A human workforce no longer powers today’s business market in the same way it did a decade ago. Many businesses now heavily rely on digital movements like technology and AI. No business can afford to be left behind and or is immune to the rapid pace changes are occurring in the marketplace.
For a business to stay at the peak of its industry, it needs to evaluate its business processes. This is just a posh term to describe sets of activities and/or tasks that, once completed, will accomplish an organizational goal. Simple, right?
As we’ve already established, tech is the future. Period. So, if you’re serious about running a successful business, artificial intelligence (AI), is the way to go.
For most people, the thought of AI conjures up images of ET, aliens, and Spock from Star Trek.
But, without even realizing, the average person interacts with AI every day! Namely, through apps and programs like Alexa, Siri, Google Maps, Waze, and Amazon Echo, just to name a few.
So, with that in mind, let’s explore in greater detail what AI actually is and how it can help your business.
Artificial intelligence, generally speaking, is the use of any computer software that interacts and engages in a human-like activity — for instance, problem-solving, learning, planning, etc.
The most common form of AI is ‘Machine Learning.’ This is where vast quantities of data are processed at an alarming speed. Not to mention, machine learning also provides complete transparency in the way the work’s completed.
Having said that, like most things in life, machine learning does have its limitations. It’s neither capable of learning nor improving. In the business world, paved the way for another form of AI known as ‘Deep Learning.’
Deep Learning just a more specific kind of machine learning and is critical to performing more advanced functions, like fraud detection. It manages this by analyzing a plethora of factors all in one go.
Deep learning has shown a great deal of promise. It’s increasingly popular with both smaller and larger enterprises as it continually improves its performance. Plus, it’s able to learn from astonishingly large volumes of labeled data.
So, now you have a better idea of what AI actually is, here are six surprising ways artificial intelligence can enhance your business processes.
1. Cutting Costs Through Automation
The most common use of AI to improve business operations in both the automation of digital and physical tasks. This namely applies to back-office administrative and financial activities using ‘robotic process automation’ (RPA) technologies.
RPA is the least expensive and most accessible form of AI to implement. It typically carries with it a high and quick return on investment and works across multiple back-end systems.
There have been concerns that RPA would put people out of jobs. But never fear, because a study of 71 RPA projects by Thomas H. Davenport and Rajeev Ronanki found only a few projects led to a reduction in headcount.
Not to mention, in most cases, the tasks in question had already been shifted to outsourced workers.
On the brighter side, Experian Health has worked with companies to help them automate as much as 80% of tasks. Apparently, this resulted in almost doubled employee productivity. RPA can also cut costs by picking up on errors before they escalate to something more serious.
Often when human employees work on menial tasks over long periods, they lose concentration, which makes it easy for errors to occur.
RPA doesn’t suffer from such issues — it really is as simple as that.
2. Better Customer Interaction
We live in an era where customers look for and expect a personalized experience. This is one of the reasons why more and more companies are working to develop innovative software to help build, nurture, and maintain their customer relationships.
AI comes into its own regarding customer communication.
First of all, it allows a company to connect with a much wider audience, namely, because AI is easily scaled alongside the growth of your business.
If a company has a human-staffed customer service department, there are a limited number of customers they can connect with, in just the space of a day.
But with AI, there are no such limitations. As such, a company can reach a much broader customer base in next-to-no time.
Not to mention, AI can also offer real-time assistance to customers. For example, an airline company can use AI apps to send personalized travel information and updates to all its customers.
How handy is that?!
3. Driven Personal Relationships
According to Shervin Khodabandeh, (Managing Director and Partner with Boston Consulting Group), AI could be used to predict the success of human relationships and trustworthiness.
That’s in addition to other qualities that usually could only be deciphered through personal and direct experience.
He goes as far as to say:
“Facial and vocal analyzers could provide essential mood information for companies, helping to optimize business decisions and processes further.”
In light of this, it’s no wonder that AI’s now playing a more significant role in deciding the best candidates for vacancy jobs. In some sectors, this has left human resources (HR) personnel to play an increasingly administrative role.
4. Enhanced Decision Making
Arguably, the most significant advantage AI offers businesses is that it provides better insight into any and all data collected. AI can identify customer trends and patterns, flag potential problems, identify issues with employee productivity and visualize any data in charts and graphs for simple understanding of complex information to help decision-makers with informed decision making — just to name a few!
This, in turn, allows a company to make profitable business decisions, understand its customer base, optimize marketing campaigns and get a glimpse to what the future of the business could look like.
Hence, it’s essential a company creates an environment where the use of advanced AI processes is standardized. Trust us, your competitors will be, and you’ll eventually be left in their dust! Instead, leave them in yours by embracing the power of AI in decision making.
5. Mining Data
Mining Data is one of the most exciting applications of AI that very few people are talking about. AI apps are so sophisticated that they can take all the data obtained from various customers and employees and discover essential trends.
These insights could give you a serious advantage in the marketplace. With this info at your disposal, you can adjust your service by meeting current market conditions and ensure you’re better prepared than your competitors.
Mining Data also gives companies answers to questions it hasn’t yet thought of. All this kind of data can be used as a basis for machine learning should the business choose to go down that road.
6. Improved Data Security
With GDPR and so many court cases pending in regards to data security, this topic has never been so hot!
These days, protecting both your customer and employee data is an incredibly prominent aspect to running any business. So, it’s unsurprising that AI trends have followed suit.
Needless to say, this is particularly crucial in the financial sector and in banking services where one slip up could cost an enterprise millions of dollars.
AI can be used to detect fraud attempts and hackers attempting to access personally identifiable data. This is made possible through systems such as Data Processing Automation (DPA), Machine Learning, and Natural Language Comprehension.
If a company can detect unauthorized access to data early on, it’s much easier for them to prevent information leaks. Which like we’ve already said can save you a lot of stress, fines, and reimbursements.
Use AI for Your Business Processes, Starting Today.
The main reason many businesses aren’t enjoying the benefits of AI is that those boasting leadership roles don’t fully understand all the perks AI has to offer. Consequently, they’re falling behind the times and sadly, their competition.
The good news?
It’s not too late to rectify this. Now is the time to act. Companies yet to harness the power of artificial intelligence need to take a long hard look at their current business processes and decide what’s zapping the majority of their time and resources. From there, your company can use AI in a way that actually helps your business grow and ultimately boost your bottom line. Finally, a system that pays for itself! Now that you have a better idea of what AI can do for you and your organization, let’s discover the possibilities together.
Our AI and data visualization professionals are willing and waiting at the end of the phone to help you out.