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Leveraging AI for transformative business development: Strategies for market analysis, customer insights, and competitive intelligence
1 College of Business, Auburn University, USA.
2 School of Management, Yale University, USA.
3 Graduate School of Arts and Science, Tufts University, USA.
4 The Absolute Robotics Limited, Nigeria.
5 College of professional study, Northeastern University, The Roux Institute, Portland, ME.
Review
International Journal of Science and Research Archive, 2024, 12(02), 799–805.
Article DOI: 10.30574/ijsra.2024.12.2.1291
Publication history:
Received on 05 June 2024; revised on 14 July 2024; accepted on 17 July 2024
Abstract:
The advent of artificial intelligence (AI) has dramatically changed the business landscape, providing unprecedented opportunities for organizations to transform, grow and innovate This research paper explores how AI can be used to transform business advanced growth strategies, market research, customer insights and competitive intelligence. Companies can reap many benefits from integrating AI into their operations. AI algorithms can analyze large data sets to identify trends and patterns beyond human capabilities, enabling companies to forecast market demand, streamline distribution, and make data-driven decisions in terms of production and marketing. AI also empowers customers with more personalized experiences by analyzing behaviors and preferences to recommend personalized products and services. This personalization drives greater customer engagement, loyalty and increased sales. The paper highlights the transformative potential of AI through real-world examples and case studies in various industries. These examples illustrate the impact of AI, from predicting customer attendance in mobile communication to optimizing marketing campaigns in retail.
However, implementing AI is not without its challenges. Businesses need to address the need for robust data structures and reduce the potential for bias in AI algorithms. Furthermore, ethical considerations such as data privacy and displacement of human workers must be treated with caution. The paper discusses these challenges and highlights the importance of responsible AI implementation strategies. By acknowledging and addressing these obstacles, companies can unlock the full potential of AI. This review paper aims to provide readers with a comprehensive understanding of AI-driven business development strategies, enabling them to harness the potential of AI to drive sustainable growth and success.
Keywords:
AI-driven business development; Market research; Customer insights; Competitive intelligence; Personalized experiences; Ethical considerations
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
