5 Ways AI is Revolutionizing Enterprise Operations

Artificial Intelligence (AI) went from a buzzword to a mainstay in any business which involves technology directly or indirectly. It has allowed businesses to streamline their operations while simultaneously increasing productivity and profits. Be it customer care or space programs, AI has ventured into every known field and its possibilities are endless, and this is the tip of the iceberg.  A study by PwC shows that AI will add more than $30 Trillion to the global economy by 2030 and it also tells businesses are increasingly leaning to AI for their solutions.

AI in the grand scheme of software engineering is relatively new, but it has revolutionized the way how enterprise operations are carried out. There are innumerable ways it has changed how businesses operate and here are a few of them.

Machine Learning Algorithms

Repetitive tasks can be automated with the help of machine learning. It improves its outputs when more data sets are given. Product/Service based businesses leverage this method to improve their customer experience online by analyzing their activity and drawing patterns and making corresponding decisions on what product/service that customer must be given.

Data labelling and grouping are one of the qualities AI excels at. This is an indispensable activity which improves the way businesses target their markets and learns the activity of their customers from what products they buying or what services they are opting for. This data is instrumental for them to take further decisions.

AI Chatbots

With the advent of E-commerce and internet-centric businesses, customer servicing on the internet got more challenging over time, and this got more complicated with international customers getting added to the mix as this renders telephonic servicing a challenge and e-mails might get put on wait by the executives due to the existing queue they have to respond to.

NLP (Natural Language Processing) is a form of AI that allows machines to understand human language. This has created chatbots. They are programmed to respond to the most basic queries like bill settlements, product or service information, or basic customer support. They also play an important role in gathering customer data on their queries which is used to enhance customer support. Chatbots have eliminated wait times for customers.

Data Analytics

There is no question about the importance of data. But making use of said data is also equally important. AI tech greatly aids in data analysis. It identifies the patterns and groups data accordingly which is viewed to form suitable marketing strategies and identify product/service demand. This data is used to improve their catalogue which directly improves their sales.

Big data analytics helps businesses to draw inference from historical data and can use it to identify trends for the future. Bigger data sets can allow you to leverage more customer data, for example, their age, and gender this sort of data assists the marketing team in their endeavours.

Everyday Operations

AI can also handle everyday tasks. As AI tech is becoming cheaper, it is reducing human errors. For example, hiring candidates by recruiters is a tedious task, looking at numerous CVs they are bound to overlook in their impatience or fatigue. Requirements can be fed into AI software and the AI identifies the candidates based on the data set it is fed and gives candidates that match the said data set. Screening candidates with initial data sets has streamlined the hiring process

AI can be used to automate mundane tasks, create models and many more. 24/7 support is easier than ever thanks to AI. The probability of businesses getting thrown into chaos due to minor human errors has dropped drastically thanks to AI.

Customized Experience

Chatbots can be fed with preset questions the viewer can select and answer. But this can be taken up a notch. AI can scour through your activity on the internet from your social media and other sites you frequent. This is used to create a unique experience for the consumers by the businesses.

Virtual assistants are a norm in retail stores, even with the absence of customer support executives. The virtual assistant can aid the customer by taking their orders and billing their items.

“Organizations need to tackle these challenges whilst assuring technology and humans can collaborate to build engaging and culture-centric workplaces.” Says Abhishek Agarwal, President of Judge India

Downside

It cannot be denied that AI has helped businesses become more efficient and productive. But to tell it can replace humans is a wrong statement to make. AI cannot handle unpredictable situations like a human can. At the end of the day, AI is just another tool that must be used, not a crutch to be relied on. Creativity is something that cannot be substituted. Machines are machines, they aren’t meant to handle emotions, which humans have in abundance. It is important to remember AI has limitations.