|How AI and Machine Learning are changing the corporate landscape|
The impact of Artificial Intelligence and Machine Learning on the Business landscape
Artificial intelligence (AI) and machine learning (ML) have taken the world by storm. From music to loan and credit card recommendations, AI and ML-powered solutions are rapidly penetrating many aspects of life.
Today, every business wants to add AI and ML to their technology mix. In an Accenture survey, 84% of executives said they would not achieve their growth goals without scaling AI. AI and ML are gaining traction as companies can gain competitive differentiation and accelerate business growth using solutions powered by these technologies.
AI and ML-based solutions augment human effort in ways that help companies optimize costs, improve operational efficiency, and deliver customer-centric services. In a McKinsey survey, the majority of respondents said their organizations had embraced AI capabilities, as AI’s impact on both the bottom line and cost savings is growing.
As the impact of AI and ML multiplies, let’s learn about the main advantages that companies can obtain by implementing these technologies:
Personalized commitment to the client
Companies are always looking for ways to improve customer engagement to improve acquisition and retention. AI and ML enable businesses to understand their customers on a deeper, more personal level by generating insights based on customer behavior and transaction history. These insights help companies enable personalized customer engagement and deliver tailored offers. Companies can also explore cross-selling and upselling opportunities in anticipation of customer needs. For example, banks can provide personalized loan recommendations and financial offers based on customers’ credit history and risk appetite.
Efficient customer service
Today, customers expect 24/7 support while using services on their preferred channels. To improve customer support services and communications, businesses can implement an AI-enabled virtual assistant or chatbot system that helps customers find solutions to their queries on demand. For example, insurance companies can quickly address customer inquiries by implementing self-service portals. Customer service teams can also leverage insights generated through AI systems to gain context across the customer journey and provide better support.
Accurate decision making
Investing in technologies like AI and ML significantly improves the accuracy of complex business processes. AI and ML systems have self-learning capabilities. These systems get smarter as more data is fed. Businesses can take advantage of the dynamic and trainable capabilities of these systems to enable accurate content extraction, automatic document classification, and efficient sentiment analysis. This also ensures effective content governance and streamlined content-centric processes. For example, banks can speed up customer onboarding processes with the help of document verification and various AI-powered identity verification tools.
Future-proof with predictive analytics
As data volumes and competition grow simultaneously, businesses must stay ahead of the curve and prepare for the future. Predictive analytics, enabled through AI and ML, can help businesses minimize risk, ensure smart decision-making, and improve overall business results. Banks can use predictive analytics to assess loan applications based on past customer transactions. Similarly, insurance companies can leverage analytics for risk prevention and fraud detection. Additionally, retailers can ensure smart decision-making through AI-enabled predictive analytics to prevent shortages and overstocks.
AI and ML can greatly contribute to the growth of an organization, regardless of its size or industry. However, business leaders should refrain from directly implementing these technologies without the proper context. To successfully leverage AI and ML, leaders need to identify the areas where these technologies can add value and implement them based on their suitability.
As more data is added to global servers, scaling AI and ML technologies will be critical for companies to transform their data into data richness in the true sense.
DISCLAIMER: The opinions expressed above are those of the author.
Source: Times of India, Direct News 99