Category Archives: Artificial Intelligence

Artificial intelligence (AI) is a field of computer science that is engaged in the development of intelligent computer systems

Artificial Intelligence

How AI is Transforming The Manufacturing Industry

“AI is in a ‘golden age’ and it is correctly solving the problems that were once the realm of sci-fi”

  • Jeff Bezos

Can you think of any industry that is currently not investing or is already using AI? No, right? We neither. In the contemporary world, businesses have realized the benefit of AI and it is spreading in every industry like a wildfire. In fact, if we take a look at the statistics, the number of businesses utilizing artificial intelligence experienced a fascinating growth of 270% since 2015.

While all industries have incredible benefits to reap from AI, the manufacturing sector has its unique share of AI-driven advantages. Today, AI is significantly making its space in the manufacturing industry making the industry more scalable than ever before. To substantiate, the market size of AI in the manufacturing industry is anticipated to be USD 16.3 billion by 2027.

Looking at the future predictions, it is safe to say that AI is leading the industrial revolution 4.0 and it is revolutionizing every aspect of manufacturing. So, let us dive right into the blog and understand how exactly artificial intelligence is transforming the manufacturing industry for good. 

5 Effective Ways AI Will Change The Manufacturing Industry

  1. Enhanced popularization of Chatbots

Right from Alexa and Siri now almost every business has its own virtual assistant that is helping it in enhancing its efficiency of performance. Although chatbots are majorly known for providing extraordinary customer service, it has also done some exceptional miracles in the manufacturing industry.

AI chatbots have the efficiency to scan large inventories and find the desired products in a fraction of seconds. This will not only save the time of humans to find the products manually but can also enhance the overall speed of the processes.

Along with this, there are some hazardous tasks that are often performed by humans in the manufacturing industry, and many humans often face accidents and injuries while completing the tasks.

That being the scenario, AI is taking up the charge for performing these tasks more efficiently. Now dangerous tasks can be performed by the AI chatbots which will assist in saving the lives of humans.

  1. Effective quality assurance

It is no hidden fact that quality assurance is the main facet that determines the success of every manufacturing unit. This implies that no matter how much money you spend on the manufacturing units if the quality of your products is low, you will never be able to sustain yourself in the competitive market. 

Hence, it is really essential that your quality assurance should be up to the mark to gain competitive advantages over your competitors. Besides, thanks to artificial intelligence, you can enhance your quality check in the most efficient way possible.

To elaborate, it can take the charge of assuring the quality of your products during the production cycle or after the whole slots have been produced. AI with its efficient performance can detect the defective pieces and take them out so that only high-quality products can be passed on to the clients.

  1. Management of Supply Chain and Inventory

AI along with its different branches such as machine learning has the ability to analyze the inventory in a fraction of minutes and can generate some strong insights. These insights can assist you in restocking and status of multiple supplies available in the inventory.

These insights can assist in identifying the key strengths that are boosting and the weaknesses that are decreasing the efficiency of your inventory. After analyzing you can eventually boost up your strengths and eliminate your weaknesses to make your inventory management more efficient. This way, identification of the factors will assist in contributing to the self-improvement of the manufacturing processes.

Along with this, AI chatbots can also analyze the status of supplies and can solve complex queries such as how many items can be produced from raw materials supplies and so on.

Moreover, AI also has the ability to predict the future trends and demands of the public. Manufacturing units can manage their supply chain and inventory based on these predictive analyses. This will not only save you the damage of wasting resources but will also enhance the overall revenue of the company.

To substantiate, as per the report, AI can improve forecasting accuracy in manufacturing by 10-20%, which translates to a 5% reduction in inventory costs and a 2-3% increase in revenues.

These kinds of prior pieces of information will assist you in maintaining your supply chain and inventory will also assist in predicting the production time and delays. Furthermore, AI can also automate various processes in the inventory that can assist in enhancing the overall efficiency of the supply chain and inventory management.

