You’re likely already aware of the reasons many businesses have decided to invest in artificial intelligence (AI) technology. From reducing operational costs to growing revenue to increasing efficiency, the advantages provided by AI’s ability to mimic human intelligence are both far-reaching, yet might seem a bit abstract to companies just starting out.
Let’s take a look at some of the ways that AI can have a high-level business impact and the most immediate areas that AI can benefit.
Using AI Projects to Deliver High-Level Business Impacts
According to a recent Gartner report, having AI expertise can provide businesses significant ROI due to the value created by AI.
For high-level business impacts, data and analytics leaders can use AI projects to deliver value in the following ways:
- Innovation: With digital business comes new issues that, without the human intervention of data scientists or AI experts, may remain unsolved. By framing complex business problems as machine learning, operations research, graph or search problems, AI specialists can identify which new information sources should be collected to help organizations resolve perpetual issues in innovative new ways. Further, the constant collection of data enabled by AI can help companies build better or new services.
- Exploration: The goal of data exploration is always to discover which events are drivers and which are inhibitors. When AI experts are given the space to explore data for any insights they can derive, they may stumble upon potential new customer touchpoints or gain a better understanding of underlying business processes. This kind of information, in turn, can lead to data-based innovation.
- Prototyping: Both AI and machine learning come in handy when trying to uncover complex, logic-based business problems. When compared to decisions made by humans, who might get lost in escalating how to problem solve as the issue becomes more complex and the expanse of available data, AI methods often deliver better results in the midst of dynamic variables.
- Refinement: As new data becomes available, organizations need to consistently improve their AI practices to keep pace with the creation of new products and incorporate feedback from consumers and other ecosystem partners. AI teams must also adapt to quick, rapid changes around customer touchpoints due to the data generated by new devices and wearables. Finally, new customer contextualization strategies can help the business garner better results; however, existing models and data source inputs will need to be adjusted to support this technique.
- Firefighting: Every business will have to deal with a crisis at some points, be it triggered by sudden customer complaints to a sharp drop in profitability. Having an AI team available to do a deep dive into the data generated by the crisis can help business leaders understand what is really happening and how to effectively resolve those issues.
7 Areas Where Artificial Intelligence Will Have a Business Impact
By 2025, 50 percent of enterprises will have devised AI orchestration platforms to operationalize AI – up from fewer than 10 percent in 2020.
Here are a few of the areas that will see an immediate impact of AI:
1. Faster and more efficient talent recruitment – many businesses are already using AI to automate time-consuming, repetitive tasks, like creating invoices or sending out email sequences. With AI – specifically machine learning – those automations can become even more efficient thanks to the ability of machine learning algorithms to rapidly analyze a large amount of data, identify patterns, and predict outcomes.
Now, machine learning automation is assisting departments of Human Resources by automating the processes of screening resumes, contacting applicants, and scheduling interviews. The data machine learning draws upon is also saving time by screening applicants for positions that match their experience, knowledge, and needed skills for the job to which they are applying.
2. Informed decision-making – as AI becomes better at accurately analyzing and understanding large amounts of data, businesses have the chance to create more targeted and personalized campaigns that have a better chance at turning a profit. How might this work? As AI apps glean patterns and other insights from text, numbers, still images and video, businesses can more accurately allocate necessary budget and resources to the areas that will benefit from it most.
Additionally, using AI implementations also offer the potential for automated decision-making; however, in these cases, it is crucial that companies offer transparency to customers and double check judgements to make sure they are better than those choices that would have been made by staff members.
3. Simplified customer support – many companies have already implemented chatbots into the customer service they provide and it’s easy to see why. Chatbots can answer customer questions quickly, are available around the clock, and can escalate conversations to human jobs held by customer representatives when necessary. And customers are becoming much more comfortable with interacting with chatbots, with more than 40 percent of people preferring live chat over other contact methods because it allows them to avoid being placed on hold.
Further, more customers feel most satisfied during their buyer’s journey when using a live chat feature. Now, thanks to new features like sentiment analysis, AI can assist customer support by classifying tickets as “frustrated,” “neutral,” “excited,” and more.
4. Streamlining the supply chain – through the automation of manual processes, the supply chain is ripe for improvements made by AI systems that enable enhanced agility and accuracy. Some applications of AI across the supply chain include inventory-taking drones, driverless warehouse carts, and improved data analytics and anomaly-detection software. The future of the supply chain will certainly count on the adoption of natural language processing (NLP), robotic process automation (RPA), and deep learning algorithms.
5. Improved security – most cybersecurity breaches occur because of errors that are made due to the limitations of human capabilities. Therefore, it makes sense that AI can be used to make our computers and networks safer by filtering out malware, spam, and phishing emails before they even reach the human recipient.
Aside from providing a solid defense against hackers, AI also has the potential to impact privacy protection and crime prevention. For instance, in the world of law enforcement, AI lends itself to “predictive policing” by using concepts like game theory to predict when terrorists or other threats may attack a target.
6. Customer relations – as mentioned above, AI-backed software solutions that have sentiment analysis technology allow machines to accurately understand a customer’s tone of voice. As a result, businesses can answer concerns, complaints, and queries much more accurately, which also lends itself to customer retention by providing a pleasant customer experience. Many businesses are already using AI to support their customer experience strategies and build stronger engagement and consumer trust.
Some examples include using automated live chat software to give better, more dynamic answers more quickly; it’ll help you cut down on the man hours needed to research solutions. It’ll also yield predictive insights, putting you in a position whereby you can automatically recommend similar items or services a customer may be interested in.
7. Reduced operational costs – one of the best side effects of implementing AI into your business is all the time it saves your staff, who can now focus on other tasks and take more time to fix mistakes. While investing in AI certainly has upfront costs, the long-term benefits of AI result in cost savings for companies. And as time continues, AI is projected to become more accessible and affordable for smaller companies.
Stefanini Is Your Partner for Artificial Intelligence
As more businesses seek to deploy data-driven artificial intelligence solutions, it can become overwhelming understanding where to start. Using our SAI suite, Stefanini can help you design, plan, and build your long-term AI experience with capabilities in learning algorithms, big data, and more. From ideation to implementation to support, Stefanini is there to help you realize the benefits of AI in real time.
We are both big enough to address your technological needs while small enough to be an agile, flexible partner. By co-creating AI solutions, we will digitally transform your company so that it achieves more.
Ready to consult with a Stefanini expert? We have you covered. Click here to connect with a partner that can guide you through your next AI project!