Artificial intelligence (AI) is an effective technology that may help businesses achieve their goals and gain a competitive advantage in the market. Right here are 5 ways companies can use AI to grow their revenue and outsmart their competitors:
Discover market niches: AI can examine demographics and customer preferences to discover market opportunities. As an instance, Frito-Lay used AI to discover that a large number of human beings in Frisco, Texas, had Indian ancestry, leading them to offer a spicy snack food that was formerly most effective in India.
Support adoption: AI can compare client sentiment to offerings and growth market share. Consumer care systems like IrisAgent and Intercom use AI to identify product faults, consumer wishes, and pain points among support tickets.
Predict forecast demand: AI can expect future demand based totally on data analysis. A construction business used AI to expect an increase in hurricanes in the Deep South and transferred inventory to Florida-based warehouses, allowing them to meet demand while Hurricane Ian struck.
Create new products: AI may be used to develop totally new products, establishing new revenue streams. For instance, InSilico Medicine used AI to expand a novel pulmonary fibrosis medication currently undergoing medical trials.
Optimize pricing: AI can help determine optimal pricing techniques. By using data analysis, businesses can identify products that could withstand price increases without a decline in sales, resulting in improved operational profit.
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