Businesses have never faced so much pressure to deliver value and results in less time – and that calls for some serious disruption.
One source of assistance is definitely Artificial Intelligence (AI). Our experience tells that as humans we cannot ingest, process and provide insights faster and better than machines anymore. Let’s see it through some examples:
- Better Service Delivery: A machine that can learn a range of tasks, and then complete them, that adds a huge value to the business. Many companies have explored chat bots functionality where software is trained to help clients and learn how to solve their problems case after case. This innovation has helped businesses reduce the strain on call centers, while giving consumers access to a service that suits them. Without AI, this would not have been possible. But even though this added service capacity is rooted in technology, it is built on the fact that great service keeps customers coming back.
- Develop Better Products: Every company, product, or service can be improved by incorporating Artificial Intelligence. Whether you use dynamic branching to make it easier for your customers to fill in an online form, or program a digital concierge to give a more accurate, broad range of responses to questions, Artificial Intelligence carries value and the power to enhance customer experiences. Chances are your competitors are already trying to innovate with this kind of technology, and you need to keep up if you don’t want your business to get left behind.
- Smarter Financial Decisions: One of the biggest problems that businesses face is balancing their expenditure with their income. Rising salaries, increased staff quotas, and ever-shrinking profit margins mean it is more important than ever to make shrewd financial decisions. Artificial Intelligence that uses data-mining software can help you make those decisions. Your financial adviser might be able to refer you to a few sources for affordable small business capital, but they can never process the sheer volume of information that an intelligent algorithm can. We have not yet reached a point where financial advisers should be replaced, but you can empower them to make better choices by investing in AI that analyses endless streams of information to find the best financial products for your business.
- Automation: Imagine yourself working in a factory and struggling everyday to manage overtime of your staff. An algorithm can be trained to recognize the patterns that usually indicate a need for overtime and adjust output accordingly to avoid extra cost. Additionally, it can also warn operators of imminent machine failures based on thousands of hours of historic data. Therefore, one of the biggest business benefits of AI is the reduced man hours associated with better processes.
- Monitor Human Capital: The world of human capital and people analytics is focused on using data to understand which employees are giving their best, and which are not delivering. With the backing of Artificial Intelligence, business leaders can see who is likely to let them down, and train or replace them accordingly. While it seems brutal, this is a primary example of the way AI and new technologies can drive better business performance.
Our experience tells that in order to progress in business businesses need to embrace new technologies. AI is as disruptive and impactful as cell phones and the internet itself – so use it to keep yourself afloat, or you run the risk of battling to stay competitive in a rapidly-changing business environment.