3 Ways To Boost ROI With AI for Business

As we move into 2024, the role of artificial intelligence in revolutionising even entire industries is undeniable. Companies are swiftly adapting to this new reality and embracing different uses of AI to drive innovation and efficiency across various sectors, such as e-commerce and healthcare. 

Ranging from predictive analytics in finance to personalised recommendations in retail, companies are leveraging AI for business to gain valuable insights, automate repetitive tasks, and deliver superior experiences to their customers, unlocking unprecedented growth opportunities worldwide.

Right now, you might be asking yourself: “Does my business need AI?”. The answer is a resounding yes. AI has proven its ability to improve ROI, efficiency, and productivity across numerous industries. It has become an indispensable tool for modern businesses looking to stay competitive in today’s fast-paced world.

How AI for business tools can boost ROI

AI tools for business are tangible assets that can propel your company towards greater success. Imagine leveraging AI for business to identify trends, analyse data, segment audiences, automate tasks, personalise interactions, and manage data effectively. The benefits of AI for businesses aren’t fantasies anymore. They have already become a reality and turned into cornerstones of modern efficiency and profitability. By using AI solutions for business, organisations can witness a substantial increase in ROI while enhancing productivity across the board. That is what we are going to discuss next.

AI for data management and automation

In the last few years, we have witnessed a significant rise in the amount of data available to businesses. While it does indeed create opportunities to make better-informed decisions and gain insights, it has also created challenges regarding how we can manage and process so much information in an effective way. Its sheer volume can make trend identification and insights extraction more difficult, which could lead to lost revenue and missed opportunities. Reconciling the multiple sources of data at at our disposal, such as social media, digitised documents and behavioural patterns can also simply be beyond what a classic data management system can handle.

This is why AI segmentation, AI business integration, and AI-powered tools can completely overhaul operations, and in turn, enhance ROI thanks to streamlined workflows and improved accuracy. By automating tasks like list cleaning and audience segmentation, businesses can save time and allocate resources more effectively. Additionally, AI-driven predictive analytics enable proactive decision-making, minimising risks and maximising opportunities for higher ROI.

AI for Advertising

Advertising in the AI era goes beyond catchy slogans and eye-catching visuals. A/B testing, budget optimisation, automation, and predictive analytics are also important applications of artificial intelligence for businesses. In fact, almost every ad you see today relies on AI – the world’s biggest ad platforms, like Meta Ads and Google Ads, already use AI to target and sell ad space across their ad network. AI decides who sees your ads, where, and how much each space should cost depending on traffic. AI can also create and serve dozens of variations in a second, always testing them. This is something human marketers could never do, for lack of resource.

Dive deeper, and you will find AI’s impact on email marketing, where it can transform campaigns, enhance engagement, and drive conversions like never before, skyrocketing ROI. Consider a scenario where a marketing team is analysing past campaigns. AI can quickly pinpoint which strategies yielded the highest returns, enabling marketers to allocate resources more effectively, and ensuring that future campaigns are optimised for success.

AI for CRM Management

Your CRM system serves as the backbone of your business operations, and AI has the potential to enhance its capabilities significantly. With information about clients’ inquiries, purchases, preferences, and participation in marketing campaigns, the data a company has at its disposal is a goldmine. High-value customers are already identified, their needs understood – all that is missing is an ultra-targeted marketing or sales strategy. One study finds that every $1 spent on CRM leads to a ROI of $8.71 on average.

AI in CRM can improve various elements of customer experience. Chatbots immediately come to mind, as well as analysis of search trends to identify the best time to launch a new campaign, or even personalised marketing – the latter allowing you to tailor your communication in a much more granular way, for as many audiences as your system allows.

All in all, AI uses your company’s CRM system to optimise processes, forecast accurately, and deliver personalised experiences to customers. With AI for CRM, efficiency reaches new heights, leading to tangible business outcomes and a substantial boost in ROI. 

How to use AI to improve customer experience 

In the age of AI, customer experience reigns supreme, and virtual assistants and AI chatbots for businesses emerge as powerful allies in delivering unparalleled service. Through these AI-driven solutions, organisations can enhance customer interactions by providing instant and round-the-clock assistance, truly personalised recommendations, and seamless transactions. Customers feel valued and supported as they enjoy swift resolutions to their queries and proactive engagement tailored to their preferences. This elevated level of service fosters loyalty, encouraging repeat business and positive word-of-mouth referrals.

This can be most recently seen at scale with Amazon’s Q chatbot: with generative AI and ease of use, in addition to the quality of its response produced via Large Language Models (think of how ChatGPT can understand you and formulate a personalised answer), we are witnessing a truly innovative moment in customer service. Cost-effective and not limited by working hours, the tool can identify recent purchases, understand a customer’s query, and even initiate a refund process after analysing the client’s purchase history and potential fraud. The result is a seamless experience for the customer, miles away from the often arduous process of conflict resolution with a phone representative.

Moreover, the impact of AI for businesses on customer experience directly translates to increased ROI. By providing efficient and personalised support, businesses can reduce customer churn, increase retention rates, and drive incremental revenue. Additionally, AI-powered insights into customer behaviour and preferences enable targeted marketing campaigns, resulting in higher conversion rates and maximised sales opportunities.

