AI and machine learning are the two major fields of tomorrow. It is evident that IT and computer science are growing with no bounds. However, out of every subfield, AI and ML are amongst the ones with the highest growth rate. With great implications in every sector, professionals are integrating them into several processes. Integrating AI in business process automation can have several benefits for the company. It can not only improve efficiency but also increase profitability.
AI in Business Process Automation
Business process automation refers to using technology to improve repeatable and redundant tasks. It improves efficiency and also reduces the probability of error. Further, it allows you to invest your manual power into areas that can help your business grow.
Integrating AI into business process automation can help you deal with new errors that you did not anticipate before. Intelligent systems are capable of dealing with contemporary problems. Instead of having to pre-plan everything, AI can detect and solve certain problems without any manual help. The system is more adaptable and can improve over time as well.
Also read: Business Process Automation in the Oil and Gas Industry
Benefits of AI in Business Process Automation
As stated before, AI has several benefits when integrated into business processes. Several previous experiments have shown that AI and ML based systems can easily outperform their human counterparts. The fact that the performance keeps getting better, further improves the quality of the results delivered. The algorithms are able to perform well even in situations that the system had not encountered before.
To delve into some of the benefits:
One of the greatest implications of AI in business processes is performance improvement. Particularly in comparison to human counterparts. Companies can use AI to increase the efficiency and accuracy of processes. It can adapt to new environments and carry out computations in no time, leading to significantly faster performance. Further, it also allows experts to use manual labor in areas that require more work. Since the system is intelligent, it can also guarantee an optimal response for each trigger. It can also monitor for errors and issues and solve them without requiring any human assistance.
You can also AI to optimize workflows. That is, it does not let your system spend extra time on tasks that are not very important. It also prioritizes processes and makes sure they are completed accordingly. Applying machine learning tools can also identify data and its trends to offer the best service.
Improved Customer Support
Customers are a key contributor to the success of a business. Your business does not matter if you do not have customers. Therefore, it is extremely important that your client base is satisfied. AI can be used to improve customer support. It can offer a 24/7 live chat system and help people solve their issues as soon as possible. Intelligent tools can also be used for speech to text conversion to create transcripts and use it to offer service tickets.
Real life Examples
While a lot of advancements need to be made in the AI and ML sector, it has currently made its way into several companies to improve customer experience. It also offers a more personalized experience for the user.
The following are two of the biggest companies that are currently relying on AI and ML in their business processes:
American Express has more than 110 million operational AmEx cards that lead to a generation of tons of data every day. Managing this data is extremely important to prevent any fraud. Further, extensive analysis is required to understand data trends and to improve the services offered.
Analysis using manual labor can take days and would still not be accurate. American Express has deployed smart algorithms that can do the tasks in no time. The results are also more accurate and can save thousands in labor costs.
Everyone has heard of Netflix today. Ever wondered how it decides what shows to display in the recommended sections and what shows to air? Well, process automation is the answer. The company has not hired people to analyze the data and randomly decide the content to use. Instead, the processes are automated by AI and ML technology. The analytics algorithms analyze the data and detect patterns of millions of users. The trends then allow experts to make informed decisions that would yield the best results.
Investing in AI for business process automation can lead to several benefits for the companies. It is a great technology and its implications would only increase in the coming years. Therefore, it is a worthwhile upgrade over manual labor. AI algorithms can allow for risk prevention and save tonnes of labor costs to promote a better, more efficient future.