Artificial intelligence or AI isn’t the next ‘big thing’. It is here right now. Often it works away in the background unnoticed streamlining workflow or giving information fast and efficiently to customers. So how can AI make your business more productive?
Customer services are being greatly assisted by AI. Sophisticated ‘chatbots’ are being developed all the time with new features being added regularly. Consider, a ‘chatbot’ can be deployed across social media platforms as well as your website and operates 24 hours a day. More far reaching is that chatbots are becoming more ‘human’. That is to say, they are becoming better at communicating with people and more useful to them.
Today’s chatbot can recognise a query and provide on the spot help. If they can’t provide the help or answer a specific question they can be deployed to relay the information to a specific person who can help.
Increasingly, they can offer related products if a ‘trigger word’ is used by the potential customer or client, and can upsell.
Research suggests that chatbots are accepted by the wider public providing they are of actual use. According to a survey published in Business Insider which gathered the views of 5000 respondents the following was established:
• 44% were happy to deal with a customer service chatbot
• 38% of chatbot users rated their experience as positive. A further 51% had a neutral stance
• 48% stated they preferred chatbots that solved issues rather than had a personality
Ensuring Compliance in the Finance Industry
An increasing use of AI is to carry out compliance checks when establishing corporate entities. Due to time pressures, it is easy for humans to make mistakes when taking deep data dives to ensure that corporate structures are set up correctly and that they are legal. Human error rates can be high and given the level of fines, it is essential that this mission-critical task is done correctly. AI takes part of the process away greatly speeding up approvals and reducing the error rate.
It is also utilised to sort and retrieve data faster allowing the operator to improve workflow and in turn productivity.
One of AI’s growing strengths is that it can spot trends and patterns in data. This is invaluable in a range of industries but increasingly it is used in health. Using patient data AI sets to work to see if correlations exist between lifestyle and illness. This data is shaping the focus of treatment development and allowing researchers to understand the nature of certain conditions.
It is believed that in the future AI will play an increasing part in human resources. It will analyse candidates and determine whether or not they are a good fit for the company and the role they are applying for. This is believed to be a real time and cost saver and is something that AI developers are working on right now.
AI is increasingly used in marketing. Facebook, for example, has invested heavily in its AI marketing making targeting and the effectiveness of ads more accurate. Many marketers believed Facebook ads were hit and miss. Now many believe the AI has made Facebook advertising far more reliable and see improved response rates.
AI Final Thoughts
Although AI is considered to be new it is already taking the load and making us more productive, agile and efficient. Businesses of every type are benefiting from its capabilities. AI can make handle large quantities of data and analyse it against a specific criteria. AI is the present and the future and now is a good time to look at options that can improve your business.