Markets are dynamic and moving faster than imagined. To stay with the evolving market, businesses need to design their processes that are automated, agile, and fast-paced. To achieve the dynamism, few companies are adopting more flexible, results-driven approach and are deploying Artificial Intelligence (AI) systems to facilitate the transformation.
AI is often considered as the future of technology and perhaps the supreme driver of innovation in the future. Already we can see AI in automobiles, voice-assistants or chatbots, facial recognition devices, Augmented Reality (ARs) and much more. One of the research studies published by McKinsey & Company says, “45% of work activities could be automated using AI“. Although, this was published 5 years back, but it holds to be valid till date. AI has transformed the business processes by automating everyday tasks, improving user interfaces and analyzing vast amounts of data.
Machine Learning (ML), part of Artificial Intelligence is widely being used in the organizations as it identifies different patterns within data and identifies the relationship between data and possible decisions that come as an outcome of analyzing the data. Advances in ML algorithms led to what is being called as Deep Learning in AI. It can analyze a plethora of factors present in the data. For example, it can do fraud detection, and learn from large volumes of data. In supply chain management, it can predict stock and suggest quantities of product available in the inventory.
AI-enabled Natural Language Interfaces (NLI) make interaction easy with applications and speeds up to several individual steps within a process by merely understanding the voice and the context of the request.
Using AI organizations can streamline various business processes:
They assist in planning meetings, keep a check on progress reports, tracks documents, analyses existing data. Example: If a chatbot is added to a landing page of a website, the AI algorithm will automatically identify customer needs, gather relevant data and reply with appropriate information. This would streamline the customer acquisition process as the organization would be able to understand the customer needs well.
AI helps in automating the usual tasks, and project managers can focus on more complex tasks. Thus, reducing the time and costs involved in performing the regular tasks. Reducing time through automation also increases overall employee productivity.
AI algorithms help in aligning data with strategic actions by giving reliable outcomes about tasks and future events. As humans work for a longer time doing the same menial task, there is a chance they may lose concentration and make errors. But AI doesn’t make errors as it is programmed to identify inter-dependencies and predict possible outcomes. It delivers reliable results and accurate analysis of data free from human intervention.
Customers today expect more personalized experiences and AI helps in creating personalized experiences for varied customers as it allows the companies to connect with a broader audience at the same time. With a human team, there can be limitations as they cannot with multiple customers at a time, but an AI assistant can reach anywhere and anytime. It offers real-time assistance to customers and helps companies to create long-term relationships.
AI helps in automating functions like search, extraction, analysis, and interpretation of unstructured volumes of data and creates detailed market intelligence reports. It helps supply-chain and procurement teams to gain meaningful insights into the entire supply chain optimizing various outputs – quality, delivery time, and costs.
Several e-commerce and online marketing companies depend on AI-driven tools as they believe that AI helps in identifying frauds, illicit content and any wrong activity occurring on their platforms. AI also helps in identifying personas and various factors that help in reaching the right customers with right offers and customized content. Thus, AI offers better content management like enhance search, categorize products according to its attributes, and detect inappropriate content and do much more. With increasing competition, customized content would be a key differentiator for organizations.
The most significant advantage of AI is that it offers in-depth predictive analysis of all and any type of data collected. It can easily identify customer patterns, market trends, and key indicators, identify faults, mark risks and put all of them in a report format, including charts & graphs. All this acts as an advantage for the key decision-makers and allows them to make informed decisions, understand their customers well, optimize current marketing campaigns, target the right audience and also have a peep into the future prospects.
AI-enabled systems offer auto-scheduling of the meetings, project planning and discussion. It can also create auto-alerts in case of upcoming deadlines, possible risks, and any intervention required for budgeting or planning. AI also helps in integrating with third-party systems, workflows by simplifying the tasks, reducing overall time and costs needed for the project.
One of the most interesting aspects of AI is Data Mining. AI captures all sorts of data, analyze it and discover upcoming trends that give you an extra edge over your competitors. With all the relevant information in hand you can designs your services as per the current market trends. Data Mining helps in answering all kinds of queries.
With increasing cyber crimes, thefts, misuse of data, and changing legal scenario, protecting customer and company’s data has become the top priority. Financial and Banking is the most affected sector, where one mistake can cost millions. Thus, AI systems can be used to detect frauds, hackers, unauthorized access, data mishandling etc.
It’s not too late for companies to enjoy the benefits AI has to offer. AI has the power to deliver intelligent marketing and business operation solutions that enable deeper insights into data and forecast future tasks. Streamlining the processes and automating them can help companies to recognize brand exposure and ROIs. Start using AI today!