IoT and AI: Elevators in Today's Business
retailciooutlook

IoT and AI: Elevators in Today's Business

By Retail CIO Outlook | Wednesday, January 23, 2019

IoT and AIThe increasing amounts of structured and unstructured data, the inclusion of innovative technologies, and higher customer expectations have created the demands of artificial intelligence (AI) and internet of things (IoT) in the business sectors. The technologies are bringing waves of opportunities for the marketers at businesses by harnessing the power of data. The combination of these two offers better engagement and satisfaction from customers. Following are some of the ways this combination is uplifting businesses in a better way:

Customer satisfaction: The intelligent technologies have the ability to process and act on the information in a meaningful way. AI-driven big data is used to analyze collected data and understand current trends, patterns and make the prediction. Big data analytics helps businesses to get to know the target audience and bring a cutting-edge campaign to market with more speed by finding correlations in data sets faster. Also, chatbots provide financial guidance for the businesses' clients through voice and text messages. Now customers do not need to hire customer service personnel as chatbots are able to guide them in day-to-day handling.

Check this out: Most Promising IoT Solution Providers(AtomitonAuximiti, ​Aware360)

Risk management: Amalgamation of IoT and AI deliver better assessing, understanding, and predicting risks in the businesses. Also, to automate responses that help to manage worker safety and decrease the growing burden of cyber threats.

Operational Efficiency: AI and IoT can help businesses to run more efficiently as they are able to generate precise predictions quickly. Also, they deliver insights, which help to automate time-consuming operational processes and adding more productivity to the business.

Business analysis: The technologies facilitate inventory management and mitigate pressure on the stock by let the concerned business person know the time to need to fill up. This saves retailers from buying the products they wouldn't sell. The aids benefit manufacturers also with the creation of sensors that improve data collection and analytics for stock and machine maintenance.

The advancement of augmented and virtual reality or robots is evolving the future of the business. These solutions are harnessing the power of IoT to manage wage bills, stocks, and improve customer experiences. Businesses should take the leverage of AI and IoT and their technology solutions to offer excellent customer satisfaction and appear as a discreet one in the competition.

Weekly Brief

Read Also

Evolving Customer Relationship Management: Move Fast or Die Trying

Evolving Customer Relationship Management: Move Fast or Die Trying

Ed Ariel, Vice President of Service Operations, ezCater
The Customer is Changing... Are You?

The Customer is Changing... Are You?

Jamie Lancaster, Vice President, Contact Center of Excellence, Kroger
The Tipping Point: The 3rd ERA of Commerce

The Tipping Point: The 3rd ERA of Commerce

Patrick Gauthier, Vice President, Amazon Pay
Customer Experience-the Driving Force of E-commerce Business

Customer Experience-the Driving Force of E-commerce Business

Chris Homer, Co-founder & CTO, thredUP
Why are Ecommerce Teams and Stores Teams Misaligned to the Desires of their Target Consumer?

Why are Ecommerce Teams and Stores Teams Misaligned to the Desires of their Target Consumer?

Richie Proud, Vice President Merchandise Planning, Allocation, and Product Insights, Groupe Dynamite
Consumers are Value-driven - Retailers Should Be Data-driven

Consumers are Value-driven - Retailers Should Be Data-driven

Bettina Thorkelin, Regional Director Nordic, Omni-channel, Valitor