Artificial Intelligence – these two words have sparked a whole new genre of fiction and movies, predicting the rule of computers over mankind someday. That dystopian vision may or may not come to pass – it all depends on how we use AI in our day to day. The way things are today, AI is just the right tool to create more human jobs in every sector. Artificial intelligence in business management is a multi-faceted arena with much to still learn and incorporate.

AI Is Not Just For Large Organizations

A recent survey by McKinsey of over 3,000 business persons threw light on several key insights on how to transform business using AI. The heartening fact is that AI is not just for Fortune 500 organizations. There are business opportunities in artificial intelligence for any size company and the need of artificial intelligence in all business sectors is very apparent.

AI Can Help Close Deals Faster

Businesses are using AI to help coach their sales representatives on how to close deals faster and more profitably. There are various tools that can be deployed to record and transcribe your sales reps’ calls and analyse them. These tools, such as Chorus, Jog and Gong use machine learning to evaluate successful strategies used by the most productive sales reps and teach them to the other reps in the company. These tools use machine learning to analyse word usage, time spent talking to the lead versus listening and so on.

Artificial Intelligence in Business Can Optimize Your Ad Efforts

If you look at Facebook as a grand example, the revenue says it all. Just in the last quarter of 2017, Facebook showed a revenue of $12 billion. This success is largely owed to Facebook’s incorporation of AI to identify the perfect target audience when it comes to Ad placement. Marketers provide Facebook with information on their best customers, including names, addresses and email. Facebook’s machine learning tools then builds similar audiences using this data and targets their Ads at them. Facebook’s Ads are hugely successfully as a result.

AI Helps To Inspire and Motivate Employees

 AI comes up with an answer to this question – how to inspire and motivate employees so they are at their peak productivity. AI tools such as Rocketbot and Tangowork provide employees with access to HR 24/7 via internal chatbot solutions. Employees can use these chatbots to share their concerns and feedback. When a chatbot is not equipped to deal with a question, the question is routed to the HR for a quick answer. Business using artificial intelligence can thus find out ways to inspire and motivate them. Application of artificial intelligence in business extends to way beyond marketing and Ads, as can be seen.

AI Can Be Deployed To Quickly Target Product Market Fit

In days prior to AI, hundreds of hours were wasted sifting through customer feedback to evaluate product fit. With the right application of artificial intelligence in real world, businesses can now feed customer data directly to AI tools such as Keatext and Monkeylearn. These tools in turn use audience segmentation and natural language processing and machine learning to pinpoint to the right customers.

Conclusion

Artificial intelligence in the future can be seen deployed across businesses, in literally every department. Applications of Artificial intelligence can be seen in marketing, in HR, product team and sales teams. AI is not here to replace us; it is here to leverage existing data and learning to give us fresh insights.Business implications of artificial intelligence are many; the more that AI is used, the more we are able to identify the roles of artificial intelligence in business.