A 2021 AI adoption study by PwC found that 86% of the participants consider AI to be a “mainstream technology” for their companies.
No wonder business leaders across various verticals, including banking, healthcare, government, and shared services have started leveraging the power of the magical duo artificial intelligence (AI) and machine learning (ML) to transform their day-to-day operations. Enterprises globally deal with large volumes of data and are increasingly embracingAI/ML to extract value from this sea of data, minimize operational costs, increase employees’ efficiencies, improve customer experience, and generaterevenue.
Let’s understand how strategic investments in assimilating AI into your core business processes can change the face of your organization:
As an AI-driven enterprise, you can churn a vast amount of data to uncover patterns and predict the trends to make better decisions at scale.As you deploy AI in one function of your organization, it opensa floodgate of business insights that enable you to ascertain and work on new business opportunities in different areas.You can start with automating high-volume low-value at-risk decisions with AI so that your core business team has more bandwidth to reimagineand scale the business.
Create PositiveCustomer Experience
As per Deloitte, “Results from the contact center study show that 79% of contact center leaders plan to invest in greater AI capabilities in the next two years.”
Understanding your customers and leveraging this insight to build a long-term relationshipwith them is critical.The digital wave has created numerous interaction points between your business and customers. Leveraging data-powered AIlets you gain insights into your customers’ preferences, interests, and behavioral patterns, helpingalleviate customer experience at every step of their journey.
These insights help your sales team to strengthen their relationship with the customers byreachingthe right customer through the right channel, at the right time, with personalized communications and customized offers. This increases the conversion rate while reducing the complexity of tasks.
DiscoverNew Revenue Opportunities
Customer lifetime value,aka CLV is not constant. People and businesses change, and so do their spending ability, thought process, future plans, and most importantly, their relationship with you. It is easy to sell a new product to an existing customer than to sell it to a new prospect; even the cost that goes into it has a huge difference. AI/ML helps you know more about your existing customers, like their most recent activities, financial details, etc.You can leverage these insights to offer customized and timely solutions.
MakeDecisions at Scale with Higher Precision
The low-level decisionmaking in every business is routine and rule-based. Most of these tasks are done manually while being dependent on the legacy systems. AI/ML not only speeds up repetitive and rule-based decision-making but also trains itself to improve over time and continues reducing the margin of error. This minimizes the operational cost and saves the overhead of handling the mistakes.
Empower Your Workforce
As per Juniper research, “operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.”
Large enterprises are using AI-powered tools like chatbots, virtual assistants, and recommendation enginesfor their customer executives and warehouse management departments to increase the efficiency of their employees. The case workers can constructively align their time and energies in performing value-added tasks while AI takes care of the back-end computation of data to generate real-time consumable insights. This minimizes operational costs and boosts your workforce productivity.
In a Nutshell
Today, many enterprises are leveraging AI across departments to reap quantifiable benefits in terms of reducing risks, engaging customers, optimizing costs, and generating more revenues. According to McKinsey’s report on ‘The State of AI in 2021’ – “Nearly two-thirds of the respondents say their companies’ investments in AI will continue to increase over the next three years.”This data clearly suggests that AI-powered tools have become business-critical to gain operational excellence.
(The author is Mr. Rajan Nagina, Head of AI Practice, Newgen Software and the views expressed in this article are his own)