Our world is driven by the urge to progress continually from where we stood yesterday. In the business world, this means achieving greater profits and efficiency with minimal costs. Companies strive to invest their money into development plans that will continue to generate higher profits for them in the long run. This is where AI comes into the picture.
What is Artificial Intelligence?
Artificial Intelligence (AI) is a vast discipline whose application spans across industries. Therefore, its features and capacities are multi-faceted. However, simply put, AI is the ability of computer systems or machines to replicate human behavior. It is increasingly used to take over human tasks to upscale productivity, service quality, and sales. Many may think of AI as an overpowering technological giant taking over human jobs. However, this is not true.
AI is increasingly being looked at as augmenting the human potential to unleash innovation that human capacities alone cannot do. Moreover, ultimately, the human world is monitoring AI to achieve its desired goals.
Here are some of the top ways AI boosts business productivity
1. Predicting sales
More than 60% of employees say AI helps to improve their productivity at work. Today employees do not sit around with customer invoices to gather insights into their most popular products and customer preferences. AI does this arduous task for them by processing large amounts of data in real-time and shares meaningful insights based on historical customer data and their current behaviors. This helps marketing and sales departments pitch products to customers based on their preferences and customize their experiences.
AI employs face recognition and sentiment analysis to record customer behaviors and make predictions. It builds customer profiles and helps sales managers to make more accurate predictions, enabling them to plan production and inventory effectively.
2. Process automation
As a business organization expands, resource allocation becomes challenging. Hiring more people does not fix the problem entirely. At any given point in time, there are multitudes of tasks that do not necessarily require high skills but eventually end up consuming the employees’ precious time.
AI brings automation into business processes and helps business leaders allocate their resources to appropriate tasks. AI chatbots or intelligent virtual assistants take up most routine customer queries and can be easily configured on high-traffic sites. Their ability to understand natural language, recognize speech and understand the search intent enables businesses to achieve greater productivity. It frees up employees from routine tasks and gives them the time and energy to focus on more critical aspects of the business.
3. Real-time decision making
Decision-making is a crucial part of every organization. Communication is a big challenge when decisions have to be taken in real-time as many stakeholders are involved. AI has the potential to analyze and process large amounts of data and share actionable insights.
AI can track search activity and uses machine learning to elevate user experiences. It can identify the most searched issues and failed searches to guide the Subject Matter Experts (SMEs) to update the information timely. By giving detailed reports of user engagement, AI helps business leaders identify their distinct challenges from time to time that may be hindering employees’ productivity levels. It helps them with actionable insights to solve the key challenges and chalk out strategic plans to boost the employees’ morale.
4. Organizing and managing Knowledge
Knowledge Management is becoming increasingly important as businesses understand the critical role of Knowledge and are mobilizing it to increase profitability. Embedding AI in Knowledge Management accelerates users’ way through to the right Knowledge at the right time. An AI-backed Knowledge base elevates the discovery of Knowledge with semantic search and delivers actionable Knowledge from many content repositories.
Basically, it eliminates an organization’s important data from getting fragmented and organizes it into a single unified platform, from where content managers can easily update the content and make timely changes as per organizational needs.
By organizing and managing Knowledge, AI saves people’s time looking for information and protects them from stress caused by information overload. Employees need not force themselves into memorizing or manually storing all the information. Instead, they can easily access a ready repository of Knowledge and find solutions simultaneously.
5. Elevating customer support
A robust customer support system is the mark of a truly successful organization. With customer support comes infinite challenges as new-age customers have shorter attention spans and expect instant solutions. And given the vast options consumers, today have, solidifying customer support services is the way forward for businesses to achieve a competitive edge in the market.
AI is helping businesses automate cognitive decision trees that guide their customer support teams to take the next best action while solving customer queries. AI enables API (Application Processing Interface) integrations which automatically transfer the customer information from backend servers to the main CRM platforms, which helps support reps troubleshoot even the complex customer problems quickly and efficiently. 44% of businesses have reported cost savings with the implementation of AI. The number of companies implementing AI solutions for customer service will only rise, given the ease and convenience it creates for the customer support teams to deliver seamless customer experiences across multiple touchpoints.
The globalized world has brought businesses to the intersection of many different geographical locations, languages, and cultures. Managing and organizing Knowledge and communicating it the right way poses innumerable challenges for businesses and hampers their productivity. Artificial Intelligence is rising to meet the needs of business organizations by helping them organize all their vital data, analyzing it in real-time, and helping them make better decisions.
AI is tailoring solutions for businesses to meet their customers’ expectations by upgrading the efficiency of business processes. It is helping employees do their jobs efficiently by automating mundane tasks and eliminating redundancy. Most importantly, AI is doing the tasks that only humans could do earlier and is supplementing their potential to achieve increased productivity for business organizations.