5 Ways Artificial Intelligence Can Grow Your Business

Unless you’re completely out of the loop, you’ve probably heard about how artificial intelligence is really taking off and becoming something we see in use every day, not just a far-fetched idea in science-fiction novels. Although there are many artificial intelligence apps and software suites for personal use, there are others specifically for business use, particularly in the realm of innovation management software. There are numerous ways such a tool could take your business to the next level.

Identify Missed Opportunities

Have you ever wondered why some businesses seem to succeed from the start while others never gain the necessary momentum to thrive? In many cases, those in the first category have people in charge that skillfully identified opportunities and seized them.

Although you may do that by surveying your target market at large and determining their unmet needs, it’s also useful to depend on an AI-Powered idea management system that autonomously searches and finds actionable information by crawling all data sources you have access to (such as any RSS feeds you choose, support emails sent to a designated account, Twitter, US Patents database, opportunities and issues in your CRM or helpdesk system, or conversations in your favorite business collaboration/chat software) , encourages people to give their thoughts and captures all of the data for subsequent review.

For example, you might have a dedicated event or contest to find out more about the smart ideas people have in relation to your business. The specialty software could seamlessly find articles, discussions and content that is relevant to your challenge, automatically create ideas or collect manually created ideas that highlight ways you might be able to cater to the market and help your business excel.

Encourage Increased Levels of Engagement

Engagement is an important factor both in terms of your employees and customers. When employees are adequately engaged, they are more likely to feel satisfied, have positive attitudes and are not as likely to quit. In the case of customers, engaged consumers will buy more items and feel compelled to do business with you at a greater frequency and for a longer period of time.

That’s why an artificial intelligence-driven solution that automatically crawls all available data, compiles actionable information, and reduces administrative tasks will foster employee engagement. This helps your business continue to do well, even in a challenging highly competitive environment. A good innovation management platform can automate some repetitive tasks so employees have more time to dedicate to finding creative solutions. Some options also have configurable engagement systems (see this Planbox guide to learn about how to gamify innovation) that can be configured based on your company’s own recognition and reward mechanisms.

How do more engaged employees translate over to positive outcomes related to customers? When the people who interact with your business notice that the people working there seem truly content, they will also be more willing to continue giving their patronage.

Better Collaborative Efforts

Innovation management is a largely fruitless concept if the people associated with your company are too disconnected to come up with great ideas as a team. If you’re concerned individuals at your business are extremely productive on their own but don’t do well on team-based problem-solving, innovation management software powered by artificial intelligence could foster significant improvements in collaborative problem-solving.

Firstly, it will empower employees, customers, and suppliers to come up with their best ideas and share them with each other. When that happens, people will realize the greatest possibilities get developed when information collected and processed through artificial intelligence is combined with the input of multiple contributors with diverse viewpoints and backgrounds.

Capable idea management solutions also make it possible to assign tasks, set due dates, and activate notifications so awesome ideas don’t fall by the wayside, but transform into actionable solutions that strengthen your business and receive positive attention from stakeholders.

More Manageable Metrics

Metrics will shed light on why your business is not doing as well as it should. More importantly, they can also provide concrete answers about what needs to change so that your business is in a position for success. Consider choosing innovation management software by Planbox because it offers perks like automatic creation of ideas and collecting actionable information by leveraging an advanced search and artificial intelligence engine, configurable business rules, gamification (reward management system), as well as secure, role-based reporting and dashboards so you only see the metrics that matter most, and insights that shed light on the best business ideas that have been brought up.

Employees Better Understand How to Spend Their Time Wisely

When your employees make good use of their time, they are directly supporting business growth whenever they come to work. After investing in a robust idea management software, you might be surprised to discover numerous employees lack direction but don’t realize they could do better. The information provided by the software might be what inspires you to make positive changes that help employees understand which tasks to focus on and when, while minimizing wasteful downtime.

Clearly, if you are committed to the continual growth of your business, an artificial intelligence-powered technology that aids in collecting ideas and bringing them to life is something you shouldn’t do without. Choosing to use AI-powered innovation management software within your company could bring about changes you didn’t think were otherwise possible.

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About Dequiana Jackson

Dequiana Jackson, Founder of Inspired Marketing, Inc., helps overachieving women entrepreneurs conquer limiting beliefs and create marketing plans that grow their businesses. This includes one-on-one marketing plan development, digital product creation, web design and content marketing. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

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