How to introduce AI tools to the business

Introducing AI to your business is a strategic imperative. Begin by identifying areas where AI can offer the most significant benefits by evaluating existing workflows and pinpointing pain points. Once these areas are identified, establish clear and measurable objectives for integrating AI into your operations – these specific goals will guide your AI implementation strategy and ensure alignment with your overall business objectives.

Securing buy-in from key stakeholders is crucial for the success of your AI initiative. Communicate the benefits of AI for business and address any concerns or misconceptions that stakeholders may have. Those concerns might include possible confidentiality breaches or, more broadly, whether it’s safe to have AI tools connected to your IT system. You will need to reassure and probably demonstrate to decision-makers that safeguards are in place. It’s also paramount to break down the implementation process into manageable phases, prioritising high-impact use cases. 

Anticipate potential challenges that may arise during the AI implementation process, such as data quality issues, skills gaps, or resistance to change. Develop strategies to mitigate these challenges, such as investing in data cleansing tools and providing training and upskilling opportunities for employees. This is where a certain degree of agility will be needed when introducing your AI strategy, as you’ll need to be flexible and adjust your strategy as you go along. Your calendar might need to stretch to give your organisation time to get used to the challenges of AI use. Finally, remember that implementing AI in an existing company is a long-term endeavour: continuously monitor its progress as stalling can be frequent.

By following these steps, you can strategically introduce AI tools to your business, driving efficiency, and maximising ROI across your organisation. For a more in-depth look at the AI for business implementation process, make sure to watch our new video ‘5 Steps to Prepare Your Organisation for Generative AI’. 

Choosing the right AI solution for your company

Selecting the right AI solution is one of the main pillars of success and higher ROI. It directly impacts your efficiency, productivity, and bottom line. When evaluating AI solutions, several key factors must be considered to ensure the chosen solution aligns with your company’s needs and goals:

1. Functionality: Assess whether the AI solution offers the features and capabilities needed to address your specific business challenges effectively. 
2. Compatibility: The AI solution should seamlessly integrate with your current technology stack to avoid disruptions and ensure a smooth transition.
3. Scalability: The AI for business chosen solution should be able to scale alongside your company’s growth, accommodating increased data volumes, user demands, and evolving business needs.
4. Reliability: You need an AI tool that delivers consistent performance and accurate results, enabling your team to make informed decisions confidently. 
5. Cost-effectiveness: Consider not only the upfront costs but also factors such as ongoing maintenance, training, and potential ROI. 

Salesforce’s AI for business solutions excel in all these aspects, ensuring that your investment yields the highest returns. With Einstein AI solutions, you can drive productivity and personalisation across the Customer 360. By deploying assistive AI experiences directly within Salesforce, you empower your customers and employees to interact with Einstein, accelerating issue resolution and enabling smarter work practices. From sellers to marketers, Einstein AI tools for business leverage customer data to enhance every interaction, making each customer experience more impactful and driving tangible ROI.

A standout feature of Einstein AI for business is its ability to generate trusted content grounded in customer data. By leveraging AI insights, businesses can create compelling content that resonates with their audience, leading to increased engagement and conversion rates. Moreover, with artificial intelligence for business seamlessly integrated into the workflow, Einstein AI solutions are adaptable to any user, department, or industry, ensuring maximum efficiency and effectiveness.

More than words, results: Currys’ enhanced omnichannel experience

This adaptability and efficiency became tangible for Currys, the UK’s largest tech omnichannel retailer, when the company started leveraging Salesforce solutions. The company implemented Salesforce’s AI-driven solutions to enhance its omnichannel experience, providing personalised service to its customers. Using StoreMode, a bespoke app for sales representatives, Currys empowered its staff to assist customers more effectively, resulting in streamlined processes and improved customer satisfaction. As a result, Currys saw a significant increase in customer engagement, with over 80% of UK households shopping with the retailer in the last three years.

The implementation of Salesforce Commerce Cloud allowed Currys to enhance its online presence, providing customers with a seamless shopping experience across multiple channels. This resulted in a surge in online traffic and orders, with peak periods experiencing unprecedented success. Additionally, Einstein AI was deployed to personalise product recommendations, leading to higher conversion rates and increased average order value.

Currys’ success story with Salesforce exemplifies how AI-driven solutions can significantly boost ROI by improving customer engagement, streamlining processes, and enhancing the overall shopping experience. By leveraging Salesforce’s comprehensive suite of solutions, businesses can achieve tangible results and drive growth in today’s competitive market.

Ready to find out what AI solutions for business can do for your enterprise?

At Salesforce, we understand that the future of work is CRM + AI + Data + Trust. That’s why we provide everything you need to maximise ROI with Einstein AI Solutions. From comprehensive support and expert guidance to a trusted partner ecosystem, we’re committed to helping you extract the highest value from Salesforce in the AI era. With Salesforce’s AI for business solutions, you can lead innovation, enhance productivity, and boost ROI, propelling your business towards success in today’s data-driven world.