• Tuesday, July 16, 2024
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BusinessDay

Here are five core business areas where AI can drive revenue

Labour productivity to soar fivefold on AI adoption

Artificial intelligence (AI) is expected to impact the global economy, with an estimated potential contribution of up to $15.7 trillion by 2030, according to the United Nations.

Africa is expected to see a significant portion of this growth, with AI unlocking up to $1.2 trillion for the continent. Businesses of all sizes are already reaping the benefits of AI, experiencing increased productivity, agility, improved customer experience, and better decision-making.

To maximise AI’s impact, businesses need to deploy it strategically in areas where it can generate the most revenue. According to Kehinde Ogundare, country manager of Zoho Nigeria, here are five core business areas where AI can significantly boost.

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Finance and billing

Maintaining accurate and up-to-date financial records is crucial for informed investment decisions and a steady cash flow. AI-powered tools with image recognition can automatically capture and categorise expense data from receipts and invoices, saving time and effort. Additionally, AI can automate large parts of the customer onboarding process for billing while extracting relevant information from invoices to populate billing systems efficiently.

Lead prioritisation

Not all leads are created equal. AI can help sales teams identify high-quality leads by scoring them based on a points system that considers various factors. This allows sales reps to focus on the most promising leads, ultimately leading to more meaningful sales.

Improved customer experience

Customer experience (CX) is a key differentiator for businesses today. Customers are willing to spend more, remain loyal longer, and recommend businesses with exceptional CX. AI can play a vital role in enhancing CX. Sentiment analysis, for example, allows businesses to identify dissatisfied customers so that customer success teams can proactively address their concerns and improve their overall experience.

Better targeted marketing

Today’s marketing landscape demands highly personalised and targeted campaigns. AI can simplify this process by integrating customer relationship management (CRM) data with a company. This allows AI marketing tools to create and refine personalised marketing content tailored to each customer’s needs and preferences.

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Enhanced employee productivity

There’s a strong correlation between employee productivity and revenue growth. Positive employee experiences also contribute to higher productivity. AI can improve by automating repetitive tasks and freeing employees to focus on more strategic and revenue-generating work.

Despite AI’s immense potential for revenue growth, businesses must carefully consider their AI adoption strategy.

“From conducting thorough research and selecting tools that align with their specific needs while adhering to data privacy best practices, it is important for businesses to embrace AI in the right way, thereby unlocking significant revenue opportunities and gaining a competitive edge in the marketplace,” Ogundare added.