The revolutionary technology of Artificial Intelligence (AI) is being used throughout various industries worldwide to assist in the management and analysis of data. By making use of machine learning technology to continuously learn new skills and knowledge, AI simulates human intelligence and applies what it has learnt to real life situations.
AI is being used to automate time-consuming tasks and hence free up time for professionals to see to more important tasks throughout their day. What is more is that AI provides accurate real time data which can be used to better understand customers and engage with them on a deeper, more profound level.
Today, companies in the Fintech sector are utilising AI technology to collect and manage their data in real time in order for it to be analysed and implemented in an array of strategies, from Marketing and CRM to planning budgets. The digital age is immensely data-driven, and with organisations adopting Cloud Computing technology to process Big Data, the technology of AI comes into play to intelligently make use of that data. The hype on AI was primarily centred around its involvement with Fintech organisations, however the reality is that this powerful technology can be applied across all industries, as fundamentally, its main use is to intelligently and effectively manage data to optimise user experience, enhance service offerings and provide competitive high-end solutions.
New Job Opportunities
AI technology is proposing several benefits to CRM teams in all industries and is generating new career opportunities for Data Analysts and Data Scientists. Such professionals apply their expertise to interpret the data acquired and make sense of it to communicate it clearly to their colleagues in finance, marketing and strategy in order to develop the business successfully. Experts in AI Software Development and Machine Learning will be in high demand in due time, and the right expertise will be needed to develop and upgrade AI softwares and utilise the data gathered. Career opportunities in software development are predicted to increase significantly as the years go by, as new jobs in technology will emerge as a result of digital innovation. By analysing trends, market and stock patterns as well as customer behaviour, a company’s employees can work towards a common goal in a more productive manner.
Fear of Replacement or Opportunity to Grow?
There is no doubt that the same way there was a growing concern about the future of financial roles due to digital innovation, there is a similar concern about the future of individuals working in Customer Support, Sales, Marketing and CRM. Automation has indeed made many minor roles obsolete, however has also empowered the individual to progress in their career by applying their knowledge to new and exciting possibilities.
AI in Customer Support
With regards to individuals working in Customer Support, AI can aid them by providing insightful customer data and compiling frequently asked questions with supporting answers which can be used to assist the customer more effectively. In addition, chat bots are being set up to aid individuals in this role to provide additional assistance to customers, particularly whilst they are waiting to be guided by the customer support unit. Some AI practices have also seen a new software which analyses a customer’s speech and tone of voice through pattern recognition in order to detect their emotional state - according to the outcome of the analysis, the software will inform the customer support representative on how best to approach and respond to the customer by asking the right questions, allowing them room to express themselves and coming up with clever solutions.
AI in Sales
Sales professionals can also make use of AI software to understand customer behavioural patterns and analyse trends in purchase behaviour to form a more intimate and valuable approach at the right moment. Some AI software is able to analyse the ideal and most attractive, reasonable price for a product or service by scanning all similar products or services available online and evaluating criteria accordingly to set the best price for the customer. Identifying the best and most loyal customers through AI software can create up-selling opportunities, whilst identifying the least loyal customers can aid a Sales Department to tailor product and service offerings to these customers based on a number of predetermined factors which are demographic and geographic.
AI in Marketing
Similarly, professionals in Marketing could use AI technology to plan and execute marketing campaigns according to customer and market data in the past, as well as through detailed comparisons of previous campaigns. Customer segmentation and tracking becomes much easier with AI technology which can organise customer data accordingly and make suitable suggestions for targeting the right audiences. Likewise, advertising and promotional content can be suggested according to current events and what message to send to customers - AI can analyse what topics people are reading about and what type of media they are consuming to come up with relevant recommendations to optimise content marketing efforts. Ultimately, the human element comes into play, as professionals in this area will still be favoured to apply their strategic and creative expertise for such responsibilities.
With relation to Digital Marketing, email and mobile marketing can be optimised through proximity detection software which can inform users about ongoing products or services when they are near a store or outlet, and similarly, such promotions can be carried out during festive or seasonal activities. Digital Marketing professionals can also make use of AI software to implement advanced web analytics and bolster SEO efforts - by knowing where and why users are flocking to a company website, details on their sessions and browsing time as well as when they are leaving a site all in real time can help digital marketers approach users in tailor-like fashion. Understanding past browsing habits can also help marketers better understand their target audiences. AI software can also suggest SEO improvements by suggesting relevant keywords and phrases on a company’s site and how to enable a company to rank higher on Google or other search engines.
Human Interaction is Still Important
One should also keep into consideration that customers tend to favour human assistance over one which is robotic. The element of human presence will surely not be fading out any time soon, as human guidance is an important component of customer service which brings a sense of welcome and extended trust. Building a relationship through human interaction is an important step of building and maintaining customer satisfaction and retention in the long-term, and so is a necessary factor when projecting brand growth.
At the moment, AI is promising to assist current employees in the above mentioned areas by providing them with factual and accurate information to aid them in their work. Through the proactive nature of AI technology, professionals in Tech and Finance can thus work more productively and effectively, contributing to innovation and company growth.
AI technology promises a multitude of benefits for various sectors across the globe. The ability for this technology to forecast customer and market trends means that new opportunities can be anticipated and taken advantage of. The mentality of evolution over revolution must be applied, as the benefits of AI technology are of significance to any organisation moving forward in our digital era. Eventually, AI will be a vital source of data organisation and strategy for various industries worldwide, from the Financial Services to Healthcare and Education, to Transportation and smart home technology. Much like the adoption of Cloud Computing to store and collect data, AI will be paired with this technology to analyse and implement the acquired data to strategically move forward and innovate.
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