  1. Minimization of operational costs

We all are very well aware of the fact that how those unpredicted machine downtimes can impact the cost of overall production and can cause losses to the company. However, AI can intangibly analyze the signs of failures prior to humans and indicate possible failures.

These indications can assist manufacturing companies in collecting information on prior bases. This can assist manufacturing units in making more informed decisions about the replacement or maintenance of the manufacturing units.

Along with this, it will also assist in saving up the cost that might go into the unnoticed damage. Moreover, AI can also accelerate the production cycle and enhance the overall efficiency of the production unit.

You can take help from various manufacturing KPIs to measure the overall performance and growth of the manufacturing unit after implementing the AI of business operations. 

  1. Assistance in product development

A product of a business reflects its efficiency, reliability, and reputation in the market. Till now we have discovered the fact that every process involved in the manufacturing industry is transformed by the introduction of AI and so is the case of product development.

From the front-end design of the prototype to the final production of the product, AI can assist speeding up the process and making the product a better version of itself. For instance, UI and UX designers can take assistance from AI in order to create the design as per the requirements of the audience.

Furthermore, AI-based interactions and previous history can assist the audience in enhancing the efficiency of the final product. This way AI will be able to transform the product development process.

To conclude, it is no hidden fact that AI is making its space in every industry and almost every industry is availing the benefits of AI. Moreover, the above-given description clearly explains that if AI continues to make more space in the manufacturing industry then it will completely revolutionize the whole face of the manufacturing industry in the coming future.

Artificial Intelligence

Artificial intelligence chips make phones and laptops everlasting

There will no longer be a need to buy new devices
Engineers at the Massachusetts Institute of Technology (MIT) have developed a LEGO-like chip with artificial intelligence.

All devices with it will be easy to upgrade .

Researchers say the new chip will help make all digital devices universal. Mobile phones, smart watches and other wearable devices will not need to be thrown away in favor of a newer model.

Instead, they can be upgraded with the latest sensors and processors that connect to the device’s internal chip such as LEGO bricks. This reconfigurable software can quickly upgrade widgets and help reduce electronics waste.
The team has created a design that includes alternating layers of sensor and processing elements, as well as light emitting diodes (LEDs), the latter allowing the layers of the chip to transmit light.

Typical modular constructions use conventional wiring to transmit signals between layers. Such complex connections are difficult and almost impossible to break or redirect. Therefore, they cannot be reconfigured.

In its development, the MIT team uses light to transmit information on the chip. Therefore, it can be reconfigured: swap layers or overlap. This allows you to add new sensors or an updated processor.

Artificial Intelligence

5 Effective Ways AI Will Change Your Business Forever

Who would have thought 10 years back that humans would actually be able to set reminders, book travel tickets, and get updated about the weather just by using their voices?  This is how exactly without even our realization, AI became an integral part of our lives.

Not only AI has transformed the personal lives of humans but it also brought a wave of evolution to the business world. This is the reason businesses are actively investing in artificial intelligence. In fact, as per statistics, nine out of ten growing businesses have ongoing investments in AI technologies.

Moreover, by the end of 2027, the market value of AI will be approximately $267 billion. Hence, it is really clear that AI’s future is really bright and it will only grow in the coming times. Hence, it is essential for you to know how exactly AI has the capability to change your business forever.

Thoroughly understanding the benefits of AI can assist you in making an informed decision on deciding whether to adopt AI or not.  To assist you with the same, let’s dive right into the blog and effectively understand what benefits AI can bring along that will transform your business forever.

5 Effective Benefits of AI That Will Transform Your Business

  1. Extracts Strong Insights

Today every business is sustained on the informed decisions they make based on the insights driven from the collected data of the internal and external environment of the company. However, as Jay Baer correctly quoted, “We are surrounded by data, but starved for insights.”

This implies that data only is not enough, you need data-driven insights that can assist you in gaining a competitive advantage. That being the case, AI-based tools, and software can assist you in extracting insights based on your internal and external data of the company.

These insights can be assisted in enhancing the efficiency of your supply chain, customer service, digital marketing, and whatnot. Hence, this way you can also enhance the growth and profitability of your business by effectively implementing AI-based tools and software.

