Excel Formula To Calculate Percentage Of Business Days Over Month How AI, Machine Learning and Automation Will Impact Business in 2018 and Beyond

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How AI, Machine Learning and Automation Will Impact Business in 2018 and Beyond

We live in exciting and innovative times with the technology of the future literally at our fingertips. But for a long time, small to medium-sized businesses were not served by the latest technology trends that enterprises have been able to take advantage of. That is until now. In this article, we will explore these technology trends and how they will impact business in 2018 and beyond.

So, what kinds of things can this ‘smart’ technology do? Just 4 months ago, an AI machine managed to complete a university-level math exam 12 times faster than the average human would normally take. how? Through the art of machine learning; Where computers learn and adapt through experience without being explicitly programmed.

Moreover, Facebook made headlines earlier this year when their chatbots created their own language. Some fake news stories say that engineers pull the plug in panic after they get too smart. However, the truth is that chatbots need to stick to English instead of developing their own shorthand for Facebook’s purposes. However, their machine learning chatbots created their own language outside of their explicit programming.

This evolving field of computer science is the future for service businesses, and it’s already affecting the way we live and work. In fact, research firm Markets & Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!

So buckle up because these technology trends will affect every part of your business, from marketing, to operations, through payroll. Here’s how:

Marketing gets smarter with AI and machine learning

AI and Social Media Marketing

In April 2017, Salesforce conducted a study of global marketing leaders, and the results were mind-blowing. Respondents said they expect to see improvements in efficiency and progress in personalization over the next five years. More than 60 percent of marketers envision leveraging AI to create dynamic landing pages, websites, programmatic ads and media buys.

However, what people were most excited about is the potential impact of AI on social media listening and lead nurturing. In the not too distant future, AI will become increasingly sophisticated and a powerful tool for social media marketing.

A key way AI will impact marketing is by following up on leads through social media. But how? Through personalized, real-time content targeting that produces 20 percent more sales opportunities. With behavioral targeting methods, AI will be able to detect and initiate the nurturing process, for example, a marketing stack using AI algorithms can learn that a specific buyer checking LinkedIn on Monday morning has just started looking for a new CRM tool. The software can then suggest (or even create) targeted posts to publish on the day and time they see them: one that asks about their software needs and another follow-up piece with a comparison of the CRM ecosystem.

Currently, savvy marketers who are using social listening as a way to nurture leads don’t have the necessary AI enhancements, so it’s time-consuming, manual and not real-time. So how do you begin to prepare for this type of future content marketing delivery?

First of all, you need to better define your buyer persona. Taking a solid look at your CRM will give you plenty of clues for content that gets leads qualified for a response. By taking a step back and analyzing the content of your channel (such as emails, phone calls and social media messages) you’ll start to gain the right kinds of insights that will drive leads to the next step in the second stage of your sales funnel. For example, a C-Suite executive may respond best to data-driven white papers and infographics that peak their interest, while a fellow marketer may be more suited to interactive case-studies or videos.

The only way to get these types of insights is to dive deep into your CRM platform and conduct a detailed review of customer details – using semantic analysis to understand the level of buying intent behind the words your qualified prospects use.

Hot Tip: Starting to run your analytics now and developing strong personas will be key to implementing AI algorithms in your social media in 2018 and beyond.

Marketing and Machine Learning

Simply put, machine learning is about understanding data and statistics. It’s a technical process where computer algorithms find patterns in data, then predict possible outcomes – such as when your email determines whether or not a certain message is spam based on words in the subject line, links included in the message, or patterns identified in a list. of recipients. This is a perfect example of how machine learning can be applied in marketing to optimize for successful campaigns.

Businesses can also use machine learning to sell the right product, to the right customer, at the right time. In 2018, marketers will rely on machine learning to understand open rates when it comes to email – so you know when to send your next campaign to increase click-through rates and ROI. The next big thing? It may seem small but ticket tagging and re-routing can be a big expense for small businesses – costs that can be saved with machine learning. A sales inquiry automatically reaches the sales team, or a complaint reaches the customer service line immediately, saving companies a lot of time and money, and all this is made possible by modern technology.

And while solving problems in record time and delivering successful email campaigns is great, that’s just the beginning. Here’s what else to expect in 2018:

E-commerce reaches new heights

You’re shopping for a new pair of sunglasses on Amazon, then before you know it, your Facebook feed is flooded with tons of eyeglass ads and related trends for summer: it’s machine learning. In fact, this example of analyzing data based on a user’s purchase history or online shopping behavior is the future for e-commerce.

