AI is redefining the way that we do business. Used across a range of industries, including finance, healthcare, manufacturing, and supply chain, some teams are already reaping the benefits. The reality is that a lot of AI use in organizations is still only experimentation, so leaders are looking to define the role of AI and how to plan a clear direction for its use.
97% of executives say that generative AI will be transformative to their company and industry, according to Accenture. Those who build a strong data and AI foundation will be able to reap the benefits and steam ahead of the competition. But where should you start and which specific benefits should you be looking to deliver to the organization?
Here are seven ways that AI can benefit your business:
One of the most prominent benefits of AI is its ability to quickly and efficiently process large volumes of complex data by leveraging machine learning. Natural Language Processing (NLP) can further enhance data analytics by enabling AI tools to analyze unstructured data sources with free text. For example, sentiment analysis in social media posts.
- Leveraging Big Data: Big Data and AI go hand-in-hand: Big Data holds the answers to your business queries and AI can uncover insights buried in the information. The machine learning element of AI means that the more data analysis it performs, the more it will learn and the better its decision-making will become. - Predictive Analytics: GenAI can enhance predictive analytics, giving businesses more precise forecasts. By identifying patterns in historical data, AI can predict future trends and outcomes, helping businesses with planning, such as inventory planning and financial asset management. - Real-time Decision Making: AI can identify patterns and provide insights that humans might not be able to see themselves, particularly in real-time. This means your software can make informed decisions based on actionable data available at that exact moment, allowing you to respond accordingly.
AI-powered tools can significantly benefit the customer experience by providing personalized, responsive services through chatbots and interactive tools, as well as using data to anticipate customer needs.
- Personalization at Scale: By collecting information about your customers through website analytics, social media, and past interactions and purchases, you can deliver tailored content that resonates with them. This helps to build stronger relationships and ultimately increase customer loyalty. - Chatbots and Virtual Assistants: According to Adobe, 68% of customers find the speed of chatbot responses appealing. AI can provide self-service tools to offer always-on customer support, while also alleviating the load from your team. Chatbots can answer queries, direct customers to relevant support materials or route customers to the appropriate customer service agent. - Streamline the Customer Journey: AI can track customer interactions across channels to ensure consistency in the experience. You can let them pick up where they left off, even when switching between using a mobile device and computer.
AI is an excellent way to bring operational efficiency to your organization. By automating processes, you can ensure your business runs smoothly. AI can also assist with identifying bottlenecks and inefficiencies in your organization so you can optimize your operations and realize your full potential.
- Process Automation: AI enables intelligent automation of routine tasks such as data collection and data entry to streamline business processes. You can combine AI with BPM/DPA technologies to enable intelligent, end-to-end automation that saves time and reduces errors. - Supply Chain Optimization: From planning through to procurement and production, AI can enhance the supply chain end-to-end by providing transparency and enabling faster decision-making. McKinsey found that successfully implementing AI-enabled supply-chain management has enabled early adopters to improve logistics costs by 15%, inventory levels by 35%, and service levels by 65%. - Resource Allocation: AI can help businesses to effectively plan the best way to distribute their people and products. They can optimize staffing needs and help to identify potential issues by leveraging historical project data, helping businesses to take preventative measures.
When used effectively, AI can deliver huge advantages for your organization. Accenture found that organizations with a mature AI program can attribute nearly 30% of their total revenue to AI on average.
- AI-driven Innovation: As highlighted above, AI can generate insights that aren’t always possible for humans to spot. Many organizations are still scratching the surface of what AI can achieve, but results can be seen through process optimization to make streamlined business processes that respond to market needs, and using predictive analytics to stay ahead of the competition. - Competitive Intelligence: AI has the ability to gather information about your business’s industry as well as direct competitors and their products and services. This can help to identify gaps for new business opportunities. - Agility and Adaptability: Change is inevitable, so organizations need to respond to any potential disruption. AI can help with strategic planning and adapt to constant changes in the marketplace. This means responsively redesigning business processes and realigning business strategies with the support of AI-enhanced data by leveraging AI-drive algorithms.
Over half of business owners use artificial intelligence for cybersecurity and fraud management, according to Forbes. AI is excellent for stress testing and risk analysis to highlight any potential weak spots.
- Fraud Detection: AI can detect anomalies in financial transactions that indicate fraudulent activities, such as card fraud, fake account creation, account takeover, and credential stuffing. AI can pick up the anomalies in real-time and help your team to take a proactive approach to fraud prevention. - Cybersecurity: AI can flag suspicious data to detect and block attacks. This could be flagging phishing emails or malicious breaches of your firewalls. AI can also be used in penetration testing to identify any weaknesses in your defenses before hackers can maliciously exploit them. - Compliance and Regulation: Deploying AI can help you stay on top of regulatory issues, such as policy management by mapping regulations and comparing them with your current policies and procedures to recommend updates. This proactively helps to avoid fines for non-compliance.
AI can significantly reduce overheads by making workflows more efficient, boosting productivity and limiting human error. This can be reflected in your operational efficiency, customer satisfaction and adaptability to the market, making the investment in AI worthwhile.
- Lower Labor Costs: AI can help to reduce overhead costs by automating labor-intensive processes, which in turn helps to deploy staff elsewhere in the business where they can add more value. Gartner predicts that by 2026, conversational AI deployments within contact centers will reduce agent labor costs by $80 billion. - Minimized Human Error: So long as AI models are programmed correctly, they won’t make any mistakes, which saves time and money on correcting human errors, and ensures accuracy and timeliness. - Increased Productivity: A recent study by Nielsen Norman Group found that using generative AI (like ChatGPT) in business improves users’ performance by 66%. More complex tasks have bigger gains, and less-skilled workers benefit the most from AI use. AI tools can also take care of more repetitive and administrative tasks, help with project planning and management to better manage your time and take the heavy lifting out of tasks such as analysis and research.
The benefits of AI are plain to see: it can boost key performance metrics both internally and externally.
Bizagi is enabling its users to embrace AI in their business processes, with conversational analytics helping to unearth actionable insights, and turn unstructured data into meaningful actions. Find out more about how Bizagi is empowering organizations with AI.