  1. Offers virtual assistance

We are all already very big fans of Alexa and Siri. These virtual assistants became an irreplaceable part of our lives.  In fact, as per statistics, digital assistant usage worldwide is expected to double to 8.4 billion by 2024. These virtual assistants are not only limited to personal homes, it has assisted many businesses in enhancing overall efficiency.

To elaborate, some of the effective benefits of AI based virtual assistance are mentioned below

  • Enhanced productivity – Virtual assistants never get tired and this is one of the crucial factors that contributes to enhanced productivity of the businesses. This enhanced productivity can enhance the efficiency of your business which can result in increased revenue for your company.
  • Increased lead generation  – Leads are the halfway confirmation of possible sales. AI based virtual assistants have the capability to generate leads for your business which can possibly result in enhancing your clientele base.  
  • Identify the right team – It is no hidden fact that finding the right candidate from the talent pool is not a piece of cake. To help you with this, AI softwares can actually scan and shunt out the compatible candidates matching the vacant profile which will assist you in making your recruitment process easier.

This is the reason studies showed that 99% of Fortune 500 companies had AI tools somewhere within their hiring plans. These AI tools will assist in identifying the right team which can assist in taking your business to the next level.

By hitting the bottom line, benefits of AI based virtual assistants clears that their implementation will only bring profits for your company. So what are you waiting for?

3.Automation of repetitive tasks

One of the biggest and most common advantages of artificial intelligence that almost every business avails is that it automates repetitive and mundane tasks that are often performed by employees manually.

However, did you know as per statistics, 90% of employees feel burdened by repetitive tasks?  These tasks not only impact their overall productivity and efficiency, but can also result in their disengagement. On the other hand, if you implement AI based software in your company, it will assist in boosting productivity and efficiency of your employees by automating their repetitive tasks. It will assist in saving them time and will also boost the employee engagement rate of your company.

Along with boosting the productivity and efficiency of employees, automation of AI can also assist in saving costs  of business operations. To elaborate, when tasks will be automated, you do not have to pay your employees for performing them manually. This will assist you in saving extra costs. To validate, research showed that many industries who implemented AI to automate core business processes have seen a cost reduction of 20%.

4.Smoothens business operations

As discussed above, AI enhances the productivity of your business and your employees. This enhanced efficiency contributes to smoothen the overall business operations.Along with this, we all know that humans are prone to make mistakes. However, this is not the case in machines.

Hence, AI will reduce the possibilities of making errors  which will contribute to smooth operations of your business. This smooth operation will benefit your business in the long run in terms of profitability.

Along with this, AI’s machine learning capabilities can also assist in predicting the future trends. Based on these insights, you can effectively understand the needs and demands of your target audience. Hence, your business can improve the development of  products and can make improvisations based on these trends.

5.Increases customer satisfaction

We all are very well aware of the fact that customers of any business are its biggest competitive advantage. Hence, it is really essential to keep your customers satisfied in order to sustain in the modern competitive environment. To attain this to full potential, AI can be your one step solution.

To elaborate, AI based chatbots has the ability to solve the queries of customers on their own and can be available for them 24*7. This will assist in solving the queries of the customers instantly which can contribute in enhancing the customer satisfaction with your brand.

Along with this, AI can also personalize the recommendation and suggestions for your target audience vision your website or applications. This can assist in pitching the right products to the targeted customers which can enhance the possibility of influencing their purchase decisions. And we all know that satisfied customers means successful attainment of SMART goals.

Moreover, in the modern world, people like to see personalized recommendations. In fact as per studies, 66% of the consumers claimed that they will not purchase from the brands that do not offer personalized recommendations. Hence, it is another valid point why you need to invest in AI today.

To encapsulate, whether we like it or not, artificial intelligence has successfully made its place in almost every industry. Hence, it is crucial to understand how AI can transform your business. That being the case, the above-given points will assist you in convincing that if you are not already using AI, your business needs the implementation of this technology today.

