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HOW DOES AI IMPROVE YOUR BUSINESS?

20 April, 2022 8 min read

HOW DOES AI IMPROVE YOUR BUSINESS?

“Artificial intelligence is about replacing human decision-making with more sophisticated technologies.”

                                                                                                                                                       (Falguni Desai)

 

The brilliant innovation of the human species to date can be considered Artificial Intelligence (AI). Today we will discuss different reasons to support this argument and how it is the best option for growing and established businesses. Though there can be ample reasons to support AI over any other technology, we will highlight the three key features that have been upgraded due to the evolution of technology that brought Artificial Intelligence to the forefront.

Rannkly is here to sort out the important reasons why one should implement AI in their businesses by segregating out other small factors that do support the induction of AI in the corporate world. So, let's move on to those 3 fields without a delay that has been affected by AI:-

  • Automating business processes
  • Gaining insights through data analysis
  • Engaging with customers and employees

 

Will it work for you with these pointers? Not at all. Let's dive into them in detail:

 

1. AUTOMATION OF BUSINESS
 


Many tasks are highly time-consuming but very less creative in terms of the time it occupies to come in operations. Such tasks in business do involve the attention of the employees but give out no fruitful results. So, in terms of both saving time and money, businesses now have opted for automating those functions and using their saved time in those works that need more creativity and improvisation.

 

Businesses are moving ahead to implement Robotic Process Automation (RPA). This is the technology that is meant for those tasks which are mentioned above. It can make time-consuming jobs easier and even effortless. They can perform multiple tasks to make the work of business operations more efficient. It will first gather the input of data to organize it in a structured manner and then transfer it further to the chain. It can also handle query management, forms processing, and customer accounts management. Then it will go on to extract the important information regarding the systematization of the data. If AI is not present, then it can take manual hard work of about 5-10 employees and a lot of time to manage, arrange and present the data. But this has been taken over by AI and will be implemented within the day to complete this whole work!

 

2. DATA ANALYSIS AND INSIGHTS
 


The analysis is supposed to be a task for the human brain because it requires finding out trends and then performing the next functions according to them. But now, AI has reached those intelligent heights to be able to find out the PATTERNS in the large set of data. This is the consequence of Machine Learning.

 

Machine learning is the capability of computer systems to gather a lot of data and then process it and continues to get used to that kind of data for longer terms. As human gets used to certain types of experiences and information if they keep in contact with those incidences, similarly, machines are also capable of such experiential information. Let's get a clear understanding of this instance through an example:

 

Suppose a person is handling the business of parking the lot with cars in a corporate building. Then he may face a hurdle in front of him while doing his job. There can be:

  • The regular car owner with a credit card for payment
  • The regular car owner with cash payment
  • Irregular car owner

This job can be easily done if there are around 50 cars in the parking lot. But what if there are more than 500 car owners! There AI comes into play. AI can simplify this task by reading out the regularity and payment mode of the car owner through a detector established at the entry gate of the parking lot. Once this is done, whenever the car enters the parking area, the AI-enabled detector will identify the regularity and mode of its payment by scanning out the car number. This fetched data will automatically be stored in the computer and will charge the owner accordingly. So readers! Amazed by this technology! This is the power of AI that not only reduces human work but manages the work in a much more organized way.

 

AI is a form of cognitive service that is also capable of detecting the language and keyword phrases to optimize its functionality. This is called Natural Language Processing (NLP).

This is a new version of AI that lowers the burden of any kind of reader by reading the sentiment or essence of any text present in front of him. It can extract the value and meaning of the text written and deliver its insight. And an insight you all know, how it can improve the productivity of any business organization. Rannkly is one such organization that is going to use the service of NLP in its review management and provide its customers with advanced insights into the thousands of reviews they receive online on various platforms.

 

Have you heard of POWER BI in MS excels? This is also an outlet of Artificial Intelligence that organizes the data and brings out the useful information that may have taken hours to extract by a human being. This is a tool that is used in excel sheets that can create Power Query (organized and inferring the most useful data).

