Artificial Intelligence is a household name now and practically has seen its presence and spread throughout the world including homes. We all use AI on a daily basis without even realizing it. Smartphone, TV, laptops and smart devices that we all use, have some form of AI in them. Intelligent machines are known to make things more efficient, easier and less prone to errors. Bringing AI to your business can create a huge impact and give you a competitive edge in the world. Many organizations have already either adopted AI technology or are already exploring various possibilities of the same. Let us explore some of the significant benefits that AI can bring to a business.
Customer is the centre of most businesses and addressing their problems is the most crucial in building a successful customer base. Customers can be serviced more efficiently with automated systems. Their queries can be addressed quickly and quality of service is also improved. We can predict their demand and satisfy their needs. Automated systems can also predict customer responses and problems and raise alerts for immediate attention. The speed with which the AI systems work enhances customer service and customer engagement. This not only creates brand loyalty and customer retention but also significantly helps in gaining more customers.
AI can be used for monitoring risks and measures can be taken to mitigate the same. Some of the organizations such as the bank and insurance companies can use the AI-driven system to record and listen to their customer calls. The automated systems can assess the calls and identify the risky and fraudulent calls and are vigilant about the same. Banks and insurance companies always run the risk of fraudulent transactions and demands. The amount of money that is handled in a day is huge and therefore automated processes can reduce a huge amount of risk. A risk mitigation technique can be brought in place by alerting the agents on time using automated call assessments.
Business owners always keep cost reduction in mind whenever they invest in their products or technologies. Sometimes primary focus shifts to cost reduction and profit generation. With AI systems in place, we can use less labour for some of the processes. Automated systems give rise to efficient processes which then translates to quicker and quality based results, therefore reducing the cost as compared to using traditional non-automated long winding systems. For example, contact centres automation can efficiently handle customer requests 24/7, therefore producing more quality and less personnel usage.
Employing AI techniques and AI-driven models can help to build improved debt recovery. This can reduce the loss for the organization and efficient recovery systems can be bought in place. It can also detect fraud and dubious transactions which again can prevent loss of money. Online wallet companies such as PayPal have implemented new AI systems for keeping a watch over their transactions on a daily basis so that any suspicious transaction can be marked and an alarm could be raised. This can help mitigate the losses much more efficient and earlier.
Revenue leakage is when we can see the revenue of the company slip or reduce based on customer churn. Once the number of customers reduces, the Income for the business also reduces thereby creating a leakage in their revenue. Contact centres have introduced AI techniques and systems to monitor customer calls and issues. A real-time customer feedback system driven by AI can judge the customer behaviour and assess the severity of the issue being handled. Such issues can be red-flagged and immediate attention can be given to solve the issue. Agitated customers can also be identified and agents can handle them with more attention and care. Customer feedback and demand can also be estimated and predicted using AI techniques. All these results in customer retention, customer satisfaction and efficient customer churn.
All businesses concentrate on revenue generation as a first and primary goal. Cross-selling and upselling are efficient techniques for revenue generation. Predictions using machine learning and artificial intelligence can help estimate how the demands or market is going to be so that businesses can be prepared for the same. For example, for a retail business, predictions based on how the sales are going to be depending on the current situation of a pandemic and holiday season can help them plan for the future. For a non-profit organization, a simple prediction of customer donation pattern can help generate more revenue for the same. Efficient prediction and data analysis can help prepare businesses for the future thereby increasing their potential to grow and generate revenue.
As this AI technology develops and grows, we will see new companies, new strategies and novel business models and tactics. Any new technology will come with its own risks and smart way to adopt the technology is to understand these risks. Take small steps towards AI and think of the global change that it is going to bring. AI can provide predictive analytics for your business. It can help you automate tasks. Through examination, you can determine the right objectives for your business.
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