Author Bio:

Jessica Robinson loves to write interesting and knowledgeable blogs regarding business management, education and life to satiate the curiosity of her lovely readers. Currently, she is serving as a content manager at the ‘Speaking Polymath’. Every piece of content that she writes demonstrates her immense love and passion for her profession.

Artificial Intelligence

5 Effective Ways AI can Enhance Customer Experience

In the contemporary world, customers have ample choices to make and hence, it is essential for businesses to put their heart and soul into retaining their customers. Having said that, the need for laying emphasis on incredible customer experiences is far greater than ever before. For even a little mistake your business makes in terms of customer service, you might see your customers switching. This gets even more feasible in industries where customer switching costs are incredibly low.

The question is, what does it take to create an experience your customers would love being a part of? Well, thanks to the stellar technological advancements of the contemporary world, today all that you need to cultivate great customer service is the prowess and charm of artificial intelligence. If we look around, AI is changing the way businesses operate and thrive ahead to be far more competitive in the ever-evolving business environment.

To substantiate, artificial intelligence is now being widely applied across different verticals and disciplines in the workplace to optimize operations and amplify business success. Specifically, in the context of customer service and experience, AI is playing a game-changing role in enabling businesses to deliver on customers’ expectations.

Thanks to AI that acquiring new customers and retaining the existing ones has become far more streamlined than ever before. In fact, the trend of AI in customer service is only going to get bigger and better in the times to come. To validate, as per Zoominfo, more than 95 percent of customer interactions will be driven by artificial intelligence by the end of 2025. To further add, the market size for conversational AI is anticipated to reach USD 18.4 billion by 2026 growing at an impressive CAGR of 21.8 percent.

Surely, AI is the future of customer service and you need to incorporate this trend as soon as possible. For that, you first need to comprehensively understand the benefits of AI in customer service. This blog sheds light on the various ways in which AI is changing the face of customer service metrics for the better.

5 Beneficial Ways AI Can Enhance Customer Experience

  1. AI drives effective Personalisation

Gone are the days when personalization was just a trend that few businesses started, today the implication of personalization has become a necessity for businesses. To substantiate, as per Accenture, 91% of consumers state that they are more likely to purchase from brands that provide offers and recommendations that are relevant to them.

That being the case, AI is one of the most powerful tools that can help in creating personalized recommendations and suggestions for analyzing the online behavior of consumers. Effective personalization will assist in showing relevant content to the consumers which will assist in keeping them engaged.

Along with this, many businesses also introduced AI-powered assistants in order to enhance the overall consumer experience. These AI-powered assistants will help in suggesting to consumers which products to buy during their virtual shopping experience. These assistants will act as virtual salespeople to personalize the experience of consumers while virtual shopping.

  1. AI can enhance predictive analysis

Increased competitiveness in the business world has encouraged businesses to adopt various strategies and tactics in order to attract and retain customers. Coping with needs and expectations has become another necessity for businesses to acquire customers.

Hence, it is really essential for you to conduct an effective predictive analysis in order to understand what people are expecting from your brand. When the desired expectations are fulfilled, it assists you in enhancing the satisfaction and happiness level of your target audience. Enhanced satisfaction and happiness will further add up to a positive consumer experience.  To validate,  82 percent of respondents from a survey expect that businesses will be able to cope with their preferences and expectations.

In such scenarios,  artificial intelligence can conduct predictive analysis using historical data and external data of your business and can forecast possible future trends. This can assist you in getting some strong insights on what will be the future preferences of the consumers. This can assist you in making more informed decisions about inventory stocking and supply chain as well.

Once you have understood the future trends, it will assist you in being prepared for your customers’ demands in advance. This will lead to customer satisfaction and will also enhance the overall customer experience of your business.

  1. AI enables instant response

According to the stat given by Khoros, 83% of customers claimed that they feel more loyal to businesses that respond to and resolve their complaints quickly. This stat is pretty much evident that customers expect you to be available for them 24*7. They want instant responses and want you to resolve their complaints as soon as possible.

