According to the United Nations, artificial intelligence (AI) has the potential to contribute up to $15.7 trillion to the global economy by 2030 – of which $1.2 trillion could be generated by Africa.
With the potential to unlock significant growth and development in key industries across the continent, AI is fundamentally changing how businesses operate, driving innovation, improving efficiencies, and transforming lives.
Businesses of all sizes that have already invested in AI are reaping its benefits, from increasing business productivity and agility to improving customer experience and decision-making with McKinsey noting that AI leaders are outperforming their industry peers by a factor of 3.4.
But if businesses are to make the most of the opportunities offered by AI, it’s also important that it be deployed in the areas where it will have the greatest impact.
Here are some areas and subsequent examples of how businesses can use AI within those areas to drive revenue.
1. Finance and billing
One of the most obvious places AI can help drive revenue in a business is in finances and billing. Having an accurate, up-to-date overview of finances can help an organisation know when to invest in growth, for example. And if a business wants a steady revenue flow, it must send out bills, invoices, and payment reminders on time.
Here, AI can help in several ways. When it comes to expense bills, for example, an AI tool with built-in image recognition would allow a business to scan its bills with the system, then auto-generate the amount, place, date, time, and category of expense, helping save loads of time and effort. For billing, meanwhile, AI can greatly speed up the onboarding process for new clients by automating large parts of it. AI-powered tools can also extract relevant information from invoices, including customer details and product descriptions, and automatically populate billing systems, creating further efficiency.
2. Lead prioritisation
Another key area is new business leads. More specifically, AI can help assess the calibre of leads that the sales team is bringing in. After all, two or three great leads can be more beneficial than 10 weak ones.
Using a points-based system, AI can help score leads according to their quality. That allows the sales team to better evaluate which leads are worth pursuing. In turn, that should allow them to make more sales at a more meaningful level.
3. Improved customer experience
Customer experience (CX), rather than product or price differences, has been the major differentiator for businesses for some time now. Customers are willing to spend more, are more likely to stay loyal, and recommend a business to friends and family if they have a good experience with it.
Businesses, therefore, need to pull out more stops than ever to ensure that their customer experience really stands out. Here again, AI can be helpful. Take sentiment analysis, for example. AI can help identify the most disgruntled customers, allowing customer success teams to focus on their needs and turn their experience of the business around.
4. Better targeted marketing
The most effective marketing today is highly personalised and targeted. AI can make it significantly easier to achieve the level of targeted personalisation necessary for marketing success today. Once integrated with a company’s data, an AI marketing tool can create and hone personalised marketing content based on each individual customer’s CRM data.
5. Enhanced employee productivity
There is a strong correlation between employee productivity and revenue. Employee productivity is in turn driven by positive employee experiences. The more productive your employees are, the higher your revenues and profit margins will be. AI can help improve both productivity and the overall employee experience by automating repetitive tasks, allowing employees to focus on the kind of meaningful work that drives increased revenues.
Embrace AI, but use the right providers
While AI can add immense value when it comes to driving revenue within organisations, it’s also critical that businesses know what they’re getting into when embracing AI. That means doing comprehensive background research and ensuring that they choose tools that meet their needs and adhere to privacy best practices.
By Kehinde Ogundare, Country Manager, Zoho Nigeria.
