Overcoming Business Challenges with AI

 

Artificial Intelligence (AI) has rapidly evolved from science fiction to business reality. Today, it’s not just a buzzword but a powerful tool transforming industries. From small startups to multinational corporations, businesses across the globe are harnessing the potential of AI to overcome challenges that once seemed insurmountable.

In today’s competitive times, companies face a myriad of obstacles, including customer acquisition, retention, and operational inefficiencies. The good news is that AI offers innovative solutions to these problems and more. Let’s explore how.

Common Business Challenges

The modern business landscape is fraught with complexities. Companies of all sizes grapple with a myriad of issues that can hinder growth and profitability. Let’s delve into some of the most prevalent challenges:

· Customer Acquisition

Securing new customers is a perennial challenge. With saturated markets and increasing competition, businesses struggle to differentiate themselves and attract a loyal customer base. Traditional marketing tactics often yield diminishing returns, necessitating innovative approaches to reach and convert potential customers.

· Customer Retention

Retaining existing customers is equally, if not more, important than acquiring new ones. Building strong customer relationships and fostering loyalty is crucial for long-term business success. However, factors such as changing customer preferences, competitive pressures, and economic downturns can erode customer loyalty.

· Operational Efficiency

Optimizing internal processes and reducing costs are essential for business sustainability. Inefficiencies can lead to wasted resources, decreased productivity, and missed opportunities. Streamlining operations, automating tasks, and eliminating bottlenecks are key to improving overall efficiency.

· Decision Making

In today’s fast-paced business world, timely and accurate decision-making is critical. However, the abundance of data and the increasing complexity of business operations can make it challenging to extract valuable insights and make informed choices.

· Economic Uncertainty

Economic fluctuations, geopolitical tensions, and supply chain disruptions create a volatile business environment. Companies must be agile and adaptable to navigate these challenges and mitigate risks.

These are just a few of the many business challenges that organizations face. In the following sections, we will explore how AI can be leveraged to address these issues and drive business growth.

AI Solutions to Business Challenges

AI is revolutionizing the way businesses operate, offering innovative solutions to age-old problems. Let’s explore how AI can be a game-changer across various business functions.

Customer Acquisition

• Hyper-Personalized Marketing: AI can analyze vast amounts of customer data to identify patterns and preferences, enabling highly targeted marketing campaigns. This leads to increased conversion rates and improved customer acquisition.
• Chatbots and Virtual Assistants: AI-powered chatbots can engage with potential customers 24/7, answering queries, providing product information, and guiding them through the sales funnel. These virtual assistants can also capture valuable customer data for future analysis.
• Predictive Analytics: By analyzing customer behavior and market trends, AI can help businesses identify potential customers and predict their needs. This allows for proactive outreach and tailored offers.

Customer Retention

• Sentiment Analysis: AI can analyze customer feedback from various channels (social media, reviews, surveys) to gauge customer sentiment. This information can be used to identify areas for improvement and enhance customer satisfaction.
• Customer Lifetime Value (CLTV) Prediction: AI can predict the potential lifetime value of customers, enabling businesses to prioritize high-value customers and tailor retention strategies accordingly.
• Personalized Customer Experiences: Leveraging AI, businesses can deliver highly personalized experiences, such as product recommendations, loyalty programs, and targeted promotions, to foster customer loyalty.

Operational Efficiency

• Automation: AI can automate repetitive tasks, freeing up human resources to focus on strategic initiatives. This can significantly improve operational efficiency and reduce costs.
• Supply Chain Optimization: AI can optimize supply chain operations by predicting demand, managing inventory, and improving logistics. This leads to cost savings and enhanced customer satisfaction.
• Fraud Detection: AI algorithms can identify fraudulent activities in real-time, protecting businesses from financial losses and reputational damage.