However, it becomes humanly impossible for chat representatives to be available in the chat support and provide instant responses to a large number of consumers’ queries every day. That being the case,  AI chatbots are the most effective solution to this problem. AI chatbots will allow you to be there for your consumers whenever they need you.

Moreover, recent developments have allowed artificial intelligence to respond in the most natural possible way. This will allow your customer service to be more interactive and responsive without interference from humans. All this together will lead to effective customer service.

Furthermore, better customer service will assist in retaining existing customers and acquiring new ones. To validate, 93% of customers state that excellent customer service encourages them to repeat purchases from brands. This implies that enhancing customer service through AI will contribute to enhancing customer experience.

  1. AI provides powerful customer insights

We can all agree on the fact that because the ball is in the court of customers with so many options available to shop from, this encourages businesses to be more customer-centric. That is the reason it is very important for you to collect customer-driven data describing the needs and desires of your customers.

Having said that, AI’s ability to drive strong customer insights will help you in finding what exactly your customer wants. This data can be driven from various sources like the purchase history of clients, feedback, or engagement of customers through social media.

The collected data will allow you to identify the strengths and weaknesses of your business that attracts or repel your consumers. Furthermore, you can boost the strengths and eliminate the weaknesses in order to enhance the customer experience. This will allow you to gain a competitive edge over all other competitors. 

  1. AI automates repetitive tasks

As Richard Branson said, “If you take care of your employees, they will take care of your customers.” This implies that in order to enhance customer experience, it is essential for you to take care of your employees as well.

Moving ahead, employees often spend the majority of their productivity on completing repetitive tasks assigned to them. This will affect their productivity and will also negatively impact their attitude because let’s face it, nobody likes to do the same thing on a loop.

 In fact, according to Clockify, 90% of employees feel overburdened with repetitive and boring tasks. In addition to the same, the average global time people spend on duplicate tasks per week is 4 hours and 38 minutes, which amounts to about 10% of people’s time at work.

To continue, artificial intelligence can play a major role in solving this problem. AI can automate tasks that can free your chat and sales representatives from performing repetitive tasks and can enhance their positivity toward work. This will assist in contributing to their happiness.

Moreover, their level of happiness will clearly define the way they will treat your customers. Happy and satisfied employees will be more productive and encouraged to deal with the customers positively. This can contribute to enhancing the overall customer experience of the business.

To encapsulate, artificial intelligence has been making its space in almost every business operation. Moreover, the above-described ways prove that bringing artificial intelligence in order to enhance the customer experience will only bring benefits to your business. Hence, you should start investing in AI for the betterment of your business, if you already aren’t.

Artificial Intelligence

Ai Chatbot: A Lead Generation Tool To Customer Support

Various techniques and methods are employed for generating leads. The most preferred of them is chatbots. This is because of the unmatchable customer experience in the form of quick support, interactive sessions, round-the-clock availability, and more. And the best part is that they help your firm acquire leads without investing big!

In recent years, chatbots have enormously transformed the way businesses and their customers interact with each other. Read on to find how AI chatbots can help your brand in lead generation. 

What are lead generation chatbots?

Lead generation chatbots are those chatbots employed to collect customer information, qualify leads, and/or escort customers during the purchasing process. Just like all other chatbots, these are built on Artificial Intelligence and Machine Learning and automate conversations between brands and their customers. 

Lead generation chatbots help users interactively navigate through different available options, and thus, engage them on your site and prevent them from leaving it unconverted.

What are the benefits of lead generation chatbots?

Now let’s get a glimpse of the major benefits of lead generation chatbots. 

  1. Round-the-clock availability

64% of website visitors say that the thing they best like chatbots for is its 24×7 availability (Source: Drift). You can access customer support from a lead generation chatbot even outside the working hours of a business. 

  1. Immediate support

Unlike human staff support which takes some time for connecting you with the right resource person and giving you the solution you’re looking for, chatbots provide instant support. You can get quick answers to your questions. 

