AI, Artificial Intelligence is already in so many things that we use every day. From Alexa, Siri and the SATNAV in your car, to targeted ads on social media and Google searches.
It is also already prevalent in many businesses from data collection and analytics to automated emails. Whether you realise it or not, AI is already a part of everyday life and it is only set to increase.
In this article we are going to take a look at 3 ways AI is already or could be assisting your business.
Three Types of AI in Business
AI has three main capabilities when it comes to supporting the needs of businesses:
- Data analysis which helps your company to gain valuable insights.
- Automating daily business processes, saving time and money.
- Communicating and sharing information with both customers and employees reducing stress and waiting times.
According to analytics company SAS “Algorithms are used to detect patterns in huge amounts of data and interpret their meaning. These machine-learning applications give cognitive insight into the data gathered and help companies to predict market trends, create those personal ads we discussed above, as well protecting both the company and the customer from fraud.”
Using AI assisted data analysis casts a wider net when collecting data than a human analyst could ever hope to do. There is much more detail in the reporting enabling predictions and comparisons to be achieved more quickly and more in-depth over time.
With certain machine learning technology the activity of the human brain can be mimicked which helps to recognise patterns in customer activity. The data that is available can then be used for more in-depth analytics. In turn this means that what would once have been a highly labour intensive activity, is now done in a matter of minutes. Thussaving both time and money in the analysis of data.
The applications of the AI gathered data and its subsequent analysis are virtually endless. The machine-learning technology can help create ads based on this information that are directed to your target audience. Production can be improved in many areas, especially for tasks that machines currently perform. Audits and analysis are carried out at such a high speed that anything from contracts to ordering the right medications can be done efficiently and effectively.
Automating Daily Processes
The most common types of automation are typically found in back-office administration and financial activities.
Activities such as gathering customer information and transferring it to their files. E-mail communications that are automated while also being targeted to the right people. Updating customer files with changes of address, phone or service provider details.
Practically anything that is a routine and daily task can easily be carried out by automated processing. Perhaps one of the most significant things is the fraud detection and prevention applications that are carried out routinely and continuously.
Communication with Customer and Employee
Customer service call centres are greatly enhanced by the use of AI. A chat bot can gather any necessary information and put the customer in touch with the relevant service agent. Or they may simply answer the queries. These can be anything from reporting and replacing lost credit cards, to making payments.
Intelligent Agents can help patients receive the right medications, make specific dietary requests from their hospital bed, or just update their records.
Long call waiting times are reduced, as is the frustration of the customer. Call centre staff are less stressed because their work load is reduced, giving them the opportunity to focus or more productive tasks.
Perhaps most significantly for customers, the automation of certain customer service activities gives them 24/7 access to help.