Maximizing the Potential of AI in 2023: Exploring 7 Business Applications of Artificial Intelligence

The revolutionary impact of AI has been evident through innovations like Dall-E image generation and Chat-GPT in 2023. However, the real question is whether businesses can harness the power of AI in their daily activities.

The answer is a resounding "yes"!

AI has not only advanced technically but has also become more accessible to non-technical users, thanks to companies like Levity, which are democratizing AI technology for business professionals.

AI is not only improving efficiency but also transforming the entire landscape of business operations. Surprisingly, 86% of CEOs have integrated AI as a core element in their offices, not through physical robots or complex machinery, but by incorporating AI-driven software into their day-to-day processes. Whether it's predicting customer behavior or automating manual data entry, AI has become an indispensable asset in ways previously unimagined.

By leveraging AI, businesses can now make faster and more accurate decisions than ever before.

In this article, we will explore seven compelling use cases of AI in business.

The advantages of AI for businesses are manifold, with automation, data analytics, and Natural Language Processing (NLP) being some of the key applications. These technologies simplify processes and enhance operational efficiency significantly.

• AI Automation: One of the primary benefits is the liberation of people from monotonous tasks. Teams are no longer burdened with spending endless hours on repetitive activities, allowing employees to focus on more valuable and strategic work. Moreover, AI Automation ensures precision and reduces the likelihood of overlooking essential information, leading to improved employee satisfaction and streamlined processes.
• Data Analytics: AI-driven data analytics opens up new opportunities for businesses by uncovering valuable insights that were previously hidden. It enables the discovery of novel patterns and correlations in data, providing companies with a competitive edge and a deeper understanding of their operations and customer behavior.
• Tone Detection and Natural Language Processing (NLP): NLP plays a crucial role in empowering various technologies. It allows search engines to be more intelligent, enabling more accurate and relevant search results. Additionally, NLP enhances the capabilities of chatbots, making them more helpful and efficient in assisting customers. Furthermore, it contributes to improved accessibility for individuals with disabilities, such as those with hearing impairments, by facilitating communication through natural language interfaces.

In summary, AI brings about significant advantages to businesses, offering increased efficiency, valuable insights from data, and improved user experiences through NLP and tone detection capabilities. Let's explore the most common and impactful use cases of AI in business further!

1. Artificial Intelligence in Sales The integration of artificial intelligence (AI) in sales has prompted a reevaluation of the roles played by humans and machines in this domain. AI-driven automation is already making an impact and is poised to continue transforming the sales landscape. According to a study by Harvard Business Review, companies utilizing AI in sales can achieve remarkable results, such as increasing leads by over 50%, reducing call duration by 60-70%, and cutting costs by 40-60%. Given these impressive figures, it becomes evident that businesses seeking to enhance their profitability should seriously consider adopting AI technologies.

Here are some notable applications of AI in sales:

• Outbound Email Campaigns: Email campaigns have proven to be effective in sales and marketing strategies, yielding desirable outcomes. However, managing and tracking responses from hundreds or thousands of emails can be overwhelming. AI solutions like Levity come to the rescue by monitoring, categorizing, and organizing email responses according to predefined criteria. This eliminates the need for manual monitoring and enables the identification of valuable and relevant emails. A successful example of AI implementation in sales can be seen with Incendium, a B2B growth consultancy firm.

• Demand Forecasting: Sales forecasts are inherently complex, but AI offers the potential for automation. Through artificial intelligence, businesses can generate accurate sales projections by analyzing all client interactions and historical sales data.

• Lead Scoring: AI greatly assists in lead prioritization. AI-powered tools help sales professionals prioritize potential customers based on their likelihood to convert. By leveraging historical client data, social media activity, and past interactions with the sales team, AI algorithms can rank opportunities in the sales pipeline based on their probability of successful closure.

Incorporating AI in sales processes unlocks new levels of efficiency, effectiveness, and strategic decision-making, making it a compelling choice for companies looking to optimize their sales performance.

Artificial Intelligence in Marketing

In the marketing realm, striking the right balance between operational efficiency and customer experience holds utmost importance. Employing intelligent technology solutions is a prime way to optimize both aspects effectively.

Here are some top methods to achieve this:

• Market Research: Extracting valuable insights from customer feedback and quantitative data need not be a manual and cumbersome task. Leveraging AI tools like Levity, you can analyze vast volumes of data effortlessly, with no manual tagging required. These AI-driven analyses centralize the insights for easy accessibility.

• Competitor Analysis: Instead of spending hours scrolling through competitors' tweets and data, AI can categorize the content based on topics or themes, and even notify you of emerging trends. This allows marketers to stay informed about their competitors' strategies without investing excessive time and effort.

• Image Recognition: Utilizing Computer Vision technology, computers can interpret digital images, videos, and visual inputs, enabling them to act or provide relevant recommendations. Marketers can leverage this capability to analyze the multitude of images shared daily on social media platforms, gaining valuable insights into product or service usage. Such analysis facilitates measuring market penetration and brand awareness in novel ways.

• Search Engine Optimization (SEO): AI plays a significant role in enhancing SEO strategies. Machine Learning (ML) algorithms assist in understanding the intent behind search terms and the substance of searches, going beyond mere search volume. AI is also used to analyze competitors' SEO tactics, identifying potential gaps in your own approach or unexplored keywords that can be advantageous. Furthermore, AI can generate SEO-friendly marketing content for your website, streamlining your optimization efforts.

By incorporating AI into marketing practices, businesses can streamline processes, extract actionable insights, and achieve greater success in understanding and engaging with their target audience.

Artificial Intelligence in Customer Support

The success of businesses heavily relies on their customers, and there is no doubt about it. While resolving customer issues is a top priority, it may not always be feasible. In the meantime, providing prompt and effective responses to customer inquiries can be crucial to maintaining positive online reviews. However, dedicating resources to monitor customer messages can be both time-consuming and costly. Additionally, customer inquiries can fluctuate, leading to unpredictable workloads for the support team, being swamped one day and having lighter loads the next.

This is where AI can offer a solution:

• Automatic Assessment of Customer Messages: AI tools leverage advanced technologies to analyze the tone and purpose of incoming customer messages. Beyond merely identifying specific keywords like "complaint," AI assesses the entire context of the message. This ensures even lengthy texts are accurately categorized and directed to the appropriate team. User-friendly tools like Levity provide this capability, making it accessible to non-engineers without requiring coding knowledge. Check out the image below for a sample workflow of customer feedback using Levity.

• Tagging Urgency and Triggering Actions: AI can efficiently sift through numerous conversations with clients and leads. AI models can recognize crucial words indicating urgency. For customer queries, AI can detect crisis-prone words or sentences like "I'll leave your business." In the case of potential leads, AI can identify phrases such as "This offer sounds interesting" or "I'd like to buy next week," which may indicate a potential sale.