Decision Making

• Data Analysis: AI can process and analyze vast amounts of data to uncover hidden patterns and insights. This information can be used to make data-driven decisions and optimize business strategies.
• Predictive Modeling: AI can predict future trends and outcomes based on historical data, enabling businesses to anticipate challenges and opportunities.
• Risk Assessment: AI can evaluate various factors to assess risks associated with different decisions, helping businesses make informed choices.

Harnessing the power of AI, businesses can overcome these challenges and achieve sustainable growth. But unfortunately AI implementation may not be a breeze. In the next section, we will discuss potential hurdles in AI implementation and provide strategies to overcome them.

Overcoming AI Implementation Challenges

While AI offers immense potential, implementing it successfully can be challenging. Several obstacles often hinder AI adoption.

Common AI Challenges

• Data Quality and Availability: High-quality data is the cornerstone of AI, but many organizations struggle with data inconsistencies, missing information, and privacy concerns.
• Talent Shortage: Finding AI experts with the necessary skills to develop, implement, and maintain AI systems can be difficult and costly.
• Cost: AI initiatives can require significant investments in technology, infrastructure, and talent.
• Resistance to Change: Employees may resist AI implementation due to fear of job loss or uncertainty about the new technology.
• Ethical Considerations: AI raises ethical concerns, such as bias, privacy, and transparency, which must be addressed carefully.

Overcoming Challenges

• Data Management: Invest in data cleaning, integration, and governance to ensure data quality and accessibility.
• Talent Development: Build internal AI capabilities through training and development programs or partner with external AI experts.
• Phased Implementation: Start with small, focused AI projects to demonstrate value and build momentum.
• Change Management: Communicate openly about the benefits of AI and involve employees in the implementation process.
• Ethical Framework: Develop clear guidelines and ethical standards for AI development and use.

By addressing these challenges proactively, businesses can increase their chances of successful AI implementation and reap the rewards.

Ready to unlock your business’s full potential? Let’s talk.

Conclusion

AI is no longer a futuristic concept but a tangible tool that can propel businesses forward. By effectively addressing common business challenges such as customer acquisition, retention, operational efficiency, and decision-making, AI can drive significant growth and profitability.

While implementing AI may present obstacles, a strategic approach focused on data quality, talent development, and change management can pave the way for success. Remember, AI is not a magic solution but a powerful tool that should be integrated into a broader business strategy.

To realize the full potential of AI, businesses must embrace a culture of experimentation, learning, and adaptation. It is only by investing in AI, that organizations can gain a competitive advantage and thrive in the digital age.

To discover the full potential of AI, consider partnering with Charter Global. Our AI Institute is dedicated to helping businesses like yours harness the power of artificial intelligence and machine learning. We collaborate closely to build the necessary infrastructure, cultivate AI expertise, and implement robust governance frameworks. Together, we can drive innovation, optimize operations, and achieve sustainable growth.

Contact us today to explore how Charter Global can be your partner in the AI journey.

Get your consultation now! Or mail us at info@charterglobal.com or call +1 770.326.9933.

Improve In-App Conversion Rates with A/B Testing

Mobile apps are loaded with possibilities for businesses. They literally put a direct connection to your company, its products, and services in the hands of your customers and prospects, enabling a clear line for marketing messages, engagement, and purchases. The question is how to make sure that your app creates conversion results. A big part of the answer is in A/B Testing.

A/B Testing Defined

A/B testing is a way to evaluate user interaction with two or more different versions of an app. First, we randomly distribute version A and version B (or more) to potential users. Then, by measuring interaction with both versions, we determine which one is more likely to achieve our client’s objectives for things like ease of use, accessibility, and engagement – all of which yield better conversions.

What to Look for in an A/B Test Process

The key to productive A/B testing is to ensure that the differences between the A and B versions of the app are clear and measurable. Include too many variables, and it will be impossible to gauge which components are driving differences in your testers’ behavior. Include too few, and you waste time while gathering granular information over iteration after iteration. The right app developer will help you design an A/B test that connects the right updates to the behaviors and outcomes that will be most beneficial to your business. And they should deliver the results of those tests in a clear, cogent, actionable report.

