How AI Will Change Businesses
Suresh Kondapureddy
Visionary Entrepreneur | Founder & CEO of Avenir Digital Inc | Thought Leader | Host of the Future Forward Podcast.
Artificial intelligence (AI) has gradually entered the business world, revolutionizing daily routines and operations. Organizations today can leverage various AI technologies, such as Robotic Process Automation (RPA), Machine Learning (ML), Intelligent Payment Processes, AI-HR, and Chatbots, to collect information, analyze data, engage with customers, streamline hiring processes, and more. These advancements in AI bring numerous benefits and transform the way businesses operate. Here are some ways AI is changing businesses:
Customer service is a vital component of any business, as it facilitates day-to-day conversations and serves as the closest communication link between consumers and the company. AI has addressed common customer service complaints, such as rude language, agent-to-agent call transfers, and inflexible customer service. The use of chatbots in customer service enables polite and friendly interactions, enhancing the overall quality of customer service. By automating customer service tasks, AI reduces the need for human labor and allows skilled employees to focus on complex problem-solving. This, in turn, leads to improved customer satisfaction and loyalty.
Effective time management has always been crucial for organizations. Traditionally, people used manual methods, such as daily sheets, to track tasks and deadlines. However, these methods were time-consuming and prone to human errors. AI-powered time-tracking platforms have revolutionized time management by automating the recording process. These platforms function as virtual assistants, helping employees record task details seamlessly. By improving organizational efficiency, accelerating decision-making, and assisting employees in setting priorities, AI-powered time management systems optimize time utilization and reduce stress caused by missed deadlines.
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Effective supply chain management is essential for making informed business decisions. Balancing the supply and demand of materials and products while working with multiple departments and vast amounts of data can be challenging. AI-based software has improved decision-making and supply chain management by employing data collection and predictive analytics. Compared to human agents, AI can quickly process vast amounts of data, prevent human errors, and synchronize information between departments. This enables businesses to make data-driven decisions, optimize supply chain operations, and enhance overall efficiency.
AI has played a significant role in automation, and its influence continues to grow. Automation tools powered by AI have increased the speed and efficiency of organizations in various industries. From home appliances to industrial robots, AI is automating routine cognitive processes. Smart algorithms are revolutionizing industries such as retail, hospitality, and finance by working tirelessly and proficiently 24/7. The future holds even greater possibilities for AI-driven automation, leading to increased productivity and reduced manual labor.
The amount of data generated today is vast, and a significant portion of it is unstructured. Analyzing unstructured data, which makes up around 80% of data produced by websites, is becoming crucial for organizations. AI unlocks the power of data by employing advanced analytics and processing capabilities. It allows businesses to derive valuable insights from large and complex data sets, enabling informed decision-making, personalization, and innovation.
In conclusion, AI has become an indispensable part of business operations. Organizations that embrace AI-based services gain a competitive advantage, enabling them to achieve ambitious goals and drive innovation. From customer service to time management, decision-making, process automation, and data analysis, AI transforms the way businesses operate. Embracing AI is essential for organizations to stay competitive in the ever-evolving business landscape.