By Brooke B. Sellas, {grow} Contributing Columnist
How will you invest in artificial intelligence (AI)? You know, robots doing things and machines taking over the world!
Just kidding … But it is starting to take over businesses and it might seem overwhelming.
Still on the fence about AI? Here are a few low-barrier ways to invest in artificial intelligence this year.
Why invest in Artificial Intelligence?
For one, AI can help most departments in your business …
- Market research
- Accounting
- Customer experience
- Marketing
- Sales
And its impact on business can be BIG …
- automating routine processes and tasks (saves time & money)
- increases productivity
- answers FAQs 24/7 and get it right 100% of the time (saves time & money)
- predicts customer preferences
- analyzes a vast amount of data in a short amount of time (saves time & money)
- *just wait until 5G hits us!
Gartner reports that between 2018 and 2019, organizations that have deployed artificial intelligence (AI) grew from 4% to 14%.
Certainly, with the above in mind, it may be wise to invest in artificial intelligence. But how?
Invest In Chatbots
One of the easiest ways to invest in artificial intelligence is to utilize chatbots.
Chatbots are ideal for frequently-asked-questions or lead nurturing, making them superior assistants for customer experience and marketing & sales. When used correctly, chatbots can dramatically reduce human capital costs and lead to better response times. Not to mention, a bot can deliver support 24/7.
Take a look at Drift‘s bot, a SAAS company who provides out-of-the-box chatbots for your company website.
Chatbots are so prevalent, Facebook’s Messenger has become an integral part of its business and user strategy. And guess what, using theirs is FREE.
Invest In Artificial Intelligence Assistants
You likely already use Siri or “Hey, Google” throughout your day, and AI assistants at work are another smart way to invest in artificial intelligence.
First, think about the time and effort it takes to schedule meetings. I started using Calendly years ago, but now AI platforms like X.ai provide an AI assistant named “Amy” to help you do things like …
- Create meetings in natural language or with a keyword
- Schedule meetings instantly with coworkers and connections
- Book conference rooms automatically
- Let you set up meetings for other people
- Time zone conversions for all parties
- Follow-up when guests are unresponsive
- Easily set up meetings with multiple participants
- Set reminders for you and your guests
Actual (human) assistants can be costly while an AI assistant can be up and running in no time (and for a nominal fee).
One of my biggest hurdles is managing my crazy schedule … imagine having AI take care of it all for me, 24/7, with complete confidence that I won’t be double-booked.
Invest In Social Listening
If you’re investing in any kind of social media, you should also be investing in social listening.
Where social media management tells you what (reactive), social media listening tells you the why (proactive).
Listening tools, which are powered by artificial intelligence, help you get a comprehensive view of things like …
- Keywords
- Hashtags
- Brands
- Industries
- Competitors
Listening AI uses multimedia content to analyze sentiment and uncover trends on Facebook, Twitter, Instagram, Reddit, YouTube, Tumblr and around the Web.
Investing in artificial intelligence that uses “listeners” allows marketers to observe trends, uncover patterns and gauge emotional response around any topic. It would be next to impossible for a team of humans to do this (not to mention the cost!).
Invest In A Business Case
And if you’re not ready for AI, at the very least, invest in artificial intelligence with a business case.
Even if it’s just for you, make it formal enough to eventually pass on to stakeholders and include information like …
- Executive Summary
- Statement of the problem(s) AI can solve
- Discussion of Possible AI Options
- Recommendations
- Conclusion
And remember: Investing in artificial intelligence is as much about investing in data as it is about investing in people.
The people are the ones who will build the bots. They’re the ones who will be responsible for taking the data the machine brings back and putting it to work/into action. If you don’t have the people to support the AI, maybe DON’T invest in artificial intelligence just yet!
How are you investing in AI in 2020 and beyond? Let me know in the comments section below!
Brooke B. Sellas is the Founder & CEO of B Squared Media, an award-winning done-for-you social media management, advertising, and customer care agency. She’s also Mark Schaefer’s Co-host on the top-rated Marketing Companion Podcast. Brooke’s marketing mantra is “Think Conversation, Not Campaign” so be sure to give her a shout on Twitter!