The AI Surge

The continued interest of businesses and consumers alike in going beyond the norm has spawned the massive rise of Artificial Intelligence globally. Even if we are ready or not, AI is definitely entering our lives and will not stop anytime soon. Be it NLP, ML, or cognitive computing, AI is providing tremendous gains to businesses in improving their sales and marketing functions, and assist in design of new business models.

Some eye-opening stats indicate the way businesses are embracing Artificial Intelligence like never before–

• Gartner predicts that by 2020, almost 1/3^rd of the companies will use AI in some form within atleast one of their primary sales processes.
• IDC predicts that by 2019 (just two years down the line), 40% of the digital transformation initiatives will involve AI capabilities
• IDC also predicts that by 2019, almost all IOT initiatives will be supported by AI capabilities

Be it self-driving cars or digital PA’s, AI is growing and growing fast. 2017 can rightly be called as the watershed year for AI. There are four primary reasons for this statement:

1 – Decreasing computing and bandwidth costs

Chips are becoming smaller and more cost-effective. This means that in all likelihood there will be a chip or processor in every single thing. This reversal of Moore’s Law will be the primary accelerant for increased adoption of Artificial Intelligence the world over. Also the steadily falling bandwidth costs means that faster speeds can be availed of at a lower price.

2 – Data – The oil needed to run AI machine

Any AI system is as good as the data it generates, analyzes and acts upon. Fortunately, with the rise of Social, Media, Analytics, and Cloud (SMAC), the volume and velocity of data being generated from various sources has literally exploded in the last decade. This data is now being harnessed in smart ways by AI systems to improve their performance and provide a better user experience. It is data that enables machine to learn. Instead of models, we now have actual data to describe various conditions to feed into the AI system.

Google’s AlphaGo Beats a Go World Champion

3 – Connected devices

The parallel rise of IOT and connected devices is also a big boost to the Artificial Intelligence industry.  RFID and sensors have enabled transmission of huge amount of quality data among connected devices that can also receive instructions and be programmed for specific actions.

4 – Improvements in Machine Learning capabilities

On its own, data cannot be used much. It needs to be refined and analyzed so that patterns emerge ad trends arise from seemingly random numbers and figures. With Machine Learning, algorithms and models can be applied to extract this advantage from unrefined data. Some examples include –

• Facebook’s DeepFace,
• Google AI platform, AlphaGo that beat a Chinese player in Go, and
• Google X Labs’ Machine Learning algorithm that picks cat videos on YouTube

As evident, Artificial Intelligence will be a significant disruptor across major industries in the world. The key question here will be – Are you already to adapt to the magical world of AI?

Tech innovations are revolutionizing human lives in ways more than one. With the advent and emergence of smart technologies, we don’t even need to put too much of physical efforts into doing something. Artificial Intelligence or AI happens to be one of those smart innovations. It’s vision for human beings and a new avenue for technological advancements. Innumerable people across the world are embracing this ubiquitous technology, thus shaping up their dreams in every which way!

It’s here that we come across some of the most crucial data. Stats suggest that by the end of 2020, a whopping 85% or more consumer interactions will take place without human beings. That clearly explains how innovative and disruptive technologies like AI are stepping into the business landscape!

From the healthcare sector and business arena to tech landscape and insurance industries, AI is surely making its presence felt and how! Today, we will take a look at what AI can do for the insurance industry.

Identifying existing issues

Conventional and traditional modes of process handling in the insurance industry have led to severe problems. Insurance belongs to the service sector where customer satisfaction is a prime necessity and not simply a choice. Before you leverage the power of AI, take a look at some of the critical issues plaguing the insurance sector.

• Claims handling
• Fraud detection
• Pricing problems

With AI systems, insurance professionals can deal with these critical problems. On that note, it’s high time to know how AI revolutionizes this particular sector.

1. Claims management

Managing insurance claims is a tedious job. However, AI can make your work easier than ever! With Artificial Intelligence systems, insurers will have the opportunity to deal with bulk data. Here are some of its effects:

• Automated claims handling
• Fast-track claims processing
• Reduced processing time

These benefits will help insurers deliver numerous projects within the shortest time span.

2. Detecting Frauds

While handling claims, insurance officials have to deal with fraudulent cases too. AI systems help you identify specific data patterns, thus finding out fraudulent claims. Since machine learning or ML is a highly significant part of Artificial Intelligence, insurance officials can use it to detect fraudulent issues and identify repair costs.

3. Customer experience and marketing

We all know that insurance services are integral parts of the service sector. Quite naturally, customer experience and consumer interactions are of paramount significance. AI systems and technologies will help you identify specific consumer profiles thus creating customized insurance plans for them.

Insurers can enjoy access to crucial data and information about consumers. Most importantly, they can find out whether a person is receiving appropriate insurance coverage or not.

4. Welcome chat bots

Consumers might have a lot of questions while taking a policy. Virtual assistants can take care of their queries and provide effective answers to each one of them. Some of the insurance companies offer chat bots that display human behavior.

From resolving complaints to analyzing customer behavior, chat bots can perform a multitude of functions.

Parting thoughts

Artificial Intelligence has created new avenues for growth and development in the insurance sector. If you are a seasoned player or a newcomer in this arena, it’s high time to welcome the change!

