Artificial intelligence has spread even beyond tech companies to businesses in other industries. A few decades back, artificial intelligence (AI) was associated with science fiction. Today, AI is a buzzword that is mentioned daily in our world.
Artificial intelligence is not exactly new to the tech space. It has been in the works since the mid – 1950s. However, it remained in development for a long period because of its complexity. Since the advent of big data analytics, it is now being utilized in industries like the casino sector to improve user engagement for a real money online casino.
Key tech giants like Google and Apple also utilize artificial intelligence to develop virtual assistants like Siri and Google Assistant. Although big tech firms highly leverage AI, small and medium-sized firms also apply the technology to business processes.
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Benefits of AI to All Sizes of Firms
● Product Pricing
AI makes product pricing better, thereby solving a long-standing concern for businesses. Before a new product’s price can be determined, a lot of data needs to be collected like consumer activity, price of substitute products, cost of production, consumer sentiment, and so on.
Using AI, firms can record and process data like the price a consumer would be willing to pay. Using different factors, the machine learning subset of AI can then be applied to spool out results for an optimal price range.
AI can also inform a business on pricing trends for a product. For instance, if a discount isn’t driving sales, AI can detect that. Also, if similar products are doing well because of discounts, that could be evaluated.
● Recommending Products
If you’ve ever purchased anything from an online shop, you’d have spotted similar items being recommended to you. Usually, these recommendations are accurate, and customers are interested in them.
Product recommendation engines work by processing thousands or millions of search histories and data to predict what a customer would want to purchase next. This is highly used on websites like Netflix and Amazon.
For the business, product recommendations enhance revenue. For the customer, product recommendations increase utility.
● Better Customer Support
Great customer support is one of the key reasons for a business’s success. Nevertheless, customer support involves dedicating a lot of time and effort to the process.
Hence, several companies utilize AI in the form of chatbots to engage customers with questions and issues. The response of a chatbot is instant, and business owners can employ chatbots without spending extra money.
Conclusion
AI is revolutionizing the business landscape just like the internet did in the last few decades. AI helps with product pricing, product recommendation, and enhanced customer support.