Artificial intelligence (AI) has revolutionized various aspects of human life, completely disrupting particularly the business sector. It caused complete shifts in business models and changed the way people access, gather, and use data to drive business decisions.
AI is the way machines process data. It was designed to simulate human intelligence, and though machines are quite far from thinking independently, AI has been proven to have a wide range of applications. AI has been a major tool that allows the business to incorporate digital solutions into their systems. In this day and age of digitalization, doing so is just what’s needed in order to keep up and compete.
AI and automation have made significant impacts in various sectors, including finance, healthcare, engineering and more. From automated AI-powered traders making trading decisions for investors to AI platforms for understanding clinical documentation, and generating images, videos, plans, and prototypes — the possibilities seem endless.
Automation and artificial intelligence have a wide range of uses in businesses, including streamlining job processes and aggregating business data. It empowers businesses to not just be “tech-powered” by name and on-trend, but reap significant benefits as well. It can speed up and simplify complex processes and power knowledgeable data-driven decisions and solutions while saving the company time, resources and capital.
Here are ways AI and automation have become a business standard in recent time:
Cyberattacks have become more and more alarming particularly in the past few years. Recent cyber statistics put emphasis on the increasing number of data breaches. Cyberattacks and tactics advanced rapidly challenging today’s cyber security tools and solutions. The only edge businesses can have is on early detection. With this, automation and artificial intelligence are indispensable allies when it comes to looking for holes in computer network defenses.
Automation and AI systems can recognize a cyber attack and other cyber threats by monitoring patterns from data input. These systems are designed to continuously learn, which is beneficial in coping with the evolving cyberattacks that get more complex, as hackers and attackers work their way around new cybersecurity solutions.
AI helps in recognizing and detecting both old and new types of cyberattacks. It has become an effective technology for developing advanced antivirus or anti-malware. It can also improve and secure data, as well as identity management, detect fraud and support and risk and compliance management.
Customer Relationship Management
Automation systems and AI are changing customer service. Customer relationship management (CRM) systems are now just more than management platforms or tools. They now work alongside agents, like their associate, partner, or assistant to deliver the services customers need faster and in a more convenient way. AI-powered CRMs are now often self-updating, auto-correcting systems that stay on top of the business’s relationship management with the customers.
With the help of AI, businesses have been able to integrate chatbots and agent assist options to their customer service. It enables a self-service customer journey, giving customers a more personalized experience that leaves an impact. AI powers robotic process automation (RPA), which can automate many simple tasks. RPA Cloud services for enterprises can automate bots to focus on tasks, like updating records, handling incidents, or providing proactive outreach to customers.
AI has also extended into branches like Natural Language Processing (NLP). This technology has been widely applied in customer management thanks to its capability to transcribe interactions across channels and analyze the data for certain trends and themes. Such processes save not just agents’ time and skills, but also the organizations’ spending, while also boosting customer satisfaction and engagement.
Internet and Data Research
Innovation and discoveries are developed through research. The more data you have, the more informed decisions and conclusions you can make. But processing large amounts of data is time-consuming and tedious — sometimes even impossible for humans alone. This is where AI-driven analytics come in, powering data-driven decisions. Beyond just data gathering and analytics, AI allows for an advanced level of speed, scale and granularity as well as real-time analytics and correlation analysis. This is valuable for sophisticated and time-sensitive research efforts, including scientific studies even in healthcare.
Moreso, with the help of automation and artificial intelligence, companies better gather and analyze a vast amount of data to identify patterns in people’s search behaviors. This allows for faster consumer research, delivering insights valuable across various departments of an organization— from marketing to product development, customer service and more.
Machine Learning, a type and application of AI, allows for automated analytical model building. It analyzes patterns and builds a model to essentially help systems and apps learn on their own. Machine Learning and analytics have become key to processing and analyzing large data streams and determining what actionable insights there are.
Digital Personal Assistants
Thanks to technology, gone are the days of writing down everything to remember it. Now, with AI, people not only get notes and reminders, but sometimes even suggestions on how to best execute tasks, schedule follow-on or recurring to-dos, and more.
As simple as it may seem, this capability of AI is revolutionary for businesses. In a sense, it enables business automation at a macro and micro-level to transform how a company operates from the inside. AI bots can be used as personal assistants to help manage emails, maintain a business calendar, and even provide recommendations for streamlining processes.
There is also AI-powered software that enables effective project management. It often automates notifications and keeps everyone on the same page, fostering collaboration and enabling a more efficient business process. More so, AI solutions have been effective in easing employees’ tasks. It can be easily programmed to do the mundane, repetitive parts of all processes across departments. This allows efficiency and speed, saving companies time and costs.
The pandemic showed humanity how maintaining human connections is vital, even from a distance– which means meetings are here to stay. This further pushed businesses to find better ways to facilitate meetings that will add value to the organizations and to all participants. AI and even automation has then been employed to help cut down the tiresome admin involved before, during, and after meetings.
AI, through NLP, can help transcribe meetings which can easily be distributed to attendees or even those who failed to attend the meeting. Some AI can generate closed captions and even translate languages, bridging communication gaps between teams in different parts of the world. It helps in fostering inclusivity as well, aiding those who are differently abled or have problems hearing.
In the past, adding captions and translations was previously done manually after meetings. Depending on the length of the meeting, it can take hours to a few days to complete. With AI, it can now be done in a matter or hours or minutes, or sometimes, even in real-time. This empowers organizations to extract value out of every meeting, which is shareable among stakeholders.
Be the Industry Leader with AI and Automation
In hindsight, AI has forced the whole business industry to evolve and innovate. AI and automation are now the business standard. Companies need to challenge their existing solutions and see where else they can improve.
If you are not making data-driven decisions and implementing automations, you will likely fall behind. Processes will become slower and more complex and your progress might be hindered somewhere along the way. Check your current operation, processes, system and tools, and see where you must integrate Artificial intelligence. This way, you can better cope with diYgitization, data-driven decisions and get ahead of your competition.