AI has been the buzzword for quite some time. However, using AI for real business value is not that easy. While it is the future, it’s essential to realize how to utilize its functionality to help your business grow. Investing in an automated system and revamping your infrastructure doesn’t guarantee profitable returns. Therefore, you must employ AI in a manner that can benefit your enterprise in the long run.
Today, almost every business is investing considerable amounts in automating its business processes. Particularly, AI has dramatically impacted the customer success department. People prefer always-on communication and accessibility. Therefore, several businesses are leaning towards artificial intelligence to aid these interactions. In fact, the market for AI is expected to grow from $4.8 billion to $13.9 billion from 2020 to 2025. Further, according to industry analysts, 70% of customer-related interactions will have AI technologies involved by 2022.
The important question is how to use AI to deliver real business value. It is evident that smart systems have a lot of uses in the real world. While some companies are investing in chatbots, others are looking for intelligent ways to ensure product quality. However, to make the most of these advancements, it is important for companies to realize their potential. Hence, businesses should be able to mold and employ AI systems in a way that helps get the maximum returns.
Also read: Automation is a Game Changer, Not a Job Killer
Following are three ways in which you can use AI to deliver real business value:
Focus on people: AI can enrich human collaboration
Customers are a big part of a business. In fact, you can consider them as the making or breaking point of your venture. Therefore, it is extremely important that your client base is content with your services.
One of the major factors contributing to customer satisfaction is accessibility. That is, you have customer support teams always ready to answer any queries or questions that come their way. The more comfortable your client feels with your platform, the more the chances of them coming back for another purchase. Hence, it is extremely important that you keep your clients happy.
AI can enrich human collaboration and communication. You can deploy smart systems to reduce the communication gap between a customer and your employee. For example, today, many chatbots are, in fact, AI-based systems designed to assist your customers right away. These smart-systems learn from their patterns of human-to-human interactions and use these markers to deliver an appropriate response to any query. They act as digital humans helping you reach your customers in no time.
Magnify Automation: How can we make the most of business software tools
Artificial intelligence has huge implications. It comes with a bag full of benefits that can help in your business processes. You can employ intelligent systems in different departments of your company to assist in different tasks. For example, apart from human-to-human interactions, smart systems can be used to detect anomalies, do redundant tasks, or enter data in your database.
A major benefit of using smart systems is the lack of emotions and the need to take a break. Automated systems can run throughout the clock without the need to rest. That means your services will be up 24/7 with no downtime. AI can not only lend a helping hand to your customers, but it can also be used to detect fraud, particular events, and any breaches that might occur in your system. Hence, automation can help reduce business risks and allow you to make the most of your software business tools. That too, without exhausting your employees!
Examine ethical AI: Where do we need to watch for potential pitfalls
Lastly, you need to ensure that your AI system is ethical. While setting up and automating your business can be a great step, keeping everything in control can be a hassle. Integrating smart systems with your processes comes with its fair share of legal and ethical boundaries and limitations. That is, you need to ensure that your system is not exploiting any resources or data against the set rules. For example, using customer information without their knowledge can lead to lawsuits and other legal issues.
Moreover, adding human characteristics to your AI systems can seem like a great idea. These features will certainly increase the range of uses for the technology. However, at the same time, they might lead to sexism, racism, and cultural and historical stereotypes that the customers might not appreciate. Even though this seems like an unlikely problem, leaving it unaddressed can lead to several implications in the future. It can harm your brand image and put a mark on its reputation for a long time. Further, it will also adversely impact customer trust and loyalty.
To conclude, artificial intelligence is the technology of the future. Today, many companies are working towards automating their business processes for better revenue and profits. However, the transition doesn’t come easy. Therefore, it is important that you follow key strategies to allow AI to deliver real business value for your venture.