Artificial Intelligence (AI) mimics human intelligence and actions that involve deducing meaningful insights and patterns, deducing possible future decisions using the three major elements of the technology, namely; Machine Learning (ML), Deep Learning (Neural Networks) and Natural Language Processing (NLP).
AI includes everything from rule-based machine learning to image classification for which the applications range from preventing high-level cybersecurity threats to object recognition. As a result, the use of artificial intelligence has transformed business processes across all industries.
Let’s look at a few application of AI in business processes:
Customer Relationship Management
The use of machine learning and AI is prominent on every platform whether online or offline. Artificial intelligence utilizes Natural Language Processing (NLP) techniques to understand words, data and uses contextual and reasoning algorithms to formulate meaningful insights and provides relevant data for analysts.
Artificial intelligence allows decision-makers to be free from repetitive, mundane and tedious tasks like customer query handling. It optimizes several CRM processes by using relevant keyword-based searches that analyze customer sentiment and answers them accordingly.
Human Resource Planning and Intelligent Recruitment
Human resource management workflows have been significantly impacted and changed due to the implementation of AI and Machine Learning. It has eliminated the need for sifting through countless resumes and the hours spent on employee retention, appraisals etc.
Although making better hires is just the tip of AI’s capabilities, retaining and mentoring them facilitates a higher level of planning. AI tools can help to evaluate employees by formulating a plan to know if the employee meets certain goals, requires further training, whether they require motivation and rewarding the ones that are excelling.
Customer Experience Improvement
The advent of AI has shifted the focus towards creating a better and improved overall customer experience. AI-powered business process management gives accurate insights about customer behavior and uses these to map out future consumer trends. AI-based chatbots can also be implemented that understand user intent and create a transparent platform for communication in customer service.
The development of AI has introduced intricate machine learning algorithms like neural networks and decision trees. These algorithms enable managers and business owners to address issues they might face when allocating properties for particular datasets. AI-based decision-theoretic models can help managers make crucial decisions within business processes that explain if a customer should be given a product recommendation or whether they require a follow-up call.
Analyzing Sales Calls
When we consider improving business processes and operations, sales calls are a critical aspect to consider. Sales and revenue generation are the foundations of any business. Artificial intelligence allows top-tier sales representatives to fine-tune their efforts to high-profile and convertible clients and reach new heights.
Occupational fraud accounts for around a 5% loss in revenue annually for a business. ML algorithms are able to combat this by detecting discrepancies and anomalies present in everyday processes.
For instance, banks and financial institutions implement AI algorithms to detect suspicious money transactions and payments. This is crucial as these processes are used in customs clearing processes, insurance, cybersecurity and tax evasion. Large businesses that implement AI are usually searching for costs saving solutions that could potentially save them millions of dollars annually. These saved funds can then be diverted to other critical areas like research and development to allow a business to stay ahead of the curve and remain competitive.
AI has tremendous potential to transform and streamline several aspects of business processes. But it has its own share of limitations. Abuse of AI tools can create weak spots that can be accessed by hackers or lead to the breach of data. Decision-making abilities are also influenced mildly by human emotions during training.
But, AI has contributed to businesses massively and is only going to develop further with time. It is not an understatement that soon, AI will be present in each and every workflow and process within a business.