5 Steps to Gain Business Value with AI Adoption

How to Attain More Business Value with AI Implementation

The potential of Artificial Intelligence (AI) is being harnessed by businesses to implement automation across several industries and to augment their efforts to provide stellar customer experiences. The incomparable precision, speed, and accuracy of AI-enabled solutions are driving an AI revolution and this blog will discuss five specific ways you can attain business value with AI adoption.

AI: A new approach to customer experience

IBM, one of the leading universal AI champions reveals that 74% of customer experience executives feel that AI will change how customers view their brand. AI provides customers with an experience that appears very similar to human-like interaction. AI-powered apps are highly efficient in enhancing customer interactions. 

Automation of “the customer experience journey” through AI enables your business to personalize your marketing campaigns, which will boost the email opening rate. Among other things, AI provides improved customer insights and better customer satisfaction which results in increased conversion and strengthens brand loyalty. 

Related Reading: How AI is Redefining the Future of Customer Service 

Steps to Gain Business Value with AI Adoption

A study from Market Research Engine estimates that the Artificial Intelligence Market is expected to exceed more than US$ 191 Billion by 2024. The vast growth of information in huge quantities, growth in the adoption of cloud-based applications and services, and an increase in the demand for intelligent virtual/ personal assistants are the major driving factors behind the booming AI market. 

Unfortunately, many are still unsure of how to adopt AI, and how it can be used to yield maximum results. We present you these 5 steps to adopt AI which will help you gain the maximum business advantage. 

1. Map out a clear customer-centric strategy

The best way to do this is to analyze recent customer journeys with your brands such as discovery, presales, sales, and customer service. Such analysis will help you understand the experience your customers are having with your brand. Research director at Gartner, Olive Huang said, “Your business results depend on your brand’s ability to retain and add customers.” Hence it’s important to deliver a highly personalized experience to every one of your customers. Once that strategy is crafted, it can be delivered through AI.

Related Reading: 6 Ways Artificial Intelligence Is Driving Decision Making

2. Diagnose the problem

Just as the prudent diagnosis of a disease is crucial to helping a patient improve their health, finding out your specific business problems will help you use AI to improve business value. Organizations need to be clear about what AI can help them accomplish. Once the problem is identified, aligning AI to business priorities becomes easier. The beauty of AI algorithms is that once algorithms are enabled to solve one aspect of the business successfully, it can easily be adapted for use in other aspects of the business too.

3. Establish a governance program for customer experience

Before you begin your journey with customer experience, make sure to establish a governance program. The benefit of having a central team working on the AI project is that you can integrate program oversight with a complete comprehension of AI-related initiatives. This is true even when your customer experience teams are just in the learning process. Build a program to supervise development activities and business implications and set brand guidelines for AI technologies such as NLP. Also, establish standards to gauge the impact of customer experience initiatives and its correlation with ROI.

4. Bring the best onboard

Creating a custom AI solution is recommended over buying it readymade. It is important however that you bring in the best talent. Bringing in a team of dynamic people who can create exciting ways to engage with the customers sends a powerful message to your competitors. It will also put your organization on the radar as a tech-savvy innovator. 

Read our latest white paper: How Could Your Business Use AI to Achieve Higher Profits & Growth

5. Prepare to store

A business that fails to look into the future fails to grow. Gathering relevant data allows organizations to derive greater benefits far into the future. Meaningful data help AI systems in achieving your organization’s objectives. Insufficient data could compromise the accuracy of AI applications, so get your team to build relevant data including cases and codes.

Drive Business Value With AI 

Organizations are adopting AI faster than anticipated. To gain long-term and sustainable business value from Artificial Intelligence, you need to develop a robust implementation approach that takes into its fold, even the minute aspects of your enterprise. Contact us to adopt the power of AI into your business.  

 

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    About the Author

    ...
    Vinod Saratchandran

    Vinod has conceptualized and delivered niche mobility products that cater to various domains including logistics, media & non-profits. He leads, mentors & coaches a team of Project Coordinators & Analysts at Fingent.

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