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AI has the transformative power of streamlining business processes and introducing new changes to the environment, with or without the understanding of the people who have created the algorithm.
In a previous blog, we talked about how the differences between Machine Learning and AI are going to benefit different industries and what changes they are already introducing. However, it doesn’t matter if you sell paper or build cars, most likely you have an HR department and a procurement department. All businesses are connected by shared processes and operations, regardless of industry. They all need to hire new employees, keep their finances in check and provide the best customer service. As do you!
How can AI help in transforming your business? Let’s find out.
AI in Business Operations
Business operations are all about completing different types of tasks, to ensure that the company is able to generate revenues and acquire a large profit as efficiently as possible.
From ensuring that the office is fully stocked with supplies and brand material, to updating outdated guidelines, an operations manager has a lot on their plate.
This is where AI can transform your internal processes, streamlining operations so your employees can focus on more meaningful tasks that add value to the business, instead of wasting time.
AI can be integrated into your daily operations so that:
- Manual processes are reduced and automation is introduced
- Help decision making by providing operation managers with key insights
- Help operation managers comprehend where bottlenecks are located and how they
can be addressed - Improve accuracy
AI in Finance
When dealing with the finance department of your company, it’s not all about paying the bills and invoicing customers. The finance department is critical to understand risk management, measuring the performance and gaining important insights around the return on investment.
In this scenario, AI’s deep learning capabilities will be most effective. Deep learning is the result of supervised, unsupervised and reinforcement learning, and its aim is to arrive at specific and highly tailored solutions depending on the data processed.
Now imagine applying deep learning with the financial data of a company. The results are infinite and are going to provide highly accurate recommendations around the following:
- Augmenting investment research
- Improving investment performance
- Reinforce fraud detection
- Forecasting cash flows
- Reducing costs
AI in Marketing
There is such a high amount of customer and marketing data that AI algorithms everywhere will have an absolute field day. From information gathered at the supermarket checkouts, to posts liked on Instagram, people are offering their data on a silver platter and AI can use that data to improve their overall experience.
From offering a more intelligent and tailored service and products, marketers can now target individuals which was unfeasible before the development of AI.
In the past, the closest marketers got to tailoring their marketing practices was by segmenting the population based on demographics and psychographics. Nowadays, they have the tools and the capabilities of analysing the actions and the preferences of each individual tapping into new possibilities for their marketing practices.
AI in Logistics
If you are a retailer or a logistics provider and you want to ensure that all you are using your resources efficiently to get your goods from A to B, AI might be the technology you’re looking for.
AI is going to be effective in demand prediction. By providing retailers and logistics operators with the number of supplies and goods certain customers are likely to order, AI can prevent lack of inventory and potential loss of sales. Additionally, your warehouse management can also be streamlined, by measuring and keeping track of various variables.
AI in Customer Service
One of the most popular approaches to customer service and AI is the creation of chatbots, effective self-service and fraud detection.
The use of NLP (natural language processing) enables chatbots to mimic the conversation that customers would have with customer service agents to resolve their queries. Not only do chatbots answer frequently asked questions, but they also help customers navigate the website and the app.
Chatbots enable customer service agents to focus on more complicated issues and can enable companies to conduct sentiment analysis to understand customers’ feelings. In addition, chatbots enable the company to act in real-time and improve the customer experience overall.
To summarise, AI holds the power to transform, streamline and have a real, tangible impact on your business and the processes you perform every day. To discover how TUBR could turn your time-series data into predictions and results, visit our solutions.