AI has improved our lives significantly in the years since it has been slowly introduced and then ingrained into our society. We may not have flying cars in mass production just yet, but we do have self-driving cars that can predict possible collisions and apply the brakes before the human driver even realizes the danger. We can also find AI in agriculture, medicine, and in the business sphere.
AI in business
Automation
When we talk about AI in business, we usually immediately think about automation – and we’re not wrong. The business world is rife with processes that are just ripe for automation. There are redundant workflows that take up too much time that could benefit from automation integration.
What can automation do for your business?
- Reduce production time
Whether you are a manufacturing business or an insurance company or anything else in between, you will find that automation will greatly reduce the time it takes for your processes to complete its run. Those tedious, repetitive, and time-consuming processes can be streamlined through automation.
The process itself of panning the integration of automation into your workflows is already a step in the direction of streamlining processes; because it forces you to take a look at the workflow processes you have and weed out what is redundant before even starting the actual process of automation.
- Cost savings
It may feel counterintuitive that hiring developers to create programs that automate certain steps will actually be saving you money, but it actually does cost less to automate in the long run.
The reduced production hours that employees dedicate to redundant manual tasks will open their time up to focus on other production-related activities. They will then be able to focus on developing new products or spearhead or participate in new programs that will bring in more customers. Time equals money. So it makes sense that time saved equals money saved.
- Improved accuracy
What we observe from companies that automate accounting processes is that there are fewer errors when it comes to their financial reports. Automation helps them close their books on time and give them an easier time reconciling finances at the end of the reporting period than those who have not introduced automation into their accounting workflows yet. Payroll is not as tedious with automation as well. The chances of human error are greatly reduced when AI systems are brought into play.
More efficient hiring process
Automation is not the only thing that AI can offer your company. It can also help in hiring talents for your business. Whether you are looking for fresh graduates or seasoned experts, involving AI into your process can make things go smoother and quicker.
What can AI do for recruitment?
- Sourcing
AI systems can help your recruiters come up with better, more specific job descriptions for your vacancies. A more precise job description and applicant requirements can help you reach the proper audience for your job openings.
- Screening and Vetting
AI is able to screen hundreds of resumés in the amount of time it gets you to place your coffee order and pay for it. It greatly reduces a recruiter’s time spent on reading mountains of resumés just to find one or two viable candidates. The freed up time can be used by recruiters in truly getting to know the candidates and how well they would fit into the company.
Better customer experience
AI can greatly improve customer experience. With most businesses having an online presence, it is now easier for AI to track customer activity and provide better service.
What can AI do for customer experience?
- Deliver a more personalized service
AI in websites can track the way a customer interacts with your page. This gives your business a clearer picture of what each customer wants, what they find interesting, and what they would probably want to see more of. That same AI technology can present products that are more relevant to each individual customer every time they return to your website. A more personalized service will encourage brand loyalty.
- Chatbots
You can now cater to your customer inquiries 24/7 with chatbots. These bots can answer basic customer questions, create tickets for inquiries, and provide basic services to your customers even while you and your employees are sleeping. This drives up customer satisfaction.
Conclusion
AI saves production time and money. It can also land you the best talents and help you provide better, more timely service to your customers. It can drive up your revenue and increase your customer base as well.
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