent acquisition. Businesses of different types can excel and stand out in their industries by embracing and adopting AI in their operations. Therefore, businesses should partner with AI development companies to harness the power of AI today and be ready for tomorrow’s challenges and opportunities.
