The scope of Artificial Intelligence (AI) is not limited to automating recurring processes — it influences business’s day-to-day decision-making across hierarchies. Today, organizations rely on AI-powered tools to capture data and make insightful decisions. Most of these solutions are powered by a cloud-based software delivery model popularly known as SaaS or Software as a Service.
The SaaS model does not require you to install the application; you can access the solution right on your SaaS provider’s servers. To better understand what SaaS is, think of a bank where all customers access the same cloud-hosted financial software and technology over the internet while the bank takes care of customers’ data privacy, security, and authentication needs.
As per Gartner, more than 95 percent of new digital workloads will be deployed on cloud-native platforms by 2025, compared to just 30 percent in 2021. This massive increase showcases the growing interest of businesses in adopting easily deployable and maintainable SaaS solutions.
Modern SaaS solutions come with several built-in features such as visual maps, heat maps, dashboards, Kanban View, Gantt chart, etc., that simplify data visualization and enable teams to take the best course of action. This has led organizations to adopt AI-powered SaaS for diverse business activities such as resource allocation, budget management, marketing & sales management, customer management, campaign execution, and other business areas.
From Salesforce to Microsoft, several SaaS solution providers leverage AI in distinct ways to help firms shorten work cycles and make intelligent decisions. Let’s talk about some capabilities of AI-Powered SaaS solutions you can use to supercharge decision-making for your organization.
Understanding changing customer expectations can be difficult for most businesses. However, with hyper-personalization, you can understand customer behaviors and moods to make corrective changes on the go. AI-powered SaaS solutions have built-in hyper-personalization features that allow marketers to create touchpoints unique to individual visitors. This allows businesses to build long-lasting relationships, invoke meaningful responses, and deliver unique experiences across digital channels to boost conversions and maximize customer lifetime value.
To use hyper-personalization in SaaS, businesses need to model different behaviors and use algorithms to decide the best time/method for communication. Airbnb, Reebok, and Amazon are some of the top companies that use hyper-personalization in SaaS to a great extent. While Reebok uses algorithms to identify products and create automated lists for prospective buyers, Amazon uses hyper-personalization to offer unique homepages with accurate product recommendations.
2. Intent Recognition
Intent recognition, also called intent classification, involves taking written or spoken inputs and classifying them based on possible user intent. It is an important component of chatbots and is used in sales conversions, customer support, and other business activities. Lately, SaaS vendors are incorporating AI-powered intent recognition features in business management tools to offer users an advantage in selling/customer management.
AI-powered SaaS tools are capable of running and managing campaigns, forms, surveys, and emails — ideal ways to capture data. Once you have data, you can put it through intent recognition tools to better understand your customers. Once the AI model is sufficiently trained, you can start getting better responses in data collection campaigns.
When customers reach out to a company for service, they expect quick responses and resolutions, irrespective of the channel they engage on. However, agents can only handle a limited number of cases at a time, which is why businesses need to supplement their service support on SaaS with the help of a chatbot. The use of chatbots is empowering firms to cut costs, automate interactions, and reduce human reliance across the industries.
Chatbots could be integrated with your SaaS solution to engage customers in first-time interactions, assist in self-service, fill up forms, reallocate employee workload, resolve cases, share order status, facilitate invoice payments, etc. By incorporating chatbots with SaaS, you can reduce TAT, save on costs, improve lead generation, and automate customer service – all of which are major challenges for firms with manual workflows.
4. Trend Prediction
Most BI tools offer deep insights into historical data, however, only a few are capable of predicting events and actions accurately. Modern SaaS tools come with advanced predictive analytics capabilities that allow businesses to identify data patterns, risks, and opportunities, enabling smart decision-making.
Advanced ML-powered SaaS can monitor user preferences and behavior on digital channels. These solutions can trigger actions/events to engage users on a website/app for a long time or suggest the best course of action via recommendations. Trends prediction with event extraction is helpful for all domains, however, it has better scope for businesses in E-commerce, IT, Healthcare, Insurance, Banking, and Finance sectors.
To stay ahead of the competition, consider incorporating SaaS tools with smart predictive capabilities in your operations. With better event prediction features, you can recognize trends in advance and make corrective changes to maximize business value.
Ready to Embrace AI-Powered SaaS?
Artificial intelligence is a key component of modern-day SaaS that makes business processes clearer, faster, and data-driven. It facilitates automation that shortens the work cycle, saving teams from high operational costs and decision-making blunders. Today, SaaS tools come with built-in AI capabilities that help in better data capture, problem-solving, opportunity recommendations, personalization, risk management, and trend prediction – eliminating the need for manual intervention. If you are still relying on traditional BI tools for business decision-making, it is high time you boost your decision-making capabilities with AI-powered SaaS.