Artificial Intelligence has slowly but surely entered the realm of business and is rapidly taking roots there. Contrary to the collective fear of AI replacing us and usurping our jobs, AI has proved to be a boon to business. A BCG + MIT Sloan Management report from 2017, nearly 85% of the responding companies believed that AI would help them obtain a true advantage over their competitors.
The most normalized usage of AI in business has been with concepts such as machine learning and big data. Although the fact remains that there is a huge gap between the leaders and laggards in the adoption and implementation of AI processes in their operations, it is evident that companies are starting to let go of their fear of Artificial Intelligence. They are beginning to incorporate AI processes in different areas of their business gradually but surely.
Here are the various ways your organization can implement Artificial Intelligence to see a real boost in the quality and quantity of your business.
Understand Your Customers Better
A number of AI-powered applications are being actively used by companies, in order to understand their customers better. Machine learning and predictive analytics are at the forefront in this case. The use of these techniques can actually go so far as to help you predict what your customers would want/do next and how your company should respond. This is especially useful for marketing and sales departments, as they can take immediate action to engage with their customers using the right channel, at the right time.
Better Customer Communication
Artificial intelligence can help you to communicate with your customers in a smarter and more effective manner. Think of chatbots. Chatbots are a rudimentary application of AI, but they have found such an extensive application across various industries. Chatbots are an incredible mechanism to communicate more effectively with the customer. They not only inform the customer and resolve their queries, but can be used to redirect him/her to specific pages that contain complementary products. It can be used to convince the buyer that buying the complementary product will make his/her overall experience more satisfactory.
Useful Data Insights
For most organizations, it is neither realistic nor cheap to want to have a full-time in-house data scientist. However, the good news is that the prevalence of Artificial Intelligence in information systems such as CRM, HRM, and others makes it possible for businesses to have impactful insights into their data. More importantly, these insights do not require someone from a data science/ other technical backgrounds to interpret them. For example, Salesforce’s AI, Einstein, helps to predict where a customer is in the sales cycle, and which channels he will respond most positively to. Using historical data, companies can know well in advance which of their leads are most likely to convert, and you don’t need to be a rocket scientist to understand the insights received from such AI.
Find Star Employees
The perfect candidates are right around the corner. Your company has to simply reevaluate the way it chooses to reach out to them. AI can streamline your recruiting processes and make them conducive to the possibility of locating the best employees for your organization.AI algorithms can power the ATS (Applicant Tracking System) to predict, based on historical data, which candidates from the entire candidate pool are most likely to succeed at their job.
AI can be used to automate recurring tasks so that your recruiters can focus on what’s really important: enhancing the candidate experience.
Reduce your Costs
It’s no surprise that proper implementation of AI processes can help reduce costs for your company. It makes sense that by eliminating mundane and routine jobs, the path becomes clear for better efficiency in more crucial tasks. According to a 2017 Infosys report titled AI Maturity, more than half of the 1600 senior business decision makers agreed that cost reduction is where AI has been delivering first. 44% of the companies in the survey experienced cost savings, and 39% experienced increased productivity. Business decisions are made faster and human errors avoided, leading to enormous cost savings when the effect is compounded across different areas of the organization.
Cybersecurity is a huge deal for businesses today. With an increasing number of fraudsters and cybercriminals using sophisticated means to find their way into vulnerable systems of businesses each day, the need to strengthen security barriers is greater than ever. Machine Learning can be incredibly useful to combat continually evolving malware. Cybersecurity programs that make use of Machine Learning will find it easier to deal with each new cyberattack by making use of data from previous cyber attacks that were somewhat similar. Also, simpler threats and attacks can be easily detected and resolved by AI, leaving time for your cyber security/IT team to tackle serious, damaging threats.
When it comes to its application in business, Artificial Intelligence has a vast scope which manages to get bigger still, every day. Businesses do not have to and should not blindly buy AI solutions for each of their departments just because it’s a trend. In fact, they should start small, ideally with the department that they feel would benefit the most from the incorporation of AI.
It is a good time to be experimental with different AI solutions because one way or another, the returns are going to be positive. Project management software needs a special mention here. According to an annual PMI (Project Management Institute) survey, project management success was at a 4 year low in 2016. However, in 2018, the survey found a 27% decrease in the money that companies were wasting due to poor project performance. Owing to greater adoption of project management systems of any kind, be it agile, predictive or hybrid, companies are able to meet their project goals successfully.
So, shed all your long-held fears of Artificial Intelligence because it will almost certainly benefit your business greatly.
Author Bio: Kritika Pandey
Kritika Pandey works as Software Analyst at SoftwareSuggest. she prioritizes her work and likes to plan and organize accordingly. She has good analytical skills and a proficiency with digital marketing tools. She also blogs about Project Management Software, BPM Tools, HR management and the latest software updates.