Benefits and Advantages: Why A/B Testing is a Worthwhile Investment

As you and your development partner evaluate how different versions of your app can drive conversion behavior, you can – and should – leverage your A/B testing process to offer insights into other potential success factors. Whether you’re planning an app update or you’re about to launch version 1.0, the right A/B testing partner will help you:

• Improve user engagement. Simple tweaks to the buttons, font styles, colors, headings, and images can improve your user interface, making it easier to read content, reach out for information, and make purchases.

• Simplify analysis. A/B Testing can simplify your ability to analyze and identify how people engage with different components of your app. By identifying core differences, you won’t have to wonder whether any given variable will make a difference to your audience. You’ll know.

• Make low-risk modifications. A/B Testing will demonstrate where your app will benefit from minor, incremental changes instead of full-scale revisions. Additionally, focusing on maximum output with minimal modifications can reduce the risk of threatening current conversion rates.

• Roll out changes with confidence. The right app development partner will help you determine which A/B variation performs best and the statistical significance of your results. In other words, you won’t have to worry about the potential negative repercussions of any given app update.

• Learn what works for different audience groups. Your users have diverse preferences and needs. Well-designed A/B tests will deliver segmented results, demonstrating which variables perform best for each of your audiences.

• Observe the impact of new features. A well-designed A/B test helps us explore and understand how newly added features may affect engagement, conversions, and revenues.

• Attract and retain more users. When users see content they like, they’ll stay on your apps longer. Testing to find the type of content, interface, and messages your audiences want will help you create a better app that can increase downloads and encourage users to keep the app on their phones.

• Save money. App development, maintenance, and updates cost money – but smart A/B testing can help you avoid unnecessary expenses and focus your investment on achieving the greatest possible strategic advantage.

Putting an App on the Map (or List) – A Real-World Case Study

One of our clients in the rental industry had a mobile app that showed their properties graphically on area maps and in list views. Although the app provided access to both views, they wanted to determine which one to show as the default. Our A/B test demonstrated that the ListView outperformed the Map View by nearly ten percent – enough to give our client the confidence to revise the overall app experience to highlight the List View first, offering a secondary option to show the properties on a map. Although the updated app is still early in its release cycle, the client saw a 33% increase in downloads as well as a 16% increase in user sessions.

Can You Afford NOT to Do A/B Testing?

The stakes are high when you seek to engage your prospects and customers through new apps and updates. The wrong choices can be costly, while the right ones can deliver meaningful engagement connection, conversion results, and above all, a return on your investment. A/B testing delivers the advantages that make the difference.

The post Improve In-App Conversion Rates with A/B Testing appeared first on Software Development & IT Staffing Company.

Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!

Prioritize These 4 Features in Your Mobile App Development Process

Mobile device usage has seen incredible growth in the past decade. As such, software development has seen a huge impact on the amount of technology geared towards the mobile market.

 

More shoppers have been using their mobile phones and tablets for the sake of convenience. As a result, businesses are developing apps or optimizing web design specifically for mobile users.

 

Having apps and mobile-friendly web design helps maximize potential sales and growth. Here are the essential features a mobile app development process should include.

 

1. Security

 

Identity theft and financial hacks are becoming common.  For preventative purposes, it is important to make sure that an app is secure and protected against these threats. Many apps require credit card information, especially when an e-commerce function is integrated.

 

Businesses should always ensure that their clients are protected.  They should be transparent on how the client data are being used in the app. The policies and practices should be clearly outlined before users are being asked to provide personal information. In this way, the users will trust the company and will feel that the business has credibility. Users providing their financial information online show their trust in the app and will likely use it more.

 

2. Ease of Navigation

 

Poor design is one of the main reasons why an app is deleted. Most users consider the overall usability and user-friendly design as key functions of a great app.

