Connect with us

Hi, what are you looking for?

Tech

Smart Brands are Using AI to Boost Growth: Here’s How

Breakthroughs in emerging technologies are transforming everyday life and business at a rapid rate. In fact, economists have taken to calling the era we live in “The Fourth Industrial Revolution.”

Of these emerging technologies, artificial intelligence (AI) has had the biggest impact on business. Strategies such as supply and demand optimization, customer service personalization and the automation of everyday tasks such as bookkeeping have made businesses more efficient.

How AI Saved a Harley-Davison Dealership

Consider the case of Harley-Davison of New York City. The venerable brand’s flagship operation is located in an enormous showroom in the trendy Manhattan neighborhood of Tribeca.

Harley-Davison is one of the most iconic brands in the U.S. with an immensely loyal following; and yet throughout much of 2016 and 2017, the dealership was only selling one or two motorcycles a week.

In just one weekend after the dealership began using an AI-driven marketing solution, 15 motorcycles were sold. This wasn’t a fluke, either. The high sales continued.

The AI tool had been able to analyze existing customer data to predict those marketing strategies that were most likely to convert high-value prospective customers into buyers.

In other words, the AI proved to be a wildly successful leads generator. In just three months, the AI was able to increase Harley New York’s qualified leads by 2,930 per cent.

The Many Ways AI Enhances Marketing

AI has become the silent partner in boardrooms across the nation.

Entertainment sites like Netflix and Spotify use AI to figure out what you want to watch or listen to next. An AI will be giving you style tips when you’re looking for that perfect-fitting pair of jeans on the Levi site. Disney will soon be using AI to determine just what story that cuddly toy should tell your child at bedtime.

AI-powered chatbots are in the process of revolutionizing the customer service business. Electronic neural networks have become so lifelike that nearly one-third of human customers seeking product support through a website helpline are unaware that the representative they’re talking to is actually a bot. Some experts are predicting that within the next few years, 85 per cent of all customer service interactions will be performed by chatbots.

AI Helps with Data Overload

One of the reasons artificial intelligence has been so embraced by the mainstream is because it’s efficient in dealing with the increasingly large streams of data that go hand-in-hand with contemporary life.

Groundbreaking software like Botkeeper, for example, uses advanced automation to perform bookkeeping tasks more accurately and less expensively than a human bookkeeper might.

Botkeeper CEO Enrico Palmerino describes this process as “augmented intelligence” since it also involves the oversight of expert accountants.

Solutions like Botkeeper release business owners from tedious tasks and frees them to attend more closely to their business’s underlying value proposition.

Written By

Thanks for reading this article. If you're new here, why don't you subscribe for regular updates via RSS feed or via email. You can also subscribe by following @techsling on Twitter or becoming our fan on Facebook. Thanks for visiting!

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Business

Being able to communicate with someone even when you don’t speak their language can open up whole new possibilities in the business world. Through...

Health

Technology in the medical field is constantly advancing as we strive to find cures and solutions to ailments. It has become as indispensable to...

Small Business

Over recent years, the chances are you’ve heard of an emerging technology known as artificial intelligence; or AI for short. Artificial technology is the...

Digital Marketing

Artificial Intelligence (AI) represents a technology that profoundly shapes the way we live and do business. From a digital marketing standpoint, it is nothing...