There are several companies using AI in today’s tech-savvy world. AI and innovation in business go hand-in-hand. Using artificial intelligence tools have become indispensable for the success of any business. Be it customer service, delivering personalized experience, or recruitment, companies using artificial intelligence for various purposes can be seen.
A study conducted by McKinsey Institute in 2018 predicted that almost 70 percent of the companies would be using artificial intelligence in at least one form.
AI innovations are here to stay for a long time. AI innovations will be the front runner for any kind of automation and digital transformation in businesses.
If you are an entrepreneur and looking to leverage AI operations just like other companies using AI, here are the different ways you can bring about AI innovation in your organization.
Resolving customer queries
- If you are looking to improve customer service by solving customer problems and queries, you can use an AI powered chatbot.
- Companies using artificial intelligence make use of virtual assistants in the form of chatbots who offer personalized attention to customers
- A chatbot can assist customers either through text or voice interfaces.
- Companies using artificial intelligence use these bots to certain predefined actions according to what the customers need.
For example, billing or refund related queries, information about a product, scheduling a store appointment, etc
- Just like the companies using AI chatbots, you can use them too for offering real-time support to the customers.
Automation of various processes
- In today’s digital world, everything is about automation.
- Manual tasks in businesses that are tedious and time-consuming are slowly being replaced with automation.
- Companies using artificial intelligence can automate several manual business operations, thus being able to complete them in less time with fewer resources.
- Automation using AI operations improves business productivity and increases the scalability as well.
- For companies using artificial intelligence in automation, it is also possible to identify gaps or loopholes in the business process, and thus rectify them within the given time.
Prevent breakdowns
- There may be outages or breakdowns which may happen in the due course of your business.
- Companies using AI can make use of anomaly detection techniques of artificial intelligence to identify patterns that are likely to cause disruption of your outage.
- For example, IT infrastructure outage, machinery breakdown, etc.
- Companies using artificial intelligence can also possibly detect and nullify any potential intrusion or security threat.
Recruitments made easy
- The process of recruitment can become easy and seamless for those companies using AI.
- The use of AI operations for recruitment helps to reduce the time required to scan resumes, and shortlist candidates based on certain set parameters.
- The application process and screening of candidates can also be automated without the intervention of any human being.
- From screening resumes, managing the interview schedules, to conducting tests for candidates, everything can be done by AI.
- Companies using AI for recruitment are able to save at least 30-40 percent of their time in recruitment, which can be invested in building strong relationships with candidates, and enhancing the candidate experience during the interview and on-boarding process.
Data-driven insights
- Getting valuable insights into what the customers think about your products and services is important for any company.
- Sometimes customers express their needs, while sometimes they do not.
- Using predictive analytics, it is possible for businesses and brands to dive deep into the behaviour of customers, discover new ideas about the products, and visualize novel trends.
- Data clustering is a machine learning technique implemented by companies using AI.
- This technique involves grouping data points into a number of groups based on the similarities between them.
- Data clustering is aimed at segregating the data into groups having similar traits.
- Data points belonging to the same group have similar characteristics.
- Companies using artificial intelligence can interpret and mine data more efficiently and get powerful insights into their inventory, staff, brand, and customers.
Sales prediction
- There are predictive models created using previous sales data and transaction data.
- Using predictive analytics for sales, it is possible for companies using AI to forecast customer behaviour and manage resources effectively.
- The use of AI operations in your business will help you take strategic decisions that will positively impact your business.
Keeping in mind the above examples of AI, it is crucial for your business to adopt AI innovations.
AI and innovation are closely linked to each other. Companies using artificial intelligence can achieve greater scalability, improved productivity, and promotion of products and services. If you are looking to drive AI innovations in your companies, embracing AI tools and techniques is the best solution.