BY MOHAMMAD TAREEQ for INC.
Disruptions in business are inevitable. Some are natural, while others are manufactured. Take Covid-19, for example. It forced decision makers to reevaluate their strategies and business models. In some cases, it meant ditching the entire blueprint.
Be it the surge of data in the last decade, the rise of information technology in the early ’90s, or the adoption of mass media in the late 19th and 20th centuries, every disruption brought forth an unconformity that marked the evolving economic landscape. And who survived these changes? The early adopters and the innovators who dared to take a chance.
What, then, marks this decade? What is that one quintessential innovation that defines it? What is the single most glaring disruption that no one can evade?
The undisputed heavyweight champion of all techs: artificial intelligence (A.I.).
A.I. is a manmade disruption that is constantly evolving and redefining the very fabric of how businesses operate. A.I. stands as the pinnacle of this era’s transformative forces, promising to reshape industries, revolutionize processes, and redefine the competitive landscape in ways we are only beginning to comprehend.
Where do you start with A.I.?
As an entrepreneur with over two decades of experience, I understand that diving into the world of A.I. can be overwhelming for those just starting out. Where do you begin, and how do you seamlessly implement A.I.? How will logistics align, and what are the short-term operational impacts? Furthermore, what does A.I. mean for your existing workforce, and how will it transform your return on investment (ROI) in light of the investments required?
My company, Valasys Media, transitioned from a traditional B2B firm to an A.I.-first firm. We already had a substantial dataset spanning various verticals before becoming an A.I.-first firm. The transition demanded meticulous planning, forecasting, and upskilling throughout the organizational hierarchy.
My initial step was to identify areas where “weak narrow A.I.” could be effectively deployed. Weak narrow A.I., despite its name, is a powerful and prevalent form of A.I. It comprises algorithms that make decisions based on trained data, yet it needs human input for learning and programming to function. While it may not independently make decisions, you’d be astonished to discover that this form of A.I. pervades every aspect of our work, personal lives, and even entertainment.
Four major areas where I implemented weak A.I.:
- Chatbots for our websites and communication platforms: We were able to quickly quantify the results: a 35 percent increase in website visitors and up to 78 percent increased retention of traffic, thereby decreasing the bounce rate. We created chat flows that are engaging and timely, resulting in better lead captures and collecting valuable data like email ID, name, contact, etc. The chatbot was a simple function that brought a huge and visible difference to our website performance.
- Predictive analytics for lead scoring and assessing lead quality: Because we were a traditional B2B firm, we had access to diverse data from multiple sources, including historical lead data, demographic information, and previous interactions. The intent layer enabled us to gather leads’ online behavior, which enabled us to capture attributes like lead source, click-through rates, and session time. Based on all these, the trained model scored the incoming leads in real-time, and an appropriate threshold was set to filter the hot, warm, and cold leads. Finally, we implemented a feedback loop to monitor the outcome which integrated into our customer relationship management (CRM) platform with various interactive reporting and visualizing add-ons.
- Natural language processing to analyze and improve content: NLP techniques enabled us to improve the marketing assets’ effect. The NLP algorithms helped us identify keyword trends, improve SEO outcomes, and finally, better lead gen potential through advanced linguistic and semantic analysis of textual content.
- Tailor email marketing campaigns for individual prospects using A.I.: We trained our model to identify triggers. The key to winning in sales is identifying buying intent before they reach out to potential providers. We automated our CRM model to identify user journeys through the sales funnel. As soon as there is a spike in intent, typically when leads are evaluating options, the model is trained to shoot emails to the individual prospects customized to their behavior. The triggers are generated when users fill in a website form, add the product to their cart, or request more information. This has enabled us to nurture the leads more effectively throughout the sales process, registering more conversions.
What’s next?
So, you have identified your weak A.I. opportunities. What now? All you need to do is implement the A.I. factory approach.
The A.I. factory approach is all about making A.I. projects more efficient. It does this by bringing together experts, data scientists, and engineers in one central place. They work together to create, improve, and look after A.I. models, algorithms, and applications.
Things to keep in mind while implementing the A.I. factory approach:
- Focus on data pipeline management.
- Prioritize algorithm development.
- Emphasize experimentation platforms.
- Enhance software infrastructure.
- Cultivate a learning culture.
The end result
In 2015, we were a traditional B2B firm providing lead gen services. Since then, we’ve built an A.I. tool called Valasys AI, making our vast database, market research, and innovation accessible to B2B marketers. Valasys AI summarizes our journey from a traditional lead gen company to an A.I.-first firm. Clearly the A.I. approach was a good one and we experienced a 196 percent revenue growth in three years.
But A.I. is not restricted to B2B. Regardless of your industry, sector, revenue, or employee size, A.I. can revamp your processes, help you scale, and drive innovation. Whether you are a manufacturing company suffering from downtime or a financial firm looking to improve fraud detection, A.I.’s transformative power can be the welcome change you have been waiting for!
Disruptions are inevitable. But with each disruption comes an opportunity to try something new and adapt to the ever-changing dynamics of business. Building an A.I.-first firm isn’t just an adaptation; it’s your insurance against the unpredictable tides of the business world.
