4 Ways AI Is Transforming the Business Landscape
Artificial intelligence (AI) has been around for quite some time, but its potential is ever-increasing.
Numerous industries, from marketing, IT, human resources, all the way to manufacturing and finance have already been profoundly impacted by this powerful concept.
AI is capable of transforming them from the inside out and reshaping different processes, including product design, operations, supply chain, sales, and customer service.
While many experts predict that in the near future, machines will get close to having human-like abilities, the current state of AI is already very impressive in terms of how it can save businesses a lot of time and money, as well as eliminate human error.
Here are some ways this advanced technology has revolutionized the business landscape.
1. AI Task Automation
Many people usually associate AI with sci-fi humanoid robots, plotting to take over the world and enslave humanity, but in reality, some of the main implementations of this technology have the purpose of picking up the slack and doing the dirty work instead of human workers.
It’s safe to say that at the moment, AI mostly works behind the scenes to free up human employees’ time and speed up certain tedious and mundane tasks, thus allowing them to focus on high-value, creative projects.
For example, customer support can benefit a great deal from implementing conversational AI. If we bear in mind that 33% of customers get frustrated when they’re put on hold, it’s logical to conclude that they are thankful when their call or query is immediately responded to.
Conversational AI chatbots can handle multiple customers simultaneously, and they’re available at all times – during holidays and outside regular business hours.
Companies can reduce friction and improve their customer experience by automating their customer service, and all that without having to hire additional support reps.
Moreover, machines are never tired, they never ask for a day off, and most importantly, they’re never cranky and unpleasant to customers. And yet, these programs aren’t limited to robotic and generic responses. As a matter of fact, conversational AI collects, stores, and analyzes customer information, meaning that it’s capable of personalizing customer interactions.
2. Improved Hiring Process
Employees are every company’s most valuable asset.
That’s why it’s crucial to ensure picking the right people for the job.
A traditional hiring process consists of coming up with job postings and descriptions, sifting through an avalanche of applications, short-listing applicants, and interviewing them.
All these tasks are time-consuming and challenging on several levels. First of all, if a job description hasn’t been properly composed, it won’t attract candidates who are the right fit. Then, it can take hours to check every application and see whether it matches job requirements.
With AI, all these challenges can be overcome.
There are AI-powered tools helping businesses craft high-quality job postings that will capture the attention of top talent with their clever use of relevant keywords and phrases. This is a frequently overlooked step in the recruitment process, but a well-composed job posting will target highly-qualified and skilled candidates and entice them to apply.
With its processing and analytics capabilities, AI can also scan thousands of resumes and applications, and easily identify candidates that match the desired profile, thus saving HR specialists days if not weeks.
Interviewing candidates is another crucial stage of the hiring process, and AI takes things to the next level by analyzing interview recordings and picking up some subtle cues that interviewers failed to notice. This assistance can be particularly helpful for companies that hire remote employees – artificial intelligence can spot some odd behaviors and identify whether a candidate is lying during the interview, for example.
3. Smarter Cybersecurity with AI
Artificial intelligence can help prevent cyberattacks, fraud, and identity theft.
All this is of tremendous importance in the finance industry, as in 2016, thieves stole $16 billion using card-not-present and account takeover fraud.
By collecting massive amounts of data about individual customers, their behaviors and characteristics, AI can unmistakably tell when someone’s trying to steal their identity.
The fact that there are millions of digital transactions every day makes it virtually impossible for humans to spot red flags, but AI notices when something suspicious is taking place and immediately alerts the financial institution. For example, if there’s an attempt to use a credit card in two different countries within a short timeframe, AI perceives it as a sign of potential fraud.
Money laundering is another kind of financial crime that AI can successfully prevent. Powerful data analytics makes it possible for machines to detect suspicious activity, as well as reduce the costs of investigating potential money launder schemes by almost 20%.
4. More Effective Marketing
Understanding consumers’ needs, preferences, and issues is of paramount importance when it comes to creating a successful marketing strategy.
Back in the day, marketers didn’t know how to make use of all the information about their target audience, especially if it came from different sources. But AI paired with big data analytics can process and make sense of both unstructured and structured data, meaning that every single piece of customer information can be used for gaining a better insight.
For example, AI-powered social listening tools are capable of monitoring what people are saying about a certain brand across different social media platforms and identify a prevalent sentiment. This way, it’s possible for brands to prevent potential PR crises, engage with their customers, identify common pain points their customers face, or spy on their competitors.
With all this information and insights, it’s much easier to create a message that will resonate with a particular target audience and get it through using the most effective channel.
Besides data analytics, AI plays an important role in automating email marketing as well as social media management. This way, businesses can create granular and highly-targeted campaigns that will resonate with their prospects.
Artificial intelligence has become a key factor that makes a difference between average and successful businesses. Its huge potential lies, among other things, in powerful data processing, automating customer care, and boosting lead generation, all of which improve customer experience and make sure that customers are happy.
The views expressed by PulseBlueprint’s contributors may not align with PulseBlueprint’s own views or the views of any PulseBlueprint team member. Want to publish your story on PulseBlueprint? Here’s a step-by-step guide.