The term artificial intelligence was coined in the 1950s, but for long, it remained a thing of science fiction, leaving much to our imagination. But over the past decade, AI has risen from being a mere fantasy for many to a disruptive force that is driving the future of businesses across all sectors. Although 41% of the people still cannot cite an example of AI in their life, things are very different when it comes to organizations!
Companies are increasingly realizing the importance of AI and the successful ones are already basing their strategies on it. In a poll of 1,600 senior business decision-makers, 76% responded by saying that AI was vital for the success of their organization. The study also revealed that 64% of the respondents believed that future growth of their organization depended on large scale adoption of AI.
Why Businesses Need AI
AI offers multiple benefits for businesses. Those that fail to realize these benefits are likely to be left behind in the race. Here’s a look.
- Improved Employee & Customer Onboarding
Did you know that 67% of the consumers are likely to recommend a product after a good customer service experience? AI can help businesses achieve just that. Spotify creating people’s favorite playlists or Netflix magically recommending the movies you would like to watch is all because of AI.
In fact, the AI -powered chatbot has completely revolutionized how promptly customers can be helped. In addition, with the help of an AI-powered learning experience platform, customer onboarding can be taken to a whole new level. An AI-powered chatbot can help personalize the experience for each customer, answering all their questions in real-time and offering content recommendations. This leads to higher customer satisfaction and engagement. In addition, with the help of robust analytics and machine learning, the help provided can improve as the customer continues to use the platform. This is exactly what is needed to build long-lasting customer relationships.
Employee onboarding also becomes much simpler and more efficient with the help of artificial intelligence.
- Real Time Assistance with Automated Interactions
AI is extremely beneficial for communicating with a high volume of customers throughout the day. One of the most common manifestation of AI for customer assistance is the chatbot. In fact, by 2020, 25% of all companies are expected to use virtual customer assistants.
These intelligent agents can answer a broad range of questions, in the natural language of the consumer. One of the most interesting ways these chatbots are being used is in training platforms. Unlike human trainers, these chatbots are there 24X7 to answer questions and help move the learning forward. The chatbot can even remind employees to complete modules at their preferred times.
- Analytics and Feedback for Continuous Improvement
Data is being created at an astounding rate. In fact, of all the data, 90% has been created in the last 2 years alone. This translates to 2.5 quintillion bytes of data each day! And the only way to properly analyze such enormous data sets is through artificial intelligence. AI can see trends in the data and predict what the customers want, giving you an advantage over the competition. These insights might go unnoticed if left to manual analysis.
AI can be used for learning about consumer behavior, allowing businesses to create content that is more relatable for the consumer. This feature is greatly beneficial within the organization too. With the help of analytics regarding employee learning behavior, provided by an AI-powered learning platform, personalized learning paths can be created to cater to the specific needs of each employee. Analytics can also help improve training content to make it more engaging and effective.
- Reduce Employee Turnover
Did you know that 30% of new hires leave their job in the first 90 days of joining? Employee turnover is a serious problem, with companies in America alone losing $617 billion because of it in 2019. One of the biggest reasons for employees not staying at a job is insufficient or inefficient training. What is required is a way to engage new hires, give them a complete brand experience from the very first day and show them that the company cares about each individual employee and is willing to invest in their growth and development.
Here too, AI comes to the rescue. With a white-label, AI-powered platform, companies can offer highly engaging, personalized training and stimulating learning experiences, with flexibility for the new hire to proceed along the training according to their preferences. While you get to track training progress through analytics, new hires build a bond with the brand, which reduces attrition. So, the use of AI in L&D allows companies to save time and resources that would otherwise have been required for training and hiring new employees.
- Save Time and Costs
AI is a machine after all, it works continuously and never tires or gets bored. It is also much more accurate than any human could ever be. This leads to things being done much more quickly, and at a lower cost. In fact, chatbots alone are expected to save businesses $8 billion each year by 2022. And, not to forget, the financial gains achieved because of AI-driven leads can drive business growth.
The Artificial Intelligence Way to Real Growth
The bottom line is that AI is helping companies accelerate at an unprecedented pace, improving various aspects of the business, including operational efficiency. Productivity is increased by 40% with the help of AI, operating costs are reduced by 28%, customer engagement by 18%, and speed to market is enhanced by 21%. And on the back of a harmonious relationship between humans and AI, these numbers are only expected to rise.
Are you ready to leverage the power of AI for all your corporate training and learning needs? Contact us to know how.
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