7 Proven Ways AI Helps Businesses Stay Ahead of the Competition

Over the years, artificial intelligence has proven itself to be one of the most valuable assets for businesses. And why wouldn’t it be? AI gives businesses the option to automate tasks that used to take forever to do manually, access an enormous pool of data, and streamline their operations in many ways. However, it’s not enough just to recognize the potential of this technology. Today, businesses need to know the smart ways to use AI to stay ahead of the competition.

The positive impact of AI on business success is no longer a surprise. AI improves business output in many ways, with tremendous success in terms of customer support, employee satisfaction, as well as the optimization of businesses’ marketing strategies.

In 2022, the AI market size is valued at $387.45 billion, a number that is expected to grow to $1,394,30 billion by 2029. This makes the technology one of the fastest adopted on a worldwide level, especially by businesses.

In this article, you’ll learn how to use AI to stay ahead of the competition.

7 ways AI can give you a competitive advantage

AI is undoubtedly beneficial to companies and yet, not many fully utilize its power today. These days, only 37% of businesses and organizations rely on AI to streamline their work.

Since the number of companies that use AI is still limited, this is a great opportunity that you shouldn’t miss out on. Let’s explore how AI can give your brand a competitive advantage.

1. Data extraction

Data extraction is the process of procuring information from one source and moving it to another context based on the cloud, on-site or a hybrid of the two. There are many strategies you can use to extract and store data, as well as many ways to use that data to boost your company’s operations.

If you want to learn how to use data extraction for your business and make the process more effective, Levity has all the answers for you. Companies these days ignore almost half of the accessible data they could use to improve their business. If you use AI technology properly, you should be able to maximize data extraction and usage, gaining vital information for your business processes.

In the majority of companies today, data processing is being performed manually. The result is regular oversight, many mistakes, and tons of lost data. If you want to maximize the usage of data, you need to use AI to your advantage. For a more reliable and efficient alternative to data extraction, it’s smart to consider artificial intelligence tools like Levity.

There are a few things that artificial intelligence can provide that will give you a competitive edge:

• No need for code-writing: AI-powered software takes over the entire data extraction process, therefore eliminating the need for code-writing in your company, as well as the costs that come with it.
• Better data security: Data extraction is a tricky business when you deal with sensitive information. This type of data requires removal before extraction or encryption. Data extraction software has the capability to do this without mishaps or errors.
• Connect data from a variety of sources: Doing this manually is hard and often impossible. AI can access an endless pool of data and organize it in no time, pinpointing the data that holds critical insights for your business.

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2. Product recommendations

Artificial intelligence is often used for product recommendations. The purpose of this is to suggest information - or products to the user based on data analysis.

We see this all over the web these days. How often do you see the products or services you needed and have searched for in an ad on social media?

This is especially popular in the world of ecommerce. Check out how BeerHawk uses customer data to personalize recommendations and convince them to buy:

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This is all powered by artificial intelligence. AI collects data from customers by tracking their searches and behaviors and uses it to automatically give them personalized recommendations.

Research shows that 80% of consumers are more likely to buy from a brand that offers them a more personalized experience. Thanks to AI, this is simple to implement in your brand’s strategies.

3. Chatbots

Good customer experience is vital for the success of any business. An unhappy customer is 2 to 3 times more likely to leave bad feedback for your business online. In comparison, you need at least 5 good testimonials to cover the damage of a single bad one. Seeing how people are less likely to leave positive feedback than negative, your best way to beat the competition is to offer the best customer experience possible.

Happy customers and good ratings online give you a huge competitive advantage, and AI can help you a lot in improving this. With the invention of AI-enabled chatbots, companies can now offer fast, outstanding service to their customers.

Smart chatbots powered by artificial intelligence and machine learning are programmed to understand the query of the customer and provide an immediate answer. This comes with a set of benefits such as:

• Reduced waiting time for your customers
• Round-the-clock support and availability
• Lower operating expenses

Combined with trained support agents, chatbots can do wonders for the customer experience. The AI-powered bot will handle the most frequently asked questions, while your support will deal with fewer people, offering them more time.

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4. Fast tracking recruitment

In addition to boosting the customer experience, AI is also improving the hiring process and employee experience for companies. These days, companies are fighting to attract the best employees. Artificial intelligence can help you with attracting and selecting the best candidates for the job, as well as improve their experience at your company.

Let’s start with employee selection.

Employers receive 90 applications per job opening on average, which is a lot to check manually. Making the wrong choice is bad for the company and is bound to result in a poor employee experience. Artificial intelligence can do pre-screening of applicants and narrow down your choices in half the time. It will categorize the applicants, provide you with the key information you need and help you hire the right person for the job.

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The benefits don’t end there, too.

By using AI, your company can make the experience in your company more enjoyable for the employees. This is vital for retaining good workers and reducing employee turnover.

Here are some ways in which AI can lead to happier employees:

• Chatbots can handle the customers with the FAQ, leaving your support team more time to focus on others, and making their job less stressful
• You can invest in AI wearables such as wellness tools to help your team in monitoring their health
• AI can track your employees’ performance, giving you accurate and real-time data that you can use to reward them or train them, therefore boosting their performance and making them more productive

5. Sentiment analysis

Also known as opinion mining, this uses natural language processing and ML to analyze news, reviews and social media posts and track public opinions about your brand. Using sentiment analysis will help you gain a better understanding of your customers and identify their pain points. Thanks to AI, you can gather this information early and address the pain points ahead of your competition.

In other words, you’ll get the information you can use to devise a winning strategy for different customer segments instead of using a one-size-fits-all solution based on guesses.

6. Smart content creation

Content is king and is the basis of every company’s marketing strategy. You need content to describe and promote your products, reach your audience and convince them to buy. AI can help boost your content marketing strategy.

How does this work? For starters, AI assists businesses in doing extensive target audience research. It will track your audience’s behaviors and help you create personalized content that tackles their pain points.

Artificial intelligence doesn’t replace humans in content creation, but it works wonders in tandem with the authors. It can do the following:

• Use algorithms to analyze the data your business has
• Help writers find keywords and optimize their work for SEO
• Helps with scheduling and content distribution across the web

7. Competitive intelligence

Thanks to artificial intelligence, it’s now easy to conduct competitive intelligence research and analysis. Competitive intelligence refers to collecting and analyzing data about your competition and the industry in general. In other words, you’d be using this technology to track what your competitors do.

Yes, you can do this manually, but it will take forever and you won’t be able to gather data from as many sources as advanced technology can. If you use AI for competitive intelligence, you can gather tons of data in real-time, without any effort and get ready, organized reports that will help you stay ahead of the competition.

How much are you using AI right now?

Are you using this technology for everything you read here? If you aren’t, you should definitely consider it. Investing in artificial intelligence will help you streamline your business operations and stay ahead of competitors.