 

Not just these areas, AI has a wide range of utility in other sectors too so that it can make the work efficient and accurate. AI can be used in real-time fraud detection, predictive analysis in any corporation, personalized content curation, etc. Though AI has been in use since the 1950s, it has evolved into a better computing system that can enhance the function of data with speed and accuracy. There were days when the collection of data was a bit restricted and could not be processed but now computer programmers can collect 95% of data from any corner of the world and process it in a few seconds!

 

3. ENGAGEMENT
 


What we can mark as the biggest benefit of AI in terms of business perspective is that it has filled the gap in customer service through AI-driven customer care either by chat or call. You may have experienced conversational chats from the other end of your phone or laptop where you receive the answer to all queries mentioned to you. Not only this, you may have heard the computed voice over the mobile phones when you call any organization or government-affiliated services. The response you get by any of these mediums is due to AI. They just identify the type of query from their machine learning and then respond to the user accordingly.

 

AI personalizes the experience of the user and enhances the connection between the user and the organization. With the help of chatbots, intelligent agents on call, etc., it frees up the time of the employee who used to answer the same questions of the customers day by day. He will now get more time to concentrate on other important accounts for his company. We all know that if the employee is happy then how it can excel the growth of the company and reduce the turnover as they can now focus on more essential jobs and responsibilities.

 

By delving into these three sectors that are improvised by the introduction of AI, you may question if AI is such an intelligent feature of today’s world then how to strategize the induction of AI in your business too? What are the necessary steps to take? Let's go through the important step by step strategies to install AI in the business and grow limitlessly:

 

1. Products
 

The product offered by the organization must sync with the advanced technology so that it can enhance the daily work comfortability of the customer. This can be upgraded with AI by understanding the current and the future needs of the user and working in the same direction to improve their experience in connection with the product.

 

2. Services
 

 Rannkly is also a service-based company that provides online reputation and social media management capabilities. All the services are AI-enabled and improve the functionality on social media platforms by scheduling the posts, designing them through creative content and prepared templates, responding to the reviewers through automated responses, etc.

 

3. Processes
 

The processes of the organization must also be artificially intelligent in serving the purpose of accuracy and effortlessness. These processes can be in any field like marketing, operations, HR, etc. This will enable the employees to do their work efficiently as well as manage their future tasks before the deadline.

 

HOW DOES AI FUNCTION TO IMPROVE THE BUSINESS?
 



AI has come from the field of computer science that developed it and made it accessible to normal people also. It brings out the practicality of computer vision in the real world. It uses the human vision system to understand the data and inculcate it to use it further. This work, as done by the brain, is done by Neuro Networks in the computer system.

Neuro networks are the same as neurons in the brain of humans that process the received information and store the data for future reference. It also improves day by day and enhances the performance of the computer system.

 

Coming up with the upgraded versions of the AI, different sectors of the businesses, banking, manufacturing, etc. have seen a growth of about 38% in their respective fields. It not only reduces the labour cost but also innovates the customer experience and automates the support system in any organization. We just can’t talk about the businesses that have polished up due to AI but there are many other sections of society that have uplifted with the use of AI.

 

ROUTE OF BUSINESS PROCESSES IN AI

There is always a follow-up of the same route when the computer system is AI-enabled.

DATA  MODEL                          APPLICATION                         BUSINESS PROCESSES

                                                                                 

But before following this route, the computer has to follow a formula to get a complete understanding of the data and operations:

  1.AI
  2.Machine Learning
  3.Deep Learning
 

AI reads the data at the superficial level and extracts the basic information from all the areas but machine learning is the advanced Social media optimization tool version when the data is not collected and analyzed at the basic level but at other secondary levels also. Then comes Deep Learning which can completely work on human visuality and even make the changes if required anywhere. So, these are the different levels of learning and process of the whole route of Artificial Intelligence. The data, model, application, and business processes are all affected by these levels but can improve over time.

 

Enjoyed learning about AI and its benefits in business operations? Comment down your thoughts about how you feel about AI growth in the world.

Yashu Raghav

Yashu Raghav

Content Writer

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