6 Transformative Applications
of AI in Business
Taylor Pettis May 28th, 2020
Statistics state that 37% of businesses in the US now use AI. Additionally, recent reports are also stating that AI poses the potential to increases business profitability rates by 38% by 2035. AI in business opens up avenues for measurable process optimization and increased efficiency. Businesses that don’t invest in AI run the risk of falling behind the pack.
To retain their competitive edge, it is essential that organizations look into how integrating AI functions could streamline their operations. What’s more, AI implementation needs to be done strategically to ensure optimum RIO and successful adoption. If you are looking into leveraging AI in your organization, here are six common AI application areas that have the capacity to deliver transformative results for businesses. Read on to find out what these are.
1. CHATBOT INTERFACES
While employees might fear automation in the workplace, customers love it. One case in point is the chatbot. In the early stages of implementation, basic and buggy chatbots were often a source of frustration for consumers.
However, chatbot capabilities have grown tremendously. These AI operated interfaces are now increasingly useful to both customers and businesses.
One survey revealed that 54% of consumers would choose to use a chatbot function over a human customer service channel if it would save them 10 minutes of time.
Not only can chatbots save consumers time, but they can also save businesses money. Estimates indicate that chatbots can reduce customer service costs by up to $0.70 per interaction. The same source predicts that AI in business will also reduce organization costs by more than $8 billion by 2022.
Chatbot interfaces are still limited in their capability. However, innovation is rife in the sector.
What’s more, a large percentage of consumers are becoming comfortable with personalized AI chat and help services. These include services such as Alexa and Suri. As adoption of these grows, chatbots will likely become increasingly popular.
2. HR OPTIMIZATION
One of the departments where AI in business is seeing rapid adoption is HR.
HR is typically burdened with a high level of low value-adding administrative tasks. Communications within HR are also vital for maintaining staff engagement. They are also crucial for increasing staff satisfaction and reducing staff turnover.
Other critical roles of HR are talent scouting and talent forecasting. As it happens, all these functions can be enhanced by the implementation of AI.
One of the most useful applications of AI in business is automating repetitive tasks that waste human capital. By cutting down on data entry and other repetitive work, AI applications can free up HR professionals. This can allow them to focus their capabilities on high-value tasks, such as decision-making and mentoring.
Besides upping efficiency, an HR document management system can also be used to more effectively talent scout, while reducing human biases. Additionally, AI can facilitate more accurate talent forecasting.
By providing a personalized experience for employees, AI HR applications can also increase employee happiness. Through optimized onboarding processes and administration of benefits and payroll, HR AI implementation can reduce employee frustration.
3. AUTOMATED CUSTOMER EXPERIENCE AND COMMUNICATIONS
Research shows that customer-centric organizations are 60% more profitable than their counterparts—and AI can help to achieve this.
One of the shining capabilities of artificial intelligence in business is the way it can streamline and personalize customer experience and communications.
Automated customer experience applications allow for easy customer journey mapping. This is something that traditionally consumes a lot of time and resources.
AI also allows businesses to monitor and manage their customer experiences. Through the use of automated customer communications, AI can also effectively interact with customers at any point on their journey.
4. CYBER AND SYSTEM SECURITY
AI in business security is becoming increasingly prevalent.
AI is still deemed to be in its infancy within the cybersecurity sector. At this point, most applications are not able to deliver seamless protection. However, security applications of AI in business already offer one invaluable function.
This is data protection via behavior tracking.
Through behavior tracking and deep learning, AI security applications can register when users display abnormal behavior. This capability can be immensely valuable in ERP or financial systems.
In the case of hacking, AI security applications can detect when a new user’s actions are out of sync. The app can then automatically block the user. Often, this may be before they can perform damage to the system.
5. PROPOSAL SCREENING
Another valuable application of AI in business is proposal screening. If your organization regularly receives proposals, screening these can eat up employee time.
If this is the case in your business, AI can streamline this process by pre-screening all proposals. Once the application has vetted proposals for the right set of qualifying criteria (such as price, scope, timeframe, etc.), human employees need only go through the proposals that are likely possibilities.
Smart as ever, accounts are also harnessing the power of artificial intelligence in business to automate accounting. AI is increasingly being used for administrative tasks. This leaves accountants free to devote their skills to analyzing reports.
By choosing software that automates elements of the bookkeeping process, business owners can do the same.
AI IN BUSINESS: ARE YOU READY FOR ADOPTION?
The benefits of AI in business applications are numerous.
Artificial intelligence in business can increase efficiency and reduce costs. It can also boost revenue and profitability. All while freeing up human capital. When you tally the benefits, one could go as far as to say that no business can afford not to invest in AI adoption.
If you and your organization are ready, you have come to the perfect place. Here at MHC, we provide businesses with automated solutions that make AI adoption effortless.
If you would like to start by getting a taste of our automated customer experience solutions, request a free trial today. Or, if you have any questions, contact us and we will be happy to assist.