How effective will it be to embrace AI as a marketing enabler in today’s organizations? What will be the key problems that can be solved with the help of AI? How can AI give sales and marketing the much needed competitive edge to sustain and run a thriving business?

Let’s take a look at these questions and get a quick overview of the problems AI can solve for your business’ sales and marketing division.

The rise and rise of AI

Artificial Intelligence (AI) has been gaining tremendous traction in recent times. Multiple disciplines such as NLP and machine learning have shown the business world the type of problems Artificial Intelligence can solve. Right from providing a substantial reduction in cost overheads to boosting employee productivity, the number of areas that can be impacted by the smart use of AI is abundant. One such discipline that is ripe for embracing AI is the sales and marketing team.

Where do sales and marketing come in?

Throughout the customer acquisition journey, there are tons of routine tasks, documentation, and paperwork to be done. You may be surprised to know that only 20% of the sales rep’s time is spent on actual sales closing. The rest is spent on follow-up, monitoring, tracking, and support functions. It is these areas that can witness a dramatic surge in productivity with the help of AI. Let’s look at the three top benefits of having an AI system in your marketing team –

1. Qualifying leads

The leads qualification process is a tedious one. These include steps like

• Deep research on the right fit client for your product or services,
• Trying to phone or email the gate-keepers to find the right person within the target company,
• Carrying out a detailed vetting process as outlined in your marketing strategy

These are the key areas where AI can show its maximum impact.

2. Lead nurturing

The golden “Rule of Seven” stipulates seven engagements with leads before they remember your brand. Many inbound leads collapse due to lack of lead nurturing, or untimely interaction. This is where AI can fit in. It can not only keep track of which stage of the buying journey a prospect is in, but can also send personalized messages at the right interval – a positive sales conversion potential.

3. The human element

Today’s sales funnel is highly automated and looks robotic. As a result, the human touch is sorely missing from the sales conversion process. With the smart integration of AI into the various marketing functions, the human touch can be brought into many interactions with the lead. This helps make a deeper connection with the customer and enable conversions of leads to sale at a much swifter pace.

Wrapping it up

While lead quality and sales conversion cycle may not be made fully hassle-free, with the introduction of AI, issues with follow up and human connection can be mitigated for faster sales conversion.

At Goodworklabs we can drive the positive impact of AI to bolster your business margins. Do connect with us for a quick consultation.

Artificial Intelligence (AI) – A Great Marketing Tool

Effective marketing is the key to perfect branding in the business world, and numerous businesses owners across the world strive hard to take their brands to the professional arena. Here social media comes across as a valuable tool for businesses.

With 91% of the brands utilizing 2+ social media channels, and almost $8.3 billion in social media generated in 2015, this has become the primary channel to acquire users and improve brand visibility on the digital ecosystem.

In order to extend the dramatic business opportunities presented by a good social media strategy, businesses are increasingly adopting Artificial Intelligence (AI).

AI – A quick background

Changes in the tech world and business landscape led to the emergence of innovative marketing strategies and campaigns. MAPs or marketing automation platforms are the best examples of such remarkable innovations. If market reports are anything to go by, a whopping 91% of marketers believe that MAPs had been highly successful and effective in promoting brands.

We are in a consumer-centric business world where every company or establishment is working on consumer-oriented business models. Quite naturally, SMM or Social Media Marketing has emerged as one of the most effective business advertising strategies. The latest inclusion to this list is AI or Artificial Intelligence.

Ingenious and creative marketers in the B2B arena are including AI strategies while creating business marketing campaigns. Let’s find out how Artificial intelligence is helping marketers create better SMM strategies.

Harnessing the benefits of AI

How would it be if computers had the power to comprehend certain aspects and actions of the human world? That would be great, and this is what AI ensures for you. Artificial Intelligence refers to the computers’ ability of comprehending actions in the natural world. Business marketers simply can’t ignore the potential benefits offered by AI.

The idea of integrating AI into existing business marketing models is undoubtedly fascinating. Artificial Intelligence is a compelling proposition and a highly potent tool, and here’s how it can be used to improve business marketing.

1. Create a personalized experience for your customer

Consumers want special treatments and personalized shopping experiences. As a brand owner, you will have to offer the right set of products or services to the appropriate buyer group. It’s here that you need to identify and understand buyer personas. Artificial Intelligence not only helps you understand these buyer personas but also conforms your marketing contents to those insights. You gain the opportunity to create personalized experiences for your target audience.

2. Real-time social media interactions

When it comes to captivating the attention of your target prospects, none other than popular social media channels will prove to be effective. With refined AI strategies, you can build real-time and effective communications with potential leads and prospective consumers.

3. Analyze customer behaviour

Business marketers often have to mine effective Customer-Relationship-Management tools to understand consumer behaviors and preferences. AI will help you analyze emails, phone calls, and social media contents thus gaining targeted insights into aspects capable of driving your prospects to take decisions.

Irrespective of the business size or sector, driving a deeply personalized consumer experience is a crucial necessity. Artificial Intelligence can help you ensure an awesome CX for your target prospects. In case you haven’t invested in this technology for your business yet, it is time you start thinking on these lines.