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5 Key Benefits Of Using AI As A Long-Term Strategy For Business

5 Key Benefits Of Using AI As A Long-Term Strategy For Business

Artificial intelligence (AI) can solve a myriad of organisational issues and bring in an aspect of much-needed agility as humans evolve on to making more complex decisions. AI can benefit people by freeing them from mundane, unchallenging tasks, hire new recruits, aid logistical and production problems. Now that we’ve dabbled with several isolated use cases to test the waters, we need to understand how AI can help businesses make a strategic shift in operations across the enterprise. If you’re only considering implementing chatbots to streamline your customer experience instead of looking at resolving larger business problems, you’re not leveraging the full potential that this technology has to offer.

Every business model is unique, so understanding if and how AI is the answer for your organisation is crucial. Let’s discuss how AI can help you plan a long-term organisational strategy:

Hiring Assistance: The initial stages of a hiring process can be repetitive, cumbersome and utterly mundane. Imagine if you had a system that qualified leads as per your requirement and filtered them for review. AI assistants can now understand KRAs uploaded by human resources (HR), search and identify the best-suited people from a database as well as connect and converse with the candidate for an initial level screening. Bots can also validate and shortlist candidates for an interview basis this screening and offer a complete interaction history to HR. A recent survey by Korn Ferry found that 69 percent of recruiters surveyed said using AI for candidate sourcing gets them a higher quality of candidates and a whopping 87 percent are excited about working with AI and don’t feel it will replace them in the future. The best aspect of chatbots streamlining such processes is that it saves time that can be spent conducting in-person interviews to test candidates on the softer skills they bring to the organisation.

Cross Leveraging Information: An incredible amount of data is churned with the use of several applications that collect information. The information obtained with a specific department can be utilised as intelligence for another within the same organisation. For instance, data collected by the R&D team can be turned into insights for the marketing and sales department, which would help them target their audience better, understand their behavioural patterns, spending habits etc. Customer feedback received through conversational chatbots employed by the customer service department can help the R&D team improve the products they develop. One possible reason that can withhold this flow of information could be siloed within which data is currently stored within the organisation. Once this is integrated, the possibilities and business benefits are boundless.

Improving Employee Productivity: Employees spend a lot of their time at work looking for reports, indexing and compiling data. Machine learning can help with such menial tasks thereby freeing up the employee’s time and increasing efficiencies within teams. Employees would have the time to work on creative and strategically focused tasks whereas companies would have a largely error-free directory of data computed in real-time.

Streamlining Processes: AI can build custom reports in seconds based on custom searches, customise insights across business groups and functions, export snippets across formats and integrate repositories. It can also be integrated with applications like Skype for business, CRM, LMS, SharePoint, AD, etc., and generate reports specific to a company or client. Let’s take for instance supply chain processes, there is a significant amount of purchases to index, invoices to handle and millions of orders to fulfil. Using tools like computer vision and process automation tools, this entire operation can be simplified with the highest levels of accuracy.

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Customer Satisfaction: According to Forrester, we’ve begun having smarter and more strategic conversations having entered the era of automated customer service. The goal now is to effectively engage the customer using a medium of their choice, without intruding in on their privacy. Enterprises have been making constant efforts to simplify interactions and processes. Prior to having an informed conversation with a customer an AI assistant does not need time to research and can generate considerable choices of action with greater accuracies. They can not only provide precise replies but also make interfaces cost-effective by learning the customer’s needs and preferences from previous chat histories.

There is currently a gap with what organisations expect from AI and what AI can do for your organisation. There is a need to educate oneself about where AI can be leveraged to streamline business processes before jumping onboard the hype wagon. AI and NLP powered chatbots are changing the world as we know it, aiding innovation and revolutionising customer service by reducing operational costs but identifying and leveraging the full potential of artificial intelligence can unlock many long-term strategic benefits for organisations.

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