Digital Transformation is a topic of survival. Consumers want interactions that are better and easier, and they won’t hesitate. Your clients equate your company’s buying experience to the experience they get from digital leaders in other industries. Digital technologies provide new ways to deliver value, create excellent customer interactions, and meet customers’ growing pace. It’s a radical shift in how corporations work.
Artificial intelligence is integral to the strategy for digital transformation. But with emerging technologies, there is a lot of hype that comes. It cannot be easy to assess the real business benefit and relevance of AI in digital transformation.
How useful is AI? It is a change-of-game.
Critical AI stats:
- 80% of business and technology leaders state that AI already improves efficiency.
- 61% of marketers say the most critical aspect of their data strategy is artificial intelligence.
- 83% of early AI adopters have already experienced significant (30%) or modest (53%) economic benefits.
- AI is a digital transformation catalyst, enabling businesses to be more creative, data-driven, and keep up with rising customer speed.
AI-Driven Digital Transformation
The businesses that use AI as a core part of their digital transformation strategy are achieving positive and profitable outcomes of transformation. According to a survey, 98% of organizations that use AI to power their digital transformation produce an additional 15% in revenue. AI is one of the most disruptive factors behind a business’s digital transformation.
The Advantages of Artificial Intelligence in Digital Transformation Program
- 360-Degree Customers View
AI helps marketers better understand their clients’ needs and preferences. Each digital transformation strategy’s effectiveness is built on a strong foundation of detailed buyer personas and audience discovery. At the beginning of the digital transformation, it is crucial to obtain a thorough understanding of the customer. To build a comprehensive 360-degree view of the market, AI helps uncover patterns in consumer behavior, buying history, and digital channel interaction.
Consumers use various platforms and a growing array of touchpoints in the buyer’s journey in today’s digital environment. There is a growing blur of the line between online and in-store. Consumers expect hyper-relevant information and messaging to be there if they want to participate in a seamless transition between platforms and businesses. As they advance along the journey of the buyer, customers expect customized experiences.
AI is a vital tool for rapidly unlocking consumer insights so that they can be used to create tailored experiences for customers. The more actionable data an organization has on its clients in the all-important micro-moments, the more value it can deliver.
- Dynamic Analytics
Data collection is key to digital transformation strategy, but it is how data is capitalized on that drives the success of a digital transformation initiative. Thousands of data points can be analyzed by AI to discover insights and recognize patterns in real-time.
Businesses may become proactive in the customer service that they offer. Dynamic analytics driven by AI helps brands pre-empt the customer’s needs instead of responding to consumer behavior. With a fully functional digital environment, with the required marketing, content, or product reviews, brands will be there.
Predictive analytics uses AI to put together various data points and algorithms. It includes purchase history, historical campaign data, and customer behavior and expectations to bring together insights and patterns. Before they reach out, marketers should create a predictive model that can foresee consumers’ desires and behaviors.
- Operational Effectiveness & Faster Processes
The ability to improve efficiency and organizational effectiveness is one of the main advantages of artificial intelligence. To inform decision-making at pace, AI processes can be rapidly scaled up and provide actionable insights. Rather than relying on intuition and gut instinct, CMOs and marketing executives will make data-driven decisions. When it comes to risks and opportunities, trends and patterns may be disclosed to make informed decisions. This makes it possible to define potential bottlenecks correctly before they occur.
Marketing budgets can be allocated with improved accuracy to deliver full return and enhanced KPIs. To inform decision making, predictive analytics offers data insights. But AI may also give prescriptive insights to suggest the best course of action to achieve optimal results. Customer service is a field that can see the tremendous gain of AI implementation. But it is also one of the fields where many digital transformation strategies are struggling due to a lack of visibility into real-time data. There are several use cases for AI enhancing the customer experience, from chatbots to customer data analytics.
- Drive Growth and Profitability
AI empowers organizations by mitigating risks, growing operating performance, and driving growth and innovation to achieve sustainable digital transformations. AI’s broader economic effects will be enormous as more and more businesses adopt the technology. The winners of this economic boom would be businesses who get on board quickly and use AI to power their digital transformation.
Innovative, disruptive start-ups would take advantage of business leaders who are reluctant to adjust their strategic advantage and consolidate it. Companies will achieve sustainable growth and profitability with their digital transformation strategy by harnessing AI’s strength to increase human capacities and boost innovation.
A deep understanding of the customer relies on any effective digital transformation strategy. Digital transformation entails considerable risk without a customer-centric approach. Businesses can get themselves closer to the user using AI and have more value through any touchpoint. AI offers the insights and capabilities to direct businesses through their digital transformation as they grow. It is necessary to incorporate AI into the center of the transformation process to maximize success.