Artificial intelligence refers to a constellation of technology working together on a common goal to help machines understand, mimic, act, and even save cost in business growth. Maybe that is exactly why everybody’s definition of artificial intelligence differs: AI is not one thing. It takes a group of experts, each with a different area of expertise, come up with the grand master AI plan and then to drive it through the business growth plan by using the technology to achieve business goals. The big picture, the vision, the mission, and the goals are all important, but the specifics are what you need to deal with in the day to day. In other words, the “how” is imperative when building artificial intelligence.
Artificial intelligence does more than give a machine the ability to think, a technology that can adapt, save time, and ultimately make better decisions for the company than humans can.
This type of artificial intelligence/artificial intelligence/machine learning is referred to as expert systems. These are more complex than simple systems because they must take into account the full lifecycle of a customer and be capable of responding to those lifecycle changes, from the first view on the customer through its last views after purchase. Deep learning systems go beyond speech recognition and image recognition to allow a machine to understand not only language but also visual images and even natural language processing. It takes these technologies a step further by allowing machines to mimic human behavior in order to provide better customer experiences.
Deep learning systems are making strides forward every day in areas such as self-driving cars, customer service, medical assistance, weather prediction, retail sales, and even smart grid applications. The potential applications of artificial intelligence extend well beyond the scope of this article, but one area of particular interest is the financial sector. Because many regulations are based on the premise of mathematically measuring risk (which cannot be completely accurate), an artificial intelligence system could be programmed to remove the need for humans to regulate these risks (such as by insuring against default). Since algorithms are typically used to evaluate investment opportunities, any investment fund could be transformed into a money-making machine using artificial intelligence techniques.
Perhaps the biggest area where artificial intelligence will impact business is with customer relationships and strengthening the connection between a brand and its customer or consumer. Companies that have successfully leveraged machine learning technology in the past have been able to provide highly personalized customer service, which has in turn helped to lower churn rates and improve overall customer satisfaction. Companies that offer business solutions via the internet have also seen a dramatic increase in sales as businesses are able to save money on postage, management, storage space, and marketing dollars.
From office automation to customer experience, artificial intelligence can do more for business than most people realize. Even though the technology is still new, businesses stand to benefit from its application in nearly every industry. In the consumer marketplace, improvements in technology and data mining can lower the cost of delivering goods and increasing customer satisfaction. In the financial arena, regulations can be streamlined to save money and time, while operational expenses are cut back. Ultimately, the bottom line will show that artificial intelligence and big data will only continue to make strides forward in providing businesses with solutions that are designed to help make the business run more efficiently.
The benefits of implementing an AI solution:
Improve the customer experience through conversation
In 2021, the chat will outdo other customer service platforms. AI-driven chatbots enable companies to provide 24/7-customer-support by automating customer communications, providing a more personalized user experience. The advanced natural language processing improvements enable “bots” to pick up communication nuances plus mimic human speech better.
Banks with recently added chatbots have seen a decrease in salary and benefit costs while advancing back-office efficiency. For small businesses with low budgets or human resources, AI-enabled chat is best. It can fill customer service gaps.
Simplify the hiring process
HR departments stand to see a massive increase from adopting an AI process to help in the recruitment process. Through automated screening calls and by automating candidate applications, AI speeds up the candidate review process. It also aids in eliminating human bias from preliminary screenings, and it’s excellent for workplace diversity.
In competitive fields with small talent pools, this technology decreases the time to fill vacant roles, analyzing candidate applications faster than human agents.
PepsiCo’s needed to fill 250 jobs within months, and for this, they have used a robot named Vera to conduct first-round interviews. The robot interviewed 1,500 candidates in nine hours, whereas human staff would take around nine weeks to interview the same number of candidates. This technology provides AI a competitive edge in the recruitment process by boosting cost-efficiency in securing talent.
AI reduces human error
Perhaps the most substantial business benefit of AI is the reduction in human error. One time-consuming process prone to human error but essential to business success is forecasting cash flow. AI technology can help a business automate accurate forecasting without manual intervention. It provides companies greater visibility of their future finances, empowering them to make better decisions and take actions to achieve goals.
Whether you belong to healthcare, restaurant, or any other industry, to benefit from the innovation that AI makes possible, you must begin with a robust foundation in business fundamentals.
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