admin Artificial Intelligence and Machine Learning have completely transformed human lives. From music and movie recommendations to loans and credit cards, AI and ML solutions have revolutionised humanity. There is no doubt that AI and ML are penetrating all aspects of day to day lives.
Each and every enterprise wishes to add AI and ML to their technology mix. In one Accenture survey, 84% of executives said that it would be next to impossible to achieve their growth objectives without scaling AI. AI and ML are gaining high traction as enterprises can gain a competitive edge and accelerate their business growth using solutions powered by these technologies.
AI and ML-based solutions enhance human effort in ways that help enterprises optimise their costs, increase operational efficiency, and deliver customer-centric services. In a McKinsey survey, most survey respondents said their organisations had adopted AI capabilities, as AI’s impact on both the bottom line and cost savings is growing.
As the impact of AI and ML become manifold, let’s take a look at the advantages organisations can get by implementing these technologies.
– Personalised Customer Engagement
Organisations are always looking for new avenues to improve customer engagement to enhance acquisition and retention. AI and ML help with this by empowering companies to understand their customers at a deeper, personal level by generating insights based on customer behaviour and their transaction history. These insights help organisations to enable their personalised customer engagement and deliver custom, tailor-made offerings. Companies also have the option to explore cross-selling and up-selling opportunities by knowing customers’ needs in advance. For example, banks can provide tailor made loan recommendations and financial offerings based on customers’ credit history and risk behaviour.
– Efficient Customer Support
In today’s competitive world, every customer expects round-the-clock assistance while using services on their preferred channels. To improve customer support services and communications, organisations can deploy an AI-enabled virtual assistant or chatbot system. These have the capabilities to help customers find solutions to their queries on demand. A good example is insurance companies. They can quickly cater to customer queries by deploying self-service portals. Customer support teams can also take help of these insights that are generated by the implemented AI systems to obtain context into the customer journey and provide better help and guidance.
– Accurate Decision-Making
Business processes, especially complex ones, can usually gain tremendous accuracy when companies invest in AI and ML. Since these technologies are usually equipped with self-learning capabilities, they have the ability to become more intelligent. This ability scales directly as more data is fed to them. Organisations can leverage these systems’ dynamic, trainable capabilities to enable accurate content extraction, automatic document classification, and efficient sentiment analysis. This also helps ensure effective content governance and streamlined content-centric processes. Taking the example of banks once again, they can accelerate customer onboarding processes with the help of document verification and various identity verification tools powered by AI and ML.
– Future ready with Predictive Analytics
As data volumes and competition are growing hand in hand, it is a must for companies to stay ahead of the curve and make themselves futureproof. Predictive analytics is a tool, enabled through AI and ML, that can help organisations minimise their risks, ensure intelligent decision making, and enhance the overall outcomes of their business. One particular institution that can majorly benefit from this are banks. Banks can use this predictive analytics tool for assessing loan applications based on customers’ previous transaction history. Another are insurance companies. They can leverage analytics for risk prevention and fraud detection. Retailers are another entity that can ensure intelligent decision-making through AI-enabled predictive analytics to prevent instances of understocking and overstocking.
AI and ML can tremendously contribute to an organisation’s growth irrespective of its size or sector. However, business leaders must refrain from outrightly implementing these technologies without the right context. To successfully leverage AI and ML, leaders must identify the areas where these technologies can add value and implement them based on their suitability.
As more and more data is introduced to global servers, scaling AI and ML technologies will be critical for enterprises to transform their data into data wealth in the true sense.
From customer service and sales to product design and supply chains, AI is transforming the business landscape from the inside out. Whether it’s Spotify’s algorithm deciding what music you’ll enjoy the most or Alexa ordering your groceries, AI is driving many of the world’s leading companies.
When it comes to the full implementation of AI technologies, most companies still have a long way to go. But now is the time to make your company ready to keep up with the emerging changes. It’s time to figure out what AI means to your business because you can rest assured that it is here to stay.
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