Transform your Enterprise with the Benefits of AI
AI Solutions for Digital Transformation
Artificial Intelligence historically conjures a science fiction image displayed in movies like Transformers, Ex Machina, I Robot, or the creatively titled, AI. From a business standpoint, robotic domination is not quite an accurate portrayal. In fact, it is the opposite. We are beginning to witness the power of harnessing AI and leveraging the insights available.
Personalized customer experiences, streamlined hiring processes, and metadata analytics are some of the results of AI. The course of industry is shifting thanks to the troves of information our software systems can consume and analyze. Businesses are exploding in success while markets are shedding companies lacking agility.
Why are companies flocking to introduce AI into their enterprises? What’s the big deal? Here we discuss the 7 Benefits of AI.
7 Benefits of AI for Your Business
1) Digital Transformation Impact on Customers
Businesses have endured the largest disruption to operations in living memory and the need for agility has become infinitely more pressing. AI metrics and information underscore most company’s digital transformation. Customer-centric approaches to commerce are now the medium of preference and leveraging this optimally relies on AI.
Online shopping is the most obvious result, but AI is providing insights like never before. What customers respond to on your website, sales tactics such as bundling or money off offers and precise definitions of the buyer persona are augmenting marketing approaches. The insights on exactly when, how, and why a customer behaves a certain way with your business are causing IT system redesigns. The markers of this are visible everywhere from pop-up customer care chat boxes and e-mail capturing to drip campaigns or “also bought” suggestions.
The customer experience is becoming far more personalized and rendering traditional approaches obsolete.
2) Reducing Human Capital
Tech trend institute, Gartner, predicts that organizations with customer service channels who properly embed AI will experience a 25% increase in operational efficiency. Using the chat-bot example; customer queries are fielded easily by an automated agent with the ability to decide if a human counterpart is needed. This eliminates the time spent by humans answering every single inquiry.
How many care lines do you call where you enter a number to filter through your options? It may be frustrating but that system is saving at least one full-time salary depending on company size.
Similarly, marketing channels are becoming automated with definitive results. Human pre-written drip campaigns eliminate the need for individual requests for information. While the human is required to write campaigns, AI is capturing the data about:
· What were open rates?
· What time is it best to send emails?
· How many did people engage with?
· What did people click on?
· What attracts clients?
· Did your audience read the email in full?
Capturing data is improving the use of all marketing tools and reducing the need for hand-holding by different employees. Simply circumventing human interaction through automation reduces salary costs dramatically.
3) Repurposing Human Assets
It is not the aim of AI to put people out of jobs. Far from it. The purpose of harnessing AI is to automate. Hyper Automation is the concept championed by many which is to say that anything that can be automated should be. In essence, this means that any repetitive task without the need for human supervision should be built into an automated process. It is certain to cause certain job losses but gaining such efficiency may have huge benefits for the employee.
Employees are typically motivated by purpose, mastery, and autonomy as per Dan Pink. Automating menial tasks allows the employer to use the saved resources for more purposeful tasks. Motivation and engagement in the workforce increase as they find the work more purposeful further compounding cost-saving benefits.
4) Streamlined Hiring Processes
Employers are now enlisting AI to shortlist candidates in hiring phases with vividly reduced time delays. Automated screening calls, psychometric tests, and automated candidate analysis is saving per-hire costs at alarming rates.
PepsiCo, using their hiring AI filled 250 roles within two months. They received 1500 applications which would have taken 9 weeks to conduct first-round interviews alone. By using an automated screening call, the long-form list was chopped to a far more digestible number before selecting their final choices with more certainty.
The time-efficiency is vastly improving the candidate experience also as they are spending less time in recurrent interviews. A favorable candidate experience encourages more applications of a higher standard.
5) Forecasting Accuracy
Cash flow forecasting is currently reliant almost entirely on human influence from data entry to strategy. Human error and influence are the traditional biases that any Cash Flow Forecast tends to endure. The principle of prudence with accounting suggests - always underestimate the good news but can we honestly believe that happens 100% of the time in forecasting? Optimism, bonuses, goal and target creation often mean the numbers can be inflated for human reasons.
Employing AI solutions has automated the process and taken it out of the hands of people. The greater visibility and credibility empowers better strategic decision making, goal creation and overall team achievement.
6) Improving Cyber Security
Unsurprisingly, with the level of digital integration running through our lives there is an increasing threat of misuse or attack. Increasing AI to combat cyber security threats may seem like putting an umbrella up in the rain and jumping into a lake but it is not. Allow us to explain.
· Clicking on phishing and spam emails
· Accessing personal email at work or work email at home
· Using public Wi-Fi to view work related documents
· Sharing cloud distributed devices with friends or family
· Not adhering with cyber security policies.
While these are simple errors of judgement, they each pose a threat. Careful integration of AI actually removes the capacity for human error in many cases and, therefore, reduces threats significantly.
7) Further Benefits
Just imagine your Alexa, Siri or whatever machine you might use at home. How much time do you save by a request as simple as asking them to turn down the lights? Maybe it’s 5 seconds, but how many times a day do you do it? If you are shaving seconds or minutes off tasks that are done 1000s of times a day by 100s of employees, how many salaried hours are you saving? How much data are you capturing that you would never do manually? Further benefits experienced with the diligent use of AI include:
- Data Mining
- Increased Operations Automation
- Boosted Employee Productivity
- Optimised Sales Opportunities
- Predict Social Media Trends
- Data informed trends and decision making
Competitors in every market are adapting to the world and benefits of AI. Just as with effective use of human resources, it is pushing slow-moving companies toward obsolescence. Companies are able to provide comparatively cheaper products or services, improved profit margins and quicker turnaround times. Adopting AI is becoming a “when” more than an “if”.
How would you leverage AI for your business? How is it doable with a smaller budget?
Olive Helps You Find Your Best-Match AI Solution
The empowering benefits of AI are impacting the business world at an unprecedented rate. We have long anticipated the impact of digital transformation but the pandemic foisted the need for AI upon all market participants. The process of procuring the right software (link) has seemed frustratingly long and expensive but Olive has developed a solution.
By using Olive’s digital transformation platform as a tool to find the best AI solution for your business needs you can, you get the benefits of machine learning.Olive users collaborate in the online platform to gather all requirements. All stakeholders then rank these requirements according to their needs. Olive aggregates this data to recommend the best solution. Collaborating with you to discover your priority needs, we are able to locate the perfect solutions for your business without any bias. Many market comparison sites only show you their pay to play vendors but not Olive. Our platform solely attentive to our clients needs, not an average of everyone else's. By not receiving any benefit from suggesting certain vendors, we retain focus on your needs.