Artificial intelligence (AI) has created a lot of buzz and a lot of interest in the business world. The main reason is that this new technology holds the potential to reshape the business world as we know it. The digital world is evolving at a rapid pace and there’s an increased demand for more computing power and more sophisticated algorithms. Even though it’s still in the early stage of development, AI has already found its use in modern business operations.
AI’s machine learning and deep learning capabilities, as well as natural language recognition, have attracted interest from various companies both large and small. Not only that, but B2B companies are also starting to realize the potential of AI technology and the benefits it can provide to their business activities. Here are a few ways B2B industry is affected by artificial intelligence.
Improved client service
Client communication is essential in B2B relationships, as well as providing adequate customer service. In the modern business environment, it becomes increasingly difficult to attend to every request or inquiry in person. AI’s implementation in client service and support becomes essential when building strong B2B relationships. AI-powered computer programs, such as chatbots can vastly improve communications, as well as customer services and support.
Chatbots equipped with machine learning capabilities can easily adapt to mimic natural human conversations. With the ability to recognize preferences and behavior of clients, chatbots can provide a seamless experience. Not only that, but they can also provide clients with 24/7 support. Moreover, 51% of consumers state that businesses should be available 24/7. That way, companies can attend to multiple clients at once, without any risks of client dissatisfaction due to waiting in line for support and other inconveniences.
Overcoming the cultural gap
It’s no secret that B2B companies have difficulties communicating and establishing relationships with partners from another culture. Foreign countries have their own cultural preferences and unique verbal approach when it comes to communicating with others. In order to avoid misunderstandings and even conflicts on occasion, B2B companies go an extra mile to familiarize themselves with another culture and language barriers that may stand in the way of effective communication. For instance, cultural norms define verbal approaches in many cases.
One party may express themselves more vocally, but it may come off as offensive to cultures that prefer a softer verbal communication. However, the implementation of AI technologies can greatly help the process and make communication between two different companies with different cultures more seamless. As an example, by utilizing business transcription services online, B2B companies can easily understand foreign partners and vice versa. That way, any cultural gap or language barrier can easily be bridged to enable more efficient communications.
Making more strategic decisions
As mentioned before, AI’s deep learning algorithms and machine learning capabilities make it highly sought-after in the business world. Many modern businesses leverage big data to improve their business operations and make more strategic decisions. However, the vast quantities of data make it difficult to analyze, in order to gain actionable information. What’s more, it’s predicted that data volumes will increase to 44 zettabytes or 44 trillion gigabytes by 2020.
Analyzing such data volumes is next to impossible without the help of AI. All companies, including B2B businesses, will automate processes of analyzing big data by leveraging AI. That way, they’ll be able to gain more valuable and actionable information that will help them make more strategic decisions. Whether it’s developing products and services or establishing new partnerships, these actions will be influenced by big data analysis.
Every company loses a lot of precious time and resources on repetitive and mundane tasks that simply have to be completed. Whether it’s marketing, sales or any other aspect of a modern workflow, these mundane tasks can be a significant drawback. Many companies, therefore, utilize automation to streamline these repetitive tasks and cut down on operational costs and time required to complete such tasks. When automation and orchestration become empowered by AI, businesses will be able to create more efficient workflows and create more output than they normally can.
This is essential in providing clients with the best service and support, as well as improving products and services a B2B company has to offer. What’s more, with the aid of AI, companies can greatly shorten their time-to-market and efficiently deliver value to their clients and customers on time. Moreover, developing new product features will become much simpler and the costs required to develop such features will be greatly reduced, due to the help from AI and its capabilities.
B2B companies must ensure that they can provide the best service, experience and support for their clients. What’s more, extending their reach to foreign markets can become quite a profitable strategy. However, in order to be adequately prepared, B2B companies will start to leverage technologies such as AI to aid them in improving their business operations.
Raul is a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying travel, football and great food, you can find him on Technivorz.com