 

A mobile device does not have a keyboard nor a mouse, so typing should be minimized when designing an app. Users also favor having to scroll instead of clicking. Scrolling feels natural and shows more content quickly because there is no need to wait for pages to load. Imagine having to click through 5 pages of a top 10 list instead of just scrolling through it on a single page.

 

3. Social Media Integration

 

In 2017, it was reported that there are over 3 billion active social media users globally.  That being said, social media has an extensive influence in our lives, including the way we do business.  More than being a platform to share photos and status updates, social media has transformed into an essential tool for businesses to reach their customers.

 

Integrating social media in mobile apps offers expanded brand awareness. Users can share posts about the business, thus reaching more people. Social media integration brings increased visibility and recognition to potential customers or users of the app.

 

4. User Feedback

 

Having the ability to provide feedback gives users the satisfaction that they are being heard. This also lessens the need for them to call or email the support team. It will help the business by having an understanding of what the users want, the things that need to be changed, or the things the users want to see in the app. It is imperative that businesses constantly improve their apps to provide value to their clients.

The post Prioritize These 4 Features in Your Mobile App Development Process appeared first on Software Development & IT Staffing Company.

Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!

The Importance of Custom Mobile App Development

Recent research shows that 90% of mobile time is spent in apps, with only 10% browsing the internet. E-commerce app numbers are even higher with users spending an average of 201.8 minutes per month shopping, compared to 10.9 minutes/month for website users.

 

Today, mobile apps are not only a requirement but a necessity. Statistics show that they have quickly become the main feature for businesses around the world as they offer a unique way to connect with customers, increase sales, and improve brand recognition. If your business has an app, customers won’t settle for basic features with limited use. Instead, they want quick loading, easy integration with other apps, and a high degree of interactivity. Because of this, more and more businesses are realizing that they need to hire an app development company like Charter Global, which specializes in custom mobile app development.

 

Drawbacks of Non-custom Apps

 

While regular, out-of-the-box apps are often sought after due to their low cost, businesses often end up paying the price later on. Non-custom apps are usually sluggish, can’t fully showcase a business’s brand, will have performance challenges, poor user experience and are not scalable. Cookie-cutter applications also will not always be able to keep up with third party application updates as they quickly start to run on outdated technology.

 

It is important to look at a mobile app as a long-term investment and treat it as such. With careful planning and an experienced development team you should be able to create an app that has the ability to expand as your business grows.

 

What Does Custom Mobile App Development Entail?

 

Generic or cookie cutter apps can be hard to personalize whereas custom apps should easily integrate with other applications and platforms as well as have the ability to integrate with the latest technologies such as intuitive (machine learning) navigation, augmented reality, sensors based or shopping features, or an app style that has never been seen before. In addition, a custom app allows for an increase in efficiencies, scalability, security, user experience, and ease of maintenance.

 

Full-Service Mobile App Development with Charter Global

 

The first two steps of a custom app is understanding the ultimate goal of what you’re trying to achieve and ensuring that there is a need for the app. Next comes the creation of a wireframe, which lays out a mockup of the app’s main requirements. From there, our team will help you determine a style guide to narrow down how your overall brand will apply to the app itself (colors, logos, fonts, etc.). We will then work through agile sprints to quickly roll out a functional design, and then develop, test, evaluate, and optimize the app for the market. Once your fully customized app is ready, it’s time to launch it in the Play Store or Apple Store. After the launch we can also monitor the health status of the applications, crashes, and ratings & reviews

 

At Charter Global, you can always expect the highest quality of services at reasonable costs. Our full-service mobile app developing team ensures that your custom build is easy to use, compatible with your business systems and required integrations, and most importantly, meets your customer’s needs and expectations.

 

Contact us today for more information on how we can help you build your own custom app that fits your business needs.

 

Editor’s note: This post was originally published in early 2021 and has been updated for comprehensiveness.

 

The post The Importance of Custom Mobile App Development appeared first on Software Development & IT Staffing Company.

Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!

3 Technology Trends Moving into 2021 | Charter Global

To retool for the world of tomorrow, companies should stay on top of these critical digital trends.

1. Artificial Intelligence (AI):

Artificial Intelligence has made a lot of hype over the last decade. Still, it remains one of the leading emerging technology developments because its significant impacts on how we live, work, and play are still in their inception.

AI is now well-known for its presence in image and speech recognition, ride-sharing apps, mobile personal assistants, navigation apps, and various other applications.

Besides that, Artificial Intelligence is to investigate interactions to discover previously undetected connections and assess facility demand in real-time to allocate resources and identify dynamic patterns among consumers.

Machine Learning, a subset of AI, is used in a wide range of industries, resulting in a surge in the market for skilled workers.

Read More: How to prepare your business for the impact of Artificial Intelligence

2. Robotic Process Automation:

Robotic Process Automation is not just about robots. it’s tons more about the automation of processes than anything. Before computers, most processes involved some human intervention. Humans ran even manufacturing machines, and large-scale manufacturing employs thousands of individuals.

However, since computers have appropriated most processes, manufacturing hasn’t been left untouched either. All domains, be it manufacturing or information technology, now involve some automation in their processes. the quantity of human intervention in these processes is merely reducing, and this trend is probably going to continue for the foreseeable future.

Jobs in robotic process automation typically involve a big amount of coding knowledge. you’d typically got to write code that might enable computerized or non-computerized processes to be done automatically without human intervention. These processes could mean anything from automatic email replies to automated data analysis and automatic processing and financial transactions approval.

Robotic Process Automation makes tasks considerably faster for the common consumer by making such approvals automatic supported certain conditions entered by the programmer.

In sectors like financial services, robotic process automation can reduce the lean time to approve financial transactions online. It improves the productivity of the corporate as an entire, also as that of its clients.

Read More: How to Get Started with RPA?

3. Edge Computing:

During the early part of the 21st century, cloud computing was considered the next big thing. In cloud computing, data is uploaded to a centralized repository that may access it regardless of location. Cloud Computing began to be used in commercial devices only close to 2010. By the time it was 2020, cloud computing had become a prevalent technology.

In just a few decades, cloud computing had turned from an esoteric term to a neighborhood of a couple of devices in almost everybody’s house. In 2021, cloud computing is not any longer among the highest technology trends but rather a thing of the past.

The next step after cloud computing is edge computing. It is another rising new technology in 2021 that is very similar to cloud computing, except that data is not stored in a centralized repository. Cloud computing is challenging in areas where network access might be difficult or impossible since you can no longer access the repository where your data is stored. What edge computing does is transfer data closer to the location where it needs to be used.

Edge computing has excellent applications within the Internet of Things devices. As far as IoT devices, a physical device you would like to regulate together with your smartphone shouldn’t be got to access data from a centralized repository which may be thousands of kilometers away. Instead, data should stay as on the brink of the device as possible.

Edge computing allows the info to stay at the ‘edge’ of the cloud and therefore the device for processing in order that commands are often followed through during a smaller amount of your time.

Edge computing jobs have only begun to grow with IoT devices’ proliferation over the past few years. because the number of those devices increases, edge computing roles are likely to become more prevalent and lucrative, placing it firmly among the highest technology trends of 2021.

Read more: What Is Usability Testing And How It Can Define Your Company’s Success

Final Thoughts:

Even though innovations are continually changing and emerging worldwide, these top 3 technology trends offer exciting job prospects now and in the future. And since most of these trending innovations are looking for qualified practitioners, now is the time to pick one, get prepared, and jump on board while they’re still in the early stages, putting you in a position to succeed now and in the future.

Check out: Top 3 Software Development Trends We Can’t Ignore

How is IoT technology transforming your Business?

