Published on July 9th, 2019 | by Herman Morgan0
Can Automation Affect Your Business Growth Now or Near The Future?
The joy of watching your business grow can be disheartening at times, especially when it means more demands for you and your staff. The pressure to deliver ‘more for less’ has become an inevitable challenge day in day out inclusive of all industries and business sectors. And with automation and artificial intelligence (AI) gearing up all around the world; there seems to be no turning back!
Considering the future of work environment today; it seems that the fear of growing jobs being digitalized or going everything automated (robots) will make us dependable like never before. And while it’s true that many jobs are likely to be automated away, whereas countless more will be created by new technology as rising economic growth will be seen empowering consumers to spend more and more on services. Yes, you heard it right! Machines will be carrying out more of the tasks done by humans, complement the work that humans do, and even perform some tasks that go beyond what humans can do. The only drawback is that some occupations might entirely get declined but if we look at the bright side others will grow, and many more will change; of course, for better.
Image courtesy: Freepik
In addition to this, it may also result in substantial job gains in service-providing occupations. The following post emphasizes how automation is changing businesses all across the globe. Now anything claimed or predicted without any facts or figures is useless and crap. We will hence go through a few of the relevant statistics; measuring the impact of the trend.
- According to the State of the Connected Customer,” Salesforce Research- more and more leading companies are seen making better business decisions; all thanks to data and predictions of customer behavior due to the emerging technology. A majority of customers (51%) say their expectations of companies are now being influenced by AI.
- The AI Revolution,” Salesforce Research; several AI-powered developments like individualized recommendations and automatic order fulfillments are raising the bar against which customers judge companies: 48% of consumers and 63% of business buyers now expect personalized offers.
- Some of the top sales teams have started realizing the power of using AI to craft compelling customer experiences that focus mainly on automatically recommending products to customers based on their preferences. In fact,technology has become the top growth area for sales teams, and its adoption is forecast to grow 155% over the next two years.
- At the same time, more marketers are using AI. Twenty-nine percent now use it, up from the 20% who used it extensively in 2017, in addition to using other advanced technologies to help them personalize customer engagement. Overall, marketers’ adoption of AI has grown by 44% since 2017. Says the State of Marketing,” Salesforce Research.
Companies using AI
Like I said before, many companies already recognize the benefits of AI-based systems. The emerging trend seems to be fueling powerful ways to help companies get closer to their customers, and share information and knowledge in a personalized exchange.
Image courtesy: Freepik
Customers also appreciate a number of everyday technologies that would be impossible without AI- whether or not they recognize these things as being AI-driven. For instance, credit card, fraud detection, email spam filters, automatic reminders, and predictive traffic alerts are among the most popular AI use cases. Simultaneously, more than half of customers are fond of AI-powered voice-activated personal assistants. Millennial and Gen Z customers are nearly twice as likely as traditionalists and baby boomers to connect with companies via voice.
In addition to this, the future of AI will also give companies the capabilities to analyze sentiment- for instance, what customers think based on their social media posts. According to Richard Socher, Chief Scientist at Salesforce, Sentiment analysis searches language to pinpoint the opinions of your customers on, say, Twitter, and estimates the emotional reactions shown toward a product. This could allow you to see if a marketing campaign was working in real time.
Further, let’s find how technology and automation can play a similar role in a business. And see how, in the end, it makes the uploading process simpler, faster, and easier.
- Reduces time: One of the most significant advantages of using technology is that it highly reduces the amount of time taken to do the same job. Machines can do far more in a limited amount of time without any drudgery. The advances in computing power seem to have meant complex, mundane, and even massive volume of work where a huge volume of work can be tackled within a span of minutes. The Egyptian pyramid was built around 4000 years ago within a span of 20 years; but with today’s technology, the same building can be done in about five years.
- Revenue and profit: Overall, engaging with digital technologies can help SMB’s and fortune 500 companies grow their revenue on a significant basis. Digital technologies like websites, social media, and e-commerce can give SMB’s a great market reach and increase the ability to reach out to end customers. More importantly, digitally engaged SMB’s have nearly twice the revenue growth trajectory compared to offline SMBs.
- Productivity: Achieving more in less amount of time now becomes a feasible option as technology seems to be increasing productivity to a large extent. Many humans consider this expansion as a threat, but on the contrary, it frees up the person in charge to do more substantial jobs. If we consider this as a routine; the transactional part can be automated easily. This is what we call better utilization of one’s skills, which in turn could lead to greater productivity. For a business, it can also mean lesser manpower requirements to get the same amount of job done.
- Efficiency: With automation in vogue, machines are now able to carry out tasks that require a high degree of efficiency and precision. Technology and automation can help a business improve efficiencies across functions – from manufacturing to marketing, and ensure costly errors are prevented from happening. This, in turn, can add to business growth.
- Accurate Insights: Technology also prove valuable insights about the business. By turning information and numbers into actionable and meaningful data, businesses can use it to arrive at strategic and calculated decisions. Technologies like big data analytics can play a pivotal role in the decision-making process and ensure business growth.