5 Ways AI Transforms Business Processes
Business competition is probably at its greatest height. More and more organizations are now investing in sophisticated technologies to help them streamline their business processes to go to market first. And one of the technologies enabling that is artificial intelligence (AI). Over the years, AI has been significantly propelling businesses to go beyond their current capacities to beat the competition.
The question is, how exactly can AI transform business operations? Let’s tackle five possibilities.
1. Ensure cost-effectiveness by doing away with repetitive tasks
Companies that rely on the automation capability of AI benefit by significantly reducing operational costs. Using robotic process automation (RPA) technology allows firms to manage back-office administrative and financial tasks , especially those that are repetitive, better.
RPA-enabled systems help identify simple errors and prevent serious ones, thus allowing companies to cut down on costs. Letting machines take over repetitive tasks also enable human resources to focus on jobs that systems can’t perform. Add to that the fact that robots can work longer hours and don’t need overtime pay.
2. Craft highly personalized customer experiences with AI-collected and -processed data
Several studies have proven that customer experience is a determining factor for a business’s success. More than price and the products themselves, customer experience is a critical brand differentiator.
But getting to know customers requires sifting through tons of data that marketers may not have enough time to do. With AI’s help, they can come up with highly targeted campaigns in response to customer needs that would result in more personalized customer experiences. That is an excellent means to prevent customers from shifting to competitors who are more considerate of their requirements.
AI can also help companies connect with a broader audience because it can be scaled to grow along with a business. They can also use AI-powered chatbots so as not to keep customers looking for support hanging.
3. Hire the best people for the job without prejudice or bias
Businesses that place high regard for their talent acquisition processes can use AI to enhance their hiring process. Traditional hiring methods are often biased and could be emotion-driven. AI can help businesses review thousands of resumes and scour the Web for talent sources to quickly identify candidates that match the job description objectively. The technology eliminates biases and other discriminatory behaviors that a hiring manager may have that could cause a company to miss out on a prized talent.
4. Keep employees motivated for better employee retention
The quality and dedication of its employees define any business. Highly satisfied and engaged workers make for a productive and driven organization. As such, companies must find a way to retain their best talents.
AI can help increase employee engagement by making them feel that they are vital components of business operations. Sentiment analysis can help managers adequately understand what drives employee behaviors and come up with useful recommendations to enhance motivation.
5. Protect the business by keeping attackers at bay with proactive solutions
Data security has always been a bane to any business. With data breaches happening left and right, companies must ensure the protection of their clients and employees.
Sadly, detecting a hacking attack after the fact won’t help. Proactive defense is required. AI-powered security solutions may be the answer. Several products now use machine learning (ML) to detect even unknown threats. By spotting commonalities in threat behaviors, these solutions can thwart similar malware from gaining a foothold in any network.
As you’ve seen, AI can indeed transform businesses. But many enterprises have yet to harness the benefits that the technology has to offer. For companies that wish to edge out the competition, making AI part of their operation may be the key.