Artificial Intelligence has made machines ‘smart’ and is all set to make enterprises ‘smarter.’ Well, you heard that right! AI is not just a buzzword in the 21st century, but an essential & innovative technology that your business can’t afford to miss. According to a report titled ‘State of AI in the Enterprise’ published by Deloitte in 2021, enterprises intend to increase their investments in Artificial Intelligence, based on the returns they have seen on their existing AI investments.
And even if you keep the big giants aside, small and medium businesses can also benefit from embedding AI and innovation into their organizational fabric. Well, welcome to the revolution of Artificial Intelligence!
AI and innovation go hand-in-hand, allowing everyone to leverage all their data to build better user experiences and increase business agility. Do you wish to know more about how AI can bring about next-level enterprise innovation in 2022? If yes, then this write-up is your match made in heaven. Grab a cup of hot coffee and continue reading!
How Can AI Unlock Hidden Opportunities for Businesses? Here’s the Answer!
Artificial Intelligence has a wide range of applications in the business world. From process automation, and tailored customer services to conversational analytics and predictive analytics, the use cases for AI touch upon all the departments of HR, Finance, Operations, Manufacturing, Marketing, etc. Organizations can use AI to grow their businesses, increase revenues, improve business agility, and enhance operational efficiency. Read further to find out more!
- In the financial sector, machine learning algorithms are being designed to improve fraud detection, supplement the risk assessment process, deliver tailored customer recommendations and services, etc. Artificial Intelligence is also empowering the manufacturing sector with demand forecasting, inventory optimization, supply chain analytics, production planning, and many more diverse use cases. With the ability to continuously learn and adapt to itself, AI technologies can also help businesses make better decisions that will help predict market changes and help their business become competitive and resilient.
- Personalized virtual assistants, recommendation engines, and predictive analytics are also some of the ways enterprises are leveraging AI to craft lasting customer experiences and stem customer churn. Infusing AI will not only fuel a culture of innovation but also cause immense benefits in terms of reduced expenses, automated processes, faster insights, and improved business continuity.
Reading so far, you must have known how AI can help bring a change to the traditional enterprise model. Moving further, let us flashlight on two examples of AI applications.
#2 AI Applications to Embed in Your Business Landscape Right Away!
Exceptional Customer Experiences with AI-Powered Enterprise Chatbots
AI-Powered Chatbots and Conversational Voice Bots are essential tools for all brands that want to deliver hyper-personalized experiences. Engineering these experiences using conversational AI can boost customer satisfaction, customer loyalty, and increase customer lifetime value.
AI-driven Chatbots bring flexibility and versatility to the conversation, allowing them to understand and even learn from most client queries in multiple languages. AI-enabled Chatbots are important assets for organizations dealing with a massive number of daily customer support queries or having limited customer support staff. One can also leverage chatbots to improve employee collaboration within an enterprise, bringing together business processes and people on a single platform.
Accelerating Automation with Cognitive AI
Cognitive AI applications involve embedding AI into cognitive tasks that traditionally require huge amounts of manual effort, like scanning invoices and documents, extracting information from an unstructured pool of data, or analyzing thousands of images. Face detection, social media sentiment analysis, speech recognition and analytics, risk assessment, knowledge mining, fraud detection, vehicle damage detection, are just some of the many ways that AI can assist in improving manual and routine tasks.
Adding intelligent automation into an enterprise has the benefit of not just replacing manual processes but also adding a dimension of process intelligence. This would involve aiding decision-making with insights into maximizing your process efficiency and predicting organizational changes that could affect your business.
Summing Up All!!!
As we move into 2022, many organizations are going to increasingly move towards AI and integrate it with their business functions. Enterprises of any size and expertise can capitalize on the power of AI for cost-savings and productivity boosts. Low-code platforms are also making it easier for enterprises to tap into the potential of AI. But, before you begin this journey, it is important to come up with an AI implementation strategy. Partnering with the right technology and software solutions provider will ensure that you remain heading in the right direction to achieve excellence and have a competitive edge.