 

The digital upsurge has allowed businesses to adopt IoT to gain a competitive advantage and provide a better customer experience. But, IoT benefits can go deeper than revenue and profit growth. Here are the 10 ways that IoT is transforming the business in success path and they hold common across all sectors:

Asset Tracking and Inventory Management:

Do you face problems with inventory tracking and management? Are you losing significant dollars due to assets getting lost? Are your workers excessively engaged in solving inventory-related matters?

IoT applications can enable you to manage your inventory by granting some automatic control options. Similarly, tracking assets in the supply chain with IoT can be an ideal solution to catch the assets that went missing in transit.

Installing IoT products and software in your warehouses and storage units can aid you to manage inventory changes. Moreover, embedding surveillance systems with IoT and analytics can prevent theft before it takes place.

Data Sharing & Perception:

Almost all businesses function with the assistance of data collection and transmission, and IoT adoption has completely revolutionized how data is processed. Apart from allowing greater access to user data, IoT applications can track the patterns in which a user connects with the device. By learning from the patterns, the application becomes smarter and offers a better user experience. Simultaneously, IoT products support businesses in deciphering that data for company growth. You can use the data to study consumer requirements, buyer cycle, the scope for enhancement & inventions, and approaches for marketing & advertising.

Forming New Business Lines:

Companies not only develop products but also monitor their product’s performance, all thanks to the predictive maintenance algorithm embedded in the IoT platform. The feasibility to transfer the IoT data across the organization’s ecosystem of customers and partners enables new paths of innovation in the form of continuous engagement and value-added services.

Effective Market Strategizing:

As enterprises can ingest, process, visualize and respond to huge volumes & a variety of data they can ultimately build strategies to meet customers’ needs. With the internet-connected devices, they are obtaining a 360-degree view of their customers’ preferences and building campaigns that drive revenue from the audiences. Further, it helps to segment the customer base, generate customized offers for boosting the customer satisfaction rate, and enhance their experience.

Driving Real-Time Insights:

Real-time data from processes, devices, and people via sensors is revolutionizing businesses; since visibility into what is really going on can be a game-changer. We are already observing innovation across the core sectors, especially in retail. By gaining real-time insights from buyers, retailers can stock products on-shelf and increase their profits with efficient sales and stock management.

The Internet of Things plays a key role in interconnecting devices like systems & smart cameras, to work collaboratively. Thereby, a business can make intelligent decisions, eventually acquiring innovations in business models that help to accomplish its business goals.

Facilitate Omni-channel Services:

The omnichannel approach to sales is highly acceptable today as it streamlines the entire shopping experience. IoT plays a major role in facilitating this service and improves the user experience manifold. Due to the incorporation of sensors on internet-connected devices, the organizations or manufacturers are facilitated to supervise the operations, status, and service levels from remote locations and offer prompt support as and when customer demands.

Accessibility, Efficiency & Productivity:

Beyond everything, customers always demand quick deliveries. Most of the business partners like logistics service providers and suppliers apply IoT technology solutions to ensure faster delivery of orders. Things don’t close at processing with a great speed only. Businesses also need high-level efficiency and productivity. With improved information about the market and consumers, you can increase the productivity of your business. In addition, IoT can support orchestrating extensive automation and offer a real-time response on operational efficiency. These innovations will lead businesses to run cheaply and consequently, will expand the landscape intensely as insertion will be economical and manufacturing will become more feasible.

Generate New Consumer Demands

As the customers realized the uses of IoT applications, they begin to demand new things. Intelligent refrigerators make grocery lists based on their stock, for example. These would have appeared clueless ten years ago. In the future, this will be a standard feature of refrigerators.

Changing the Consumption Model

The internet of things' impact on business drives the changes in the consumption models. There are flexible consumption calls for the new business model that innovates how products are purchased. We have evolved from purchasing a product to pay-per-use. Thanks to IoT, it facilitates measuring the utilization of a product and charge by utilization.

Learn more on How Companies are Incorporating IoT in Business?

https://www.charterglobal.com/examples-of-iot-impact-on-business/