  1. Money-saving

Employing a chatbot helps you save money on hiring a customer support professional. Besides, this leaves your human staff to focus on core business activities. 

  1. Easy communication

Often, people are happy to communicate their concerns and issues they’re facing to a bot than to human staff. This is because the latter isn’t judgemental. 

  1. Quick complaint resolution

Availing the support of human staff or going through a knowledge base to find solutions to their problems can be time-consuming for your users. On the other hand, chatbots can facilitate the quick resolution of complaints. 

  1. Increased ROI

Implementing an AI chatbot for rendering customer service can help your business enjoy a tangible ROI into your chatbot. This is because it can improve customer retention greatly. No wonder businesses use it as one of their customer retention strategies. 

Thus, employing chatbots can enhance the customer experience in many ways and help your business substantially gain from it.

4 Ways to Use Chatbots for Lead Generation

Businesses can employ chatbots to bring them a lot of high intent leads. There are several ways you can improve customer experience and increase conversions using chatbots. 

  1. Understand your target audience better

The better you know your target audience; the better would be your chances of converting them. So, you need to understand them and know their interests before targeting them with your pitch.  Employ a lead qualification bot to help you in this regard. It can not only help you understand your leads but also segment them, which is essential for better lead generation. 

Here are some ways in which employing these bots can help understand your audience better. 

  • Identifying the demographics, likes, dislikes, geographic location, interests, preferences, profession, etc. of visitors to create buyer personas. This way, you can engage them better and thereby generate more leads. 
  • Running interactive chatbot surveys to gain a better comprehension of the best and least performing products. 
  • Moving leads into sales funnel stages by delivering the right content at the right time to the right people. 
  • Targeting leads with appealing messaging around your offering.
  1. Educate your audience

You need to educate your consumers about how your products can help solve the specific issues they’re facing. This will help your leads to convert successfully. Automating the process of educating them would save resources and bring good results. Renowned firms like Spotify, Sephora, etc. have set up lead generation chatbots for this purpose.

Educating your audience helps them to make well-informed purchasing decisions. Here are some techniques to help you in accomplishing this-

  • Employ a bot to let your audience know of educational and promotional info such as e-books, discounts, upcoming webinars, offers, etc. 
  • Make your lead management seamless by integrating your bot with your Customer Relationship Management software. 
  1. Qualify more leads

You can use chatbots to collect specific info from leads and use it to determine where exactly leads are in their buyer journey or how qualified they’re for sales. You simply need to set your bot with specific qualifying questions related to your business’ sales process, Marketing Qualified Leads (MQL), and Sales Qualified Leads (SQL). 

For instance, your lead generation chatbot can initiate an interaction with your prospect by asking him/her his budget range, and based on his/her response can display products or services relevant to him/her, continue the conversation by asking more qualifying questions, or direct him/her to the sales team. 

  1. Build trust and relationships

Chatbots can interact with your consumers employing a human touch by using Natural Language Processing and Machine Learning. This will help improve customer experience and gain their trust. For, when customers feel that they’re getting apt answers to their queries, their confidence in your firm builds up and leads to brand affinity.

By providing a personalized human touch to your business and responding quickly and promptly, chatbots can delight your audience. Consequently, they start feeling that they can rely on your brand. Furthermore, chatbots can help them know your current announcements, offers, and updates that they might be interested in. Thus, these can add value to them and help them make informed buying decisions. 

Other Ways to Generate Leads Using Chatbots

Apart from the above-mentioned methods of generating and qualifying leads, you can also use chatbots to book appointments, make reservations, schedule demos, promote products, answer FAQs, and more. These can prevent visitors from leaving your website unconverted.

Wrapping Up

The benefits of chatbots are manifold. When employed in automating lead generation, they can help understand your audience, educate them, enhance their customer experience, build their trust on your brand, and increase conversions. 

Author Bio:

Shivani is a content writer at NotifyVisitors and InviteReferrals. She writes SEO articles, blogs, and guest posts for businesses to improve website ranking on SERP. She follows a balanced approach to the quality of content and its marketing.