Retail companies are tracking which ads or images you might stop scrolling most often in order to target you with specific content. For example, if you always click on ads that contain happy women and some text, then the machine will log this as preferred content so that you will only be targeted with ads that match this description. The machines may also track what time of day you are most active on Facebook, Instagram, Twitter and/or Pinterest, to present these ads to you at optimal purchase times.

Then when it’s time to make a purchase, machine learning is applied to small businesses to reduce the risk of credit fraud. how? Machines learn from historical datasets that contain fraudulent transactions and can identify patterns that represent a typical fraudulent transaction – just like spam emails are detected and stopped. Machine learning is starting to influence other parts of your business funnel as well, just look at the rise of chatbots.

Integrating Chatbots

There was a time when chatbots were just considered man-made pests on the internet, but through machine learning, they are getting smarter and businesses are embracing them en masse.

In 2018 and beyond, Chatbots will play a key role in the future of customer service. Why? Chatbots can help achieve faster customer service resolution, as well as provide a quick history of each customer for flawless customer service. There are some key advantages that chatbots have over human interaction only:

24/7 Customer Service: Best things about machines? They don’t sleep! This is coupled with the fact that chatbots are becoming sophisticated enough to recognize human emotions such as anger, confusion, fear and joy. So should a chatbot encounter negative emotions from a customer, they can seamlessly transfer to a human to assist and terminate the customer.

Gone is the era of being ‘on hold’: A major barrier to delivering excellence in customer service is long waiting times. How many times have you tried to get customer service from Comcast (or any TV/Internet provider) and you’re getting progressively frustrated with the wait times? All this can be removed with a chatbot!

Quick access to customer data makes service more personalized: One thing humans are never better at than chatbots is quickly digesting customer data and history to provide context for customer queries. Chatbots excel at collecting customer data from support interactions. They can serve as virtual assistants who can feed customer data to your customer service executives so they have a complete history of each account quickly. Although we are still at the beginning of chatbot adoption, there is no doubt that this technology will make a significant contribution to business success in 2018.

This emerging tool for businesses already has significant buy-in from thought leaders around the world. In fact, Larry Kim, founder of Wordstream, is all over chatbots since he started his own company where his bots are currently in beta. With this move, it will be interesting to see how businesses will leverage robots in other aspects of their business. The last trend we’ll explore is automation and how it affects businesses today.

Automation now and in 2018

While machine learning and AI are a hot topic in the tech world, it’s not something that small to medium-sized businesses will be able to take advantage of in the near future. But with automation there is still hope for them. Powered by the cloud, this type of technology has already revolutionized marketing and sales workflows and interactions but is also beginning to touch various other parts of the business. For example:

Operation automation

Once you’ve won an important sale, you’ll need to deliver the products or services you promised the customer. What does that process look like for most businesses now? You all have a kick off meeting and expect marketing and sales to deliver on all the promises they made to your customers. However, with operations automation and the use of a powerful CRM you’ll be able to read interactions and see all the different touch points a customer has with your company before they even kick off the call. This will give all service businesses a head start in delivering excellent customer relationships and managing expectations. This class of SaaS products is called Service Operations Automation, or ServOps for short.

Accounting automation

If there is a data entry heavy department it would be accounting. The problem is that as humans, we are weaker and much slower at data entry than machines. Innovations with bank feeds, rules-based classification and integrated payments have dramatically reduced the workload of clerical and bookkeeping staff and given business owners more timely access to accurate financial information for their business. Research by Xero suggests that by 2020, automation in accounting will be commonplace, and a significant number of finance professionals will use the next level of analytics tools to help them add value to business models around the world.

Payroll/HR Automation

Finally, cloud and automation have come to the payroll and HR sector. These important areas of business often suffer because small businesses cannot afford a full-time human resources department. What is the alternative? Having only part-time efforts of founders and principals can often pose serious risks to the business. For example, Zenefits will automatically submit forms to the federal Internal Revenue Service on behalf of companies. With new automation technology, compliance is automated by platforms and trying to keep time-off approvals in sync with PTO balances and payslips is a thing of the past.

In the near future, we will see the emergence of great technology powered by cloud, automation, AI and machine learning. This is truly the beginning of the golden age of information technology and it is time for businesses to take a hard look at their organizations and find ways to integrate these technological trends.

This article first appeared on Tenfold.com


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