Artificial Intelligence (AI) is such a big buzzword in the world of business today! What started as simple robots capable of performing some basic tasks on the conveyor belt has grown into a whole ecosystem of connected devices and robots and automated machines. AI has completely changed the way enterprise were doing business just a decade ago. With so many use cases of AI for enterprise, it is becoming a challenge for companies to compete with only human employees to back them. In other words, AI is quickly becoming a necessity if you want your business processes to become more efficient, serve customers better optimize the supply chain, reduce errors, and boost your company’s growth.
Different Ways AI is Used in Enterprise
Internet of Things, natural language processing, machine learning. And other AI-based technologies are finding increasing usage in enterprise of different kinds. Their benefits, ease of use, and high ROI are enticing businesses to incorporate more and more smart solutions in their dynamics. While there are a lot of different ways AI for enterprise can be used. It can be broadly classified into one of these three categories:
Robotic process automation or RPA technologies are slowly replacing humans for tasks like data entry, form filling, product verification, and more. Being one of the least expensive and easy to integrate technologies. RPA is being used by giants as well as startups. NASA started implementing RPAs to cut down on business costs and it has proven to be extremely beneficial. As 86% of the transactions in the HR domain is getting done without any human intervention.
It is true that some people fear that AI solutions are designed to replace human jobs, but the truth is. AI works in collaboration with humans to achieve the best outcomes possible. Automating processes is one of the key features of AI and the number of companies using it to create an efficient workforce will increase in the coming years.
The advanced processing and analyzing capabilities of AI are being used to process large volumes of data and identify patterns or trends hidden in it. Although not a threat to human jobs, this version of AI is exponentially better than humans in providing cognitive insights. It is being used across industries and companies for a lot of different purposes like detecting insurance fraud in real-time. Personalizing the shopping experience for customers, predicting future market trends, and a lot more.
Machine-learning applications are the prime example of cognitive intelligence. Here, machines not only process the data. But also learn from it to make informed decisions quickly in the future. These applications are being used to recognize humans through images and speech, detect any discrepancy in contracts. As well as differentiate between real and altered videos, images, or social media posts.
Several companies are leveraging cognitive insight and machine learning to understand their customer needs better. Solve queries faster, jump on changing market trends before competitors, and improve overall business operations. High-speed data crunching is a basic task for AI systems and utilizing it can be beneficial for SMEs as well as large enterprises.
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The use of AI for engaging customers and employees is slowly picking up pace in the enterprise world. Businesses are realizing the ability of machine learning, chatbots. And intelligent agents to keep a user engaged on their site or improve the training efficiency of employees. 27% of HR leaders believe that AI-driven learning modules have a positive impact on employee learning and development.
Customer engagement is an important aspect of business operations. No one likes to wait on hold when they want answers to their queries, Initiate product returns, or find out the status of their order. This has a negative impact on customer experience, which reflects in the decrease in sales and revenue.
Intelligent solutions are not only helping fellow customer service representatives to resolve queries faster but are also becoming capable of doing all this on their own. Apart from customers, employees are getting benefitted from the inculcation of cognitive engagement in the system. Their workload is decreasing as they only need to talk to select customers with complicated issues. and can turn all their focus on helping that customer thoroughly. This personalized service makes for a memorable experience that helps in retaining customers.
In a nutshell, while the use of AI for enterprise solutions has transformed a lot in recent years, mainstream adoption has just started gathering speed. Hence, implementing AI in the business structure has become more than a nice-to-have feature. And companies that are not leveraging such solutions might have to struggle with losses in the future.