11 Mar Can AI help business growth?
In our latest post, we answer the question on everybody’s lips. Can AI help business growth?
We’re aware that we’ve covered the subject of AI a LOT lately! But it’s a hot topic and already changing the world as we know it.
So, how do we harness this new superpower to add value to the business and the customer experience?
We integrate AI within our systems and processes.
According to some digital marketing experts, businesses that use Artificial Intelligence within their services are making over 150 per cent more revenue than those that do not.
A research report produced for the Department for Science, Innovation & Technology (DSIT) found that 3,170 UK AI companies were generating £10.6bn in AI revenue.
The report (published in March 2023) also found that:
- AI roles employing more than 50,000 people
- generating over £3.7bn in Gross Value Added
- helped secure £18.8bn in private investment since 2016
According to more recent research by Data City, businesses are seeing a growth of over 12 per cent when using AI in operations and service delivery.
Businesses not using AI are only seeing 6 per cent growth.
It’s clear from the latest data that those who embrace AI across their business functions are seeing impressive growth.
As more companies understand the capabilities of AI, it’s clear these statistics will significantly increase.
The data shows how far AI has come in just a short time.
Apps like ChatGPT have brought the power of AI to the mainstream. AI and machine learning are more accessible than ever to every business size.
Just like companies who invested in functional websites, and built their online presence early. Businesses that got in early with AI now have the advantage over the competitors who didn’t.
We all undoubtedly remember the brand names that went under due to poor ecommerce presence!
The same may be said for those who need help seeing the potential or embracing this new powerful tech.
Businesses (and consumers) have enjoyed the benefits of automating routine tasks in every facet of modern life for many years. Artificial Intelligence is effectively taking this to the next level.
No more paying people to spend their time trawling through pages of Excel spreadsheets searching for stats! Machine learning algorithms have been invented precisely for this type of hideous task.
Used well AI and machine learning can help businesses:
- streamline their working practices
- increase decision efficiency
- increase productivity
- cut costs
- pinpoint where improvements are needed
- enhance consumer products and services
- personalise content on a granular level
- improve stock availability
- reduce human error
- improve marketing materials
- eliminate bias
- reduce risk
- increase staff retention
Imagine if businesses could know what their customers wanted and needed. Know their user journey and their buying patterns.
AI puts that power to deliver all of this and more in the hands of companies brave enough to harness it.
Tried, tested and proven
One of the latest ways Sure Communication is implementing AI technology is through the email system embedded in our bespoke CRM.
When replying to an email we have a feature that allows users to select ‘Generate AI answer’ that produces a detailed response to the senders’
content in seconds.
This is an incredible feature because it helps save time. Time is money!
All the sender needs to do is glance over and ensure the content conveys the desired meaning.
It’s far easier to replace a couple of words in a paragraph than type the entire paragraph. This is ‘machine learning’ at its most basic, and what an impact it’s having already.
Developing a bespoke CRM system has enabled us at Sure Communication to make effective additions the moment new tech developments become available.
The downside to AI being in the wrong hands
We do have to give a fair warning that if misused AI can cause more harm than good!
Case in point: The Willy Wonka Experience viral sensation.
The ‘experience’ held in Glasgow in late February was marketed using AI-enhanced images. These images depicted a ‘Twilight Tunnel’, an ‘Enchanted Garden’ and an ‘Imagination Lab’. In harsh reality, none existed in the sparsely decorated industrial hall!
There are, of course, some downsides to AI, as there are with everything. As displayed in the above example. AI can lead to laziness, poor decision-making, and reduced creativity.
Ethics, morals and emotions are distinctly human traits required to run a business or organisation.
AI will become the sort of tool we all use the same as smartphones and email. It will dramatically impact our lives. It will not take over the running of them any time soon!
All of us at Sure Communication would love to help you do better business online. Contact one of the team today to discuss the different services we offer and discover how they can help you grow and thrive.