More than 68% of the businesses increased their investment in AI during the pandemic. With businesses facing challenging issues every day, the adaption of AI has become mission-critical for business survival and resilience. COVID19 is the most pressing issue of the business world, changing and disrupting industries across the globe. AI investment has been the driving force behind boosted customer experience, increased retention and optimized cost and business operations. Even before the pandemic struck, the rapid growth of AI created seismic shifts in the dynamics of every industry.
Pandemic converted the “nice-to-have” technological initiative into a must-have business essential. The catalyst behind this shift in perception was the technological gaps that widened due to the lack of the right resources and automated processes to meet the increasing demand. With pandemic surging, the AI-based solutions emerged as the linchpins for post-COVID19 business success.
With lockdown extended and people staying at home, the consumer has shifted from personal interactions to digital ones. This shift in consumer behaviour and increased online interaction gave rise to mammoth-sized unstructured data across the board. However, understanding what the customer might want has always been crucial, but pandemic made this insight a key priority. Integrating AI helps in pinpointing the exact need and demand of customers, which is a critical factor for increased sales.
With companies facing the challenge of urgent digital transformation, businesses are becoming more digital-first. The need for routine task automation is significant for quicker and better customer service. The pandemic made the speed and promptness in catering to customer service imperative. Investing in AI provides you with customer service capacities beyond the human workforce. AI just doesn’t get you higher revenue; rather, it reduces cost by up to 44%. From delivering value to driving efficiency, AI allows the staff to focus on more crucial and higher-level tasks of customer engagement.
The development and integration of AI-powered chatbots is not a new concept. However, the requirement to deal with hundreds of customers online made it indispensable to business operations. In challenging times like these, when companies don’t have the resources to expand hiring, sophisticated and conversational chatbots are the lifeline for business expansion. These bots learn from the patterns and sample over the various inputs to get better at problem-solving. The integral algorithms help these bots to leverage valuable insights for product improvement and better-quality sales agent training.
The main focus of companies on coming out of pandemic would be to align the supply with increasing demands. The abundant external data helps in ensuring the demand meets with what the supply chain produces. However, it requires thorough processing and evaluation. The well-analyzed external data makes sure that the company is not producing more than what’s needed to fulfill the demand without leaving any unsatisfied demand.
The pandemic has pushed the business world to the point of evolution where AI is no longer just a technology to adapt to but a success inevitability.