Artificial Intelligence (AI) plays an important role in engaging customers and giving them a personalized experience. It helps in analyzing consumer behaviour and gives a unique experience to them accordingly. AI always focuses on the strategies of marketing to allow customization effortlessly. But the major doubt is how much you invest in AI tools and how long you are capable of waiting to see the best output possible. The answer to these two questions relies upon the speed to market and the cost you are ready to incur versus the return you expect by deploying AI tools. It also depends upon the company’s vision, the quality of marketing they want for their customers, company goals, etc.
The return of Investment (ROI) of Artificial Intelligence, also depends upon your expectation of the business outcome. As only by having the desired outcome you can understand the cost better. Thus, without a clear understanding of the returns, AI looks to be very risky and lose the investment. Most of the c-level executives of the companies using AI for their business projects have a deeper understanding of AI and how to set AI strategies for their brand.
AI initiatives are also implemented in the operational level of the organization and it is expected to be implemented in the business by IT and data science. But still, there is a confusion in knowing whether the AI users and promoters effectively implement AI in the right business case. 2019 was the year of pilot projects on AI for many companies without expecting any exceptional output, but in 2020 most of these companies are expected to develop and implement AI into the operational area with high expectations. But still, the companies are struggling to put AI in productively in their business even though they realize how deeply AI can help them target their customers and take their marketing strategies to the next level.
Companies are aware of how well AI can analyze customer patterns and prefaces for marketing and sales and engineering product development. ROI also has positive impacts in retaining employees and developing their skills and capabilities, when companies invest in them as a part of AI initiatives.