Last updated - September 21, 2022
Answering consumer concerns and identifying medical cures and breakthrough therapies are just a handful of the ways cognitive technology is helping businesses solve their most difficult challenges. Artificial intelligence (AI) has been evolving throughout history. It not only improves human performance, but it also transforms corporate procedures. In 2021, for example, 86 percent of CEOs will consider AI to be an integral element of their workplace.
Artificial Intelligence is becoming indispensable in unprecedented ways with its ability to predict customer behavior and reduce data entry. Since AI allows you to make quicker and more accurate decisions than ever before, this shouldn’t come as a surprise. However, it already has several business applications, despite being a relatively new concept.
Building the foundation
Companies face significant obstacles in development and implementation as they begin to explore cognitive tools. The following four-step process explains how forward-thinking organizations can achieve their objectives:
- Knowing which technologies can assist you in achieving your goals is crucial to your success. It’s critical to invest in the correct qualities if you want to succeed.
- Establishing a project portfolio: Examine your company’s requirements and pinpoint places where cognitive technology might help.
- Before implementing cognitive applications across a company, start with pilot projects.
- To take cognitive to the next level, make it easier for technology specialists and business process owners to collaborate.
Today’s business and Artificial Intelligence
Artificial intelligence replaces human intelligence and ingenuity more as a support tool than a replacement. While AI has a hard time fulfilling common sense tasks in the real world, it is adept at processing and analyzing vast amounts of data much faster than a human brain can. The artificial intelligence software can then synthesize courses of action and present them to the human user. This will help us determine the potential consequences of our actions and streamline our decision-making process.
Founder and CEO of machine-learning company SparkCognition, Amir Husain, says Artificial Intelligence is the second coming of software. AI is a type of software that can make judgments on its own and respond in scenarios that the creator has not imagined. In comparison to traditional software, artificial intelligence has a wider margin of decision-making ability.
As a result, AI is beneficial across a wide variety of industries – whether it’s helping visitors and staff navigate a corporate campus efficiently or monitoring a wind turbine to predict when repairs are needed.
Applications of Artificial Intelligence in Business
There are millions of results of a Google search for “AI use cases,” indicating the many enterprise applications of AI. Artificial intelligence is widely used across industries, including financial services, healthcare, education, marketing, and retail. Almost every business department embraces artificial intelligence, from marketing, finance, and HR to IT and business operations. Additionally, AI applications are becoming more advanced. For example, customer service agents use natural language generation tools, and law enforcement agents use facial recognition tools.
Using Artificial Intelligence in the Sales Process
The balance between humans and robots in sales is being rethought by expert sellers and sales businesses. Sales have already begun to be influenced by Artificial Intelligence in automation. According to the Harvard Business Review, organizations who utilize AI to enhance sales leads improve call times by 60-70 percent and cut expenses by 40-60 percent. These figures show that business executives who want to boost their profits should explore artificial intelligence.
Some of the applications include:
- developing a demand forecast
- for scoring leads
- via a chat/email bot for sales reps
Artificial intelligence in marketing
Intelligent technologies such as AI are fast being adopted by businesses and marketers to increase operational efficiency while also improving consumer experience. Marketers may use AI to have a better knowledge of their target consumers. The information gathered may subsequently be used to boost conversions while also lowering marketing teams’ effort.
Enhanced conversion rate optimization and better user experiences on websites
While artificial intelligence is still a long way from creating whole new websites, it may improve visitor experiences by intelligently personalising existing ones.
For example, personalized content can be delivered to:
- improve conversion rates
- by sending push notifications
- using image recognition
- optimization via SEO
Artificial intelligence-assisted customer service
Consumers want to tell others about their positive experiences with a company or service, so companies work hard to make that happen. One of the most effective ways to keep clients pleased is to resolve concerns fast. However, when businesses develop, more requests may make this a difficulty. Businesses are implementing artificial intelligence into customer support teams to improve the customer service experience.
Here are a few examples of how artificial intelligence is applied in customer service:
- automated voice assistants reduce call volume
- chatbots as front-line customer support employees
Applying Artificial Intelligence to accounting
AI can assist in a variety of ways, including automating boring tasks, enhancing accuracy and efficiency, and identifying hidden trends. Files may be uploaded, viewed, and categorized according to their accounting codes. Humans sleep, weary, and make errors, while AI does not. It’s hardly unexpected that AI is making significant progress in this difficult sector.
Some of the ways AI is used in accounting include:
- automation of repetitive tasks
- semi-automating complex tasks such as payroll;
In the field of human resources, Artificial Intelligence is being used
Human resources experts are working in a very different environment after the COVID-19 epidemic. As hybrid and remote workforces continue to increase, recruiting virtual candidates and stressing diversity and inclusion have strengthened and brought new dynamics. Businesses require new platforms and technologies to stay competitive, and AI is at the centre of this expansion.
The following are some ways AI is being used in human resources:
- assessing candidate profiles
- using organizational networks
In Contact Centers, Artificial Intelligence helps with customer loyalty
Almost every contact centre interaction with a client increases or decreases customer loyalty. Customer service should be a major priority of the contact centre. A contact centre has a lot of information, and artificial intelligence may help businesses better understand their customers. Virtual agents powered by AI are potentially indistinguishable from humans, which has piqued attention. However, for now, here are the possible and most popular uses of AI in contact centers:
- identifying customer inquiries that require immediate attention
- conducting outreach campaigns
Utilizing Artificial Intelligence in operations
AIOps is utilized in business operations to assist firms succeed in their digital transformation by using artificial intelligence to operations. Furthermore, the requirement for corporate agility increased the complexity of processes, making it impossible for employees to keep up. This is made easier by AIOps, which automates key procedures and frees up workers to focus on higher-priority initiatives. A few examples of AI and how it is used in operations are as follows:
- Enhanced IT processes
- through digitization
Overview of how AI is used in business today
The top applications of AI include automation, data analytics, and natural language processing (NLP). In what ways do these three domains simplify processes and improve efficiency? Here are some ways they impact businesses:
- The automation of repetitive tasks frees people from performing them. Completing monotonous or error-prone work frees up employees’ time to focus on more valuable lessons.
- Data analytics helps firms get previously inaccessible insights by uncovering new patterns and connections in data.
- Natural Language Processing (NLP) is important since it enhances the effectiveness of search engine chatbots and increases accessibility for people with disabilities like hearing loss.
- The transfer of data, cross-referencing, and updating of files
- to predict consumer behavior and suggest products
- Detecting fraud
- Personalized advertising and marketing messages
- Assisted customer service via telephone or chatbot.
The future belongs to AI
Artificial intelligence will undoubtedly play a large part in the future, whether sunny or rough. With the development of these technologies, the world will see new startups, numerous applications for businesses and consumers, the displacement of specific jobs, and completely new ones. The Internet of Things and artificial intelligence can transform the economy, but its exact effect has yet to be determined.
Artificial intelligence and machine learning will continue to revolutionise the way organisations function in the coming years. Artificial intelligence (AI) in the workplace saves time on repetitive activities, boosts staff productivity, and improves the overall customer experience. As a consequence, it avoids errors and diagnoses problems that people are unable to identify.
As a result, it’s no surprise that businesses are using technology to better everything from logistics to hiring and employment. In the future, companies who are at the forefront of AI will profit from financial advantages and will be able to dominate the competition.