Years ago, artificial intelligence was the stuff purely of Sci-Fi blockbusters and was something that many of us never thought we’d ever see in our lifetimes. Fast-forward to the present day,  and here we are, with A.I now all around us and an everyday part of modern life.

The advances in modern technology over the last decade or so have been nothing short of amazing, and we are continuing to progress further and further with each passing day. In the business world, in particular, modern technology has proven to be extremely beneficial, especially when you consider the fact that years ago, we’d never heard of such a thing as accounting software or smart phones.

A.I has been the topic of many a heated debate as of late, yet rather than fearing A.I we should instead embrace it and use it to our advantage. When people hear the words Artificial Intelligence, they instantly think of killer robots becoming consciously aware, and of computers taking over the world.

In the real world, however, A.I is a lot less dramatic than that, and actually, it could be considered pretty boring. Necessary, yes, but boring all the same. Want to know how your business can benefit from artificial intelligence? Then make sure you keep reading.

Stay relevant

The business world is incredibly complex and competitive, with more and more businesses becoming increasingly competitive and innovative every single day. As A.I is now becoming more advanced, and because business owners are now seeing the true potential in A.I, a lot of them are utilizing it to their advantage.

If you fail to take advantage of A.I, you run the risk of being left behind, with your business/services becoming obsolete, and extinct, just like the dinosaurs. If you embrace change and utilize technology to your advantage, your business can not only stay relevant, you can also stay competitive so people will be less likely to choose your competitors as they will gravitate towards you instead.

Detailed analysis of data

If you want a great example of how A.I can help provide a detailed analysis of your business, take a look at accounting software such as ForwardAI. The A.I utilized in accounting software is incredibly intelligent and hugely beneficial because it helps provide the user with a detailed breakdown of their finances and accounts.

Through various algorithms and calculations performed automatically, the software can tell you exactly where your money is coming and going, plus it can utilize various formulas to provide accurate financial predictions for the year ahead.

This is very useful when it comes to, say, applying for a loan because, with A.I, you can forecast potential earnings for the year ahead so you can help convince the loan-maker that investing in you would provide a healthy return on their investment.

Get to understand your target demographic

No matter which services and/or products you offer, whether you own a business or provide freelance services, you will all have a certain target demographic in mind. A sportswear company, for example, will be targeting physically active individuals with an interest in sport and fitness.

The more you understand about your target audience, however, the easier you will find it to fine-tune your services/products so that you can cater to them directly and more accurately. A.I software is incredibly useful in this respect because it is able to get to know your target audience.

The technology analyzes behavioral patterns and habits of potential customers and looks at things like what they’re looking for online when they search, and what they’re engaging with the most.

To expand upon the sportswear theme earlier, a sportswear company utilizing A.I could get to understand what types of sportswear products their customers seem to be excited about the most, and could subsequently offer them exactly what they want.

The more you know about your customers, the easier it becomes to give them exactly what they want. Google search is a perfect example of how A.I can get to understand its users and pick up on common themes and trends.

Increase your chances of making conversions

If you owned a shop on a busy high street, every working day you would probably have people walking in and browsing what you have to offer. In a perfect world, every single person that walked in would buy something from you, but of course, we don’t live in a perfect world so not everybody in your store will be willing to part with their money.

The same principle applies to freelancers and online business owners, and that is where A.I proves so useful. A.I performs detailed predictive analysis online and can basically make a prediction, based upon each individual’s browsing habits etc, as to whether or not they are likely to make a sale.

A.I can help business owners to increase leads based upon just how likely they will be to convert and make a purchase. Not only does Artificial Intelligence (AI) tell you how likely an individual will be to make a sale, it can also help teach you how to identify a number of key strategies which again, could increase your chances of making a sale, and making more money.

Maintain regular customers

A happy customer, as they say, is a returning customer, and the more regular customers you can obtain, the better. A.I tech is very useful in this regard because it can also help show you what your customers have been happy with from you, and it can show you what may have put them off slightly.

This means you can address issues which are letting you down, and you can focus on your strengths in the process. If your rivals are providing services similar to yours, but not identical, and your customers are perhaps showing an interest in these services, AI can point this out for you, allowing you to tweak your business model somewhat to help ensure you keep your customers happy.

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