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When it comes to using artificial intelligence in business, there are a variety of different ways you can do it. Many businesses use AI in marketing and advertising to help them reach more people with their brand.
Others use it in security and cyber security to keep their company safe from hackers. The benefits of using AI-based facial recognition technology are almost endless. With so many uses for this kind of tech, it can be difficult to know which ones are the most profitable.
Here are a few ways that you can start using AI-based facial recognition technology in your business: You might have heard about the potential risks of using artificial intelligence in business, such as its potential misuse or even its negative impacts on society at large.
However, new research shows that these fears may not be warranted. In fact, by integrating artificial intelligence with other technologies such as face recognition and image analysis, businesses could see significant benefits down the road.
Let’s take a look at some of the ways that you can use AI-based facial recognition technology in business:
Determine Which Use Cases Are Most Profitable
One of the best ways to determine which use cases are most profitable is by looking at the ROI (return on investment). This figure is calculated by determining how much value each use case brings to the business in terms of revenue, cost, or time saved.
This is a complicated calculation depending on many different factors, but the basic idea is that you want to look at the ROI of each use case across the whole company. By doing this, you’ll have a good indication of which cases may be more profitable for your business overall.
Use AI to Boost Customer Retention and churn Management
One of the main benefits of using AI in customer service is to help reduce churn rates. Churn rates are rates at which customers leave a company. In some cases, this may be due to dissatisfaction with the product or service, but often it’s due to a company’s inability or unwillingness to deliver on their promise of service.
AI can be used to help improve customer service by automatically tracking past customer behavior and using this data to determine future customer retention. By using AI in this way, you’ll be able to identify areas of potential friction and try to reduce churn rates by lowering the barriers to entry for new customers.
By using AI to track customer behavior and create a personalized customer service experience, you can reduce churn rates and still provide high-quality service to your existing customers.
Track User Behavior and Improve Engagement
One of the biggest benefits of using AI in customer service is to help improve the experience for the customer. By analyzing customer data to determine their interests and behaviors, service can be tailored to meet those needs.
For example, if a customer was looking for a particular type of service, an AI-based bot could recommend other options that might be better for that customer. In the past, customer service folks might have manually combed through customer records to find the information needed.
Now, with AI, customer service workers can focus on providing the best experience for current customers.
Create Real-Time Operating Reports
Another way that AI can improve customer service is by providing real-time operating reports. These reports will show past performance, future expectations, and the financial health of the business.
These reports will help business leaders and managers understand the current state of the business and its performance, as well as give them insights into how their company is doing compared to others in its industry.
Advance Data Warehousing with AI
The final way that AI can help improve customer service is by bringing data into harmony with existing human data. For example, if a company has a lot of data about its customers, but not a lot about the employees that make up those customers, then AI could help fill that data gap.
This could include things like knowing a customer was a man or a woman based on their facial structure, or knowing their age based on the way they look in the photos they provide. By researching customers on the fly and combining their demographics and biometric data, businesses can create a truly personalized experience for each one of them.
Ultimately, when using AI in business, you have to determine what use cases are most profitable for your business. Luckily, there are a lot of different ways to do this. By looking at how each use case performs across the whole company, you can determine which ones are more profitable for your business overall.
You can then try to spread your focus across these use cases by seeing if they bring more value to the table for your business. Go for use cases that are high-value for your customers, rather than focusing on ones that are high-risk and low-reward.