From automating operations to getting valuable insights, here’s how AI helps your business achieve successful digital transformation.
Oxford Dictionary defines Artificial Intelligence as “the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.”
Simply put, Artificial Intelligence is the development of technology that can work and react like humans. AI is designed for aiding the processes like planning, problem-solving, reasoning, planning and recognition. The common examples of AI are a robot, a computer, and a
self-driving car.
With the use of Alexa, Siri, Streaming videos, and augmentation apps, AI has become part of our everyday life over the years.
Although the term AI was coined in 1956, it gained recognition among masses in the 2010s. Thanks to advanced algorithms, sophisticated computing power and storage, and increased data volumes.
Coming to the role of AI in business, it has become a breakthrough in several operations ranging from finance, management, production to management. AI has evolved to provide many specific benefits across several industries.
It is a great vehicle of digital transformation that remodels your business strategies to be agile, innovate, quick and customer-centric.
Here’s how AI helps your business achieve a successful digital transformation.
Improving Enrolling:
AI facilitates the integration of a new employee into a company or introducing a new client or customer with an organization’s offerings. And this does matter for finance, insurance, and
healthcare.
For example, AI provides valuable data and classification. Therefore, a customer is not required to provide several documents, such as an ID, proof of address and employment details every time they open a new bank account. It will save time and resources for both the financial institution and the applicant. Once the applicant is enrolled, AI can track and learn from this customer’s behavior to help the company tailor the services based on the applicant’s credit history, health, and lifestyle. An insurance company can make more informed decisions knowing that their client has been involved in extreme sports by cross-referencing their social media
accounts.
Automating the Business Process:
Artificial intelligence can be used to manage product operations and service delivery. For example, it can manage robotic lines in manufacturing facilities, control and maintain important
conditions for storage and assess warehouse. Robots have been used by healthcare organizations to perform surgeries for a long time. This technology proves useful in automating complicated account tasks like billing, managing paystubs and managing salaries.
Predicting Results:
AI provides valuable data insights that help you make smarter decisions. Many organizations are using it to predict outcomes based on data analysis.
For example, based on customer data, it can show if the products are likely to sell and in what volumes. This way, a company can get the correct stock in the correct volumes.
AI is being incorporated in many other areas, for example, in finance where it can show currency and stock price fluctuations or in healthcare where it can tell about the outbreaks of diseases by processing social media posts.
Personalization:
Any business needs to personalize their services based on their customers’ preferences. Many eCommerce sites show customers the products they might be interested in based on their searching and buying.
The role of AI in the various aspects of business operations is growing as automated tools and digital transformation strategies are standardized. In the coming years, AI won’t only aid human performance but also automate the most business process entirely. Want to adopt AI in your business? It will require you to work with an efficient digital transformation company
for the right implementation.