You’ve probably heard a ton of talk around the capabilities of AI, and maybe you’re wondering if you can use it to your advantage. How can you make money with AI? Is there a way to simplify your work to save you time and money?
Casey Jones, the founder and head of marketing and finance at CJ&CO, uses AI to help businesses optimize their online strategies and increase their revenue. Jones says AI has been a gamechanger for how he runs his business. Here are the tips he uses to increase his earnings with the help of AI.
Create Personalized and Targeted Ads
AI can help quickly determine how to reach an audience at the right time and the right place. By using machine learning algorithms, AI can use data such as location, demographic and interests to find relevant customers for your business. After it has targeted potential customers, AI can create more relevant ads that would attract their attention.
“This can boost conversion rates, customer loyalty and brand awareness,” Jones said.
Analyze Large Amounts of Data
When you’re trying to get insights, combing through spreadsheets of data can be time-consuming, and there is a lot of room for error. AI can perform this process in seconds, without sacrificing accuracy.
“[AI can] analyze large amounts of data and generate insights that can help businesses make better decisions, improve efficiency, reduce costs and identify new opportunities,” Jones said. One example of this is that AI can quickly determine which ads are working for your business. From there, you can also have AI create more effective ads based on its findings.
Automate Repetitive and Tedious Tasks
You know that grunt work that you have to perform for your job? The work that makes your eyes cross from looking at the screen for too long? There’s no such sensation for AI.
A lot of data entry-related tasks can be automated, which makes your life easier and freer. “This can save time, money and energy and allow workers to focus on more creative and strategic tasks,” Jones said. Once again, machine learning is a big reason why AI is able to do this. Machine learning recognizes patterns and is able to predict how tasks are performed based on the steps it “learns.”
Enhance Customer Service and Satisfaction
Depending on the type of business you’re running, one of your biggest priorities is your customers. AI can provide a plethora of solutions to help ensure you’re giving your customers the best service they could ask for, even outside of your normal working hours. “[AI helps] by providing chatbots, voice assistants or virtual agents that can answer queries, provide recommendations or resolve issues 24/7,” Jones said.
In some cases, AI can even solve the problem for your customers within minutes, leaving you with more time to work on other issues.
Improve Security and Prevent Fraud
AI can help keep your business secure by staying vigilant and protective, even when you can’t. “[AI] detects anomalies, patterns or threats in real-time and takes appropriate actions to protect data, assets or transactions,” Jones said. AI can tighten security with required authentication, like facial or fingerprint recognition, and CAPTCHA tests.
As discussed, machine learning enables AI to track patterns over time. The longer AI tracks something, the more it learns, so it can become more sophisticated and sensitive to breaks in the pattern that might indicate a security threat. Because of AI’s ability to analyze data much quicker than humans, AI will also likely catch fraud much quicker than a person would. From there, you can use AI to create methods of blocking bots or other attackers.
More From GOBankingRates