The global ai market is expected to reach a valuation of ai-statistics/” target=”_blank” rel=”noreferrer noopener nofollow”>$267 billion by 2028. As for its contribution to the global economy, it is much more widespread. It is expected to reach ai-statistics/”>15.7 billion dollars by 2030!
This widespread adoption is a sign that ai can revolutionize not only entire industries, but also individual workflows.
This article delves into five low-cost ai strategies that you can implement at minimal cost to significantly improve your work efficiency. These cost-effective ai strategies can transform time-consuming tasks that previously took days or weeks into actions you can complete quickly:
- Implementation of ai chatbots for customer service
- Using linguistic models for business intelligence
- Improving data analysis with ai
- Automated data entry and processing
- Virtual Assistants for Administrative Tasks
<h2 class="wp-block-heading" id="h-implementing-ai-chatbots-for-customer-service”>Implementation of ai chatbots for customer service
Our first recommendation for a low-cost ai strategy is chatbots!
Chatbots are a proven and cost-effective way to improve customer service. They provide quick responses to customer queries and are available 24/7. 58% of B2B companies and 42% of B2C companies have already adopted chatbots for their customer service.
If you're not sure whether ai chatbots can really impact your bottom line, look no further than the example of Amtrak.
The company chatbot Julia has virtually transformed its approach to customer service, answering more than 5 million questions a year. Not only was Amtrak able to increase bookings by 25%, but Julie's bookings were worth about 30% more than bookings from other sources.
Amtrak saved $1 million in customer service email costs and saw a 50% growth in rider engagement since implementing Julie. Additionally, the chatbot contributed to Amtrak's return on investment 8x, with 50% year-over-year growth in Julie usage.
To explore ai chatbot options for your business, you can consider tools like Zendesk Chat either Drift and improve overall operational efficiency.
Wondering how ai chatbots can transform your customer service? We've got you covered! Fill out our form to learn more about how to create your own ai Chatbot.
Using linguistic models for business intelligence
Language models are artificial intelligence programs designed to understand, generate and interpret human language. They do this by analyzing large amounts of text data, learning patterns, and predicting the most likely next word in a sequence of words.
Here are some ways to leverage these Business Intelligence models:
- Improve communication: Implement LLM to generate reports, summarize research results, or even compose emails.
- Improve the eficiency: Automate analysis of customer feedback, market research, and internal reporting, freeing up your team's time for more strategic tasks.
- Increase innovation: Discover insights that can lead to new product ideas and ways to improve customer satisfaction.
<h2 class="wp-block-heading" id="h-enhancing-data-analysis-with-ai“>Improving data analysis with ai
Our next profitable ai strategy is to integrate ai into data analysis processes as an innovative approach to extracting insights. Below are some examples where companies have successfully used ai to solve critical business challenges through data analysis:
Fashion supply chain optimization
The fashion industry, known for its unpredictability, has undergone a transformative change with the introduction of ai. Retailers like it ai-for-businesses” target=”_blank” rel=”noreferrer noopener nofollow”>H&M and Zara They have used ai for predictive analytics. H&M, in fact, uses artificial intelligence algorithms and a team of more than ai-supply-chain/” target=”_blank” rel=”noreferrer noopener nofollow”>200 data scientists predict and analyze fashion trends. This can help forecast future sales more accurately based on historical data and sales performance.
By capturing information from search engines and blogs, these algorithms help H&M decide on purchase volumes, timing and store locations. This data-driven approach to trend forecasting allows H&M to quickly respond to changing fashion trends and consumer demands.
Health diagnosis
In the healthcare sector, the potential of ai to accelerate and increase the accuracy of diagnoses has been groundbreaking. ai-healthcare” target=”_blank” rel=”noreferrer noopener nofollow”>Hardin Memorial Health used ai to help doctors evaluate patients' medical histories along with images, thus providing more comprehensive care.
The system has been trained by radiologists. Integrates with existing platforms to compile information into a comprehensive, single-page summary. You can even organize it in ai-generated-radiology-reports-go” target=”_blank” rel=”noreferrer noopener nofollow”>12 categories in seconds!
Web development for MVP
If you're looking to quickly launch a minimum viable product (MVP), ai offers solutions like uizardo. This tool allows users to generate functional web and application designs without coding knowledge, speeding up the development process and enabling rapid testing of business concepts.
Automated data entry and processing
Automated data entry, using tools such as Nanonetworks, is transforming the way companies manage and process their data. These are repetitive tasks that can significantly impact operational efficiency and cost savings in sales organizations. One of the main advantages of outsourcing these tasks is that you can free up your thinking power to make more strategy-related decisions.
According McKinseyAccording to research, approximately one-third of sales tasks are automatable with today's technology. The greatest potential for automation is found in order management, with up to 50% of tasks being suitable. Overall, it can increase your organization's efficiency by 10-15% and revenue by up to 10%.
Virtual Assistants for Administrative Tasks
As a business owner, it can often be difficult to juggle your various roles and responsibilities. After all, you need to be everywhere and on top of everything to ensure operations run smoothly.
IBM Watsonx Orchestra can help you create custom ai assistants. It allows you to design and implement ai assistants that can perform a variety of tasks, offering personalized assistance and seamless integration between different platforms and devices.
Chatbots are also being used in various sectors, including customer service, e-commerce, healthcare, and business operations. They incorporate machine learning to adapt responses over time. Additionally, many of these chatbots can also integrate with third-party services and multi-channel support.
Final thoughts
Feel free to share your thoughts on these low-cost ai strategies in the comments section below!
Efficiency is working better than what is already being done.
-Peter Drucker
As ai technologies become more advanced and accessible, their adoption among businesses will increase. This trend will allow these companies to remain competitive and grow in the digital age.
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Fill out our short form to establish a discussion with Vidya Analytics and explore how we can help you implement low-cost ai solutions to optimize your workflows and improve your bottom line.
