Artificial intelligence (AI) is increasingly gaining momentum in the day-to-day management and operations of large and small businesses. It helps reduce operating costs, increase efficiency, help increase revenue, make smarter decisions, and show companies how to improve customer experience.

How can AI help your business grow? Following are 6 tips and recommendations.

1. Chatbots to improve communication with existing and new customers

A chatbot is a software that mimics human conversation or conversation with users through websites, mobile apps, phones, etc. It is a digital assistant powered by artificial intelligence that interacts with humans. Today, businesses want fast, easy and personalized customer service anytime, anywhere, and chatbots make it possible. The main benefit is quick and specific answers to customer questions, especially in the area of sales and complaints. By using them, businesses save time, increase the likelihood of quick and accurate customer responses, and customers feel good because they get an immediate response from the business side.

Some of the chatbot software you can use on your website: LivePerson, Botsify, Reply.ai, Aivo, Boost.ai, ManyChat, ZendDesk, Hubspot.

2. Powerful “competitive intelligence”

“Competitive intelligence” is the process of gathering and analyzing information about your current and potential competitors, industry and business environment. Practically, you can track everything your competitors are doing – from products, to promotions, and what makes them successful.

Popular tools to better understand the competition: Crayon, Prisync, CI Radar, Digimind, Kompyte, Sprout Social.

3. Analysis of customers’ feelings and emotions

Thanks to AI in sentiment analysis, businesses can analyze vast amounts of data, understand how customers feel, and combine all kinds of social data to discover customer needs, intentions, and preferences. Analysis is usually done through customer conversations, interaction through blogs, social media, product or service comments, etc.

Popular sentiment analysis tools: MonkeyLearn, Clarabridge Speech Analytics, IBM Watson Tone Analyzer, Lexalytics, Rosette.

4. Sales forecasting for the development of your business

Accurate sales forecasts allow businesses to calculate the likelihood of purchase over a period of time, predict short-term and long-term performance, and allocate resources accordingly. The AI-based software analyzes CRM data, purchase history and past deal data. It looks at data such as emails, meetings, phone calls and then analyzes how it relates to sales results. The AI software estimates the next move of a given customer, thus giving you an accurate prediction.

AI tools for sales forecasting: SalesForce Einstein AI, Clari, TwelveZeros, Aviso, Zoho CRM, Interloop

5. Price optimization

Price is a key factor that drives customers to buy, especially from retailers.

Artificial intelligence software can successfully take all these factors into account when determining optimal prices. It can help you make the best pricing decisions for every product, in every season and through every channel. AI software can scan a huge amount of data, go through a number of pricing scenarios and suggest the most relevant price.

AI softwares for price optimization: Perfect Price, Intelligencenode, Wise Athena, Navetti PricePoint, prudsys.

6. Smart cyber security

Cyber security is important to all industries, including retail, consumer goods, automotive, utilities and telecommunications. As digital businesses grow, the risk of cyber attacks increases exponentially.

Artificial intelligence software can address cybersecurity in many ways: vulnerability management, phishing detection, network security, behavioral analytics, prevention control, etc.

AI Cyber Security Software: Darktrace, Tessian, Falcom Platform, BluVector, Deepinstinct, Haltdos

As AI continues to advance, its impact on businesses becomes stronger, making it essential for businesses to embrace it to remain competitive in the digital age.