Businesses nowadays are generating more data than ever before—so much so that it’s physically impossible for human beings to intelligently make sense of it without the help of powerful computers and software.
Many software developers are now starting to incorporate Artificial Intelligence (AI) in their products, which can help these companies analyze that data, understand it, and extrapolate intelligent business insights that would have otherwise remained hidden.
We’re going to take a look at several internal departments of businesses who are using AI to help them increase efficiencies, improve their bottom line, and maintain a competitive edge.
AI has advanced sufficiently to the point where it can now automate much of the day-to-day work that’s normally performed by bookkeepers and accountants. From accounts receivable to payable, it can perform such tasks as automated categorization and data entry. This helps frees up the time of accountants to work on higher-level tasks.
AI can also reconcile billing failures by extrapolating information from various document types. In this scenario, AI works closely with humans to analyze the data and validate the results. This is much faster and less prone to error than a team of humans working alone.
Any customer interaction—such as emails, social media conversations, and online chat—once required the services of a live human being. AI is now enabling companies to automate these communications.
Chatbots are interactive chat messengers that are usually integrated into a website. They can field questions from website visitors, provide intelligent answers, and direct them where to go for more help. These intelligent social media bots not only conversate with fans but can also parse language to determine user sentiment and react appropriately.
It can look at the underlying meaning of a user’s social media post and determine if they’re happy, angry, or require the assistance of a live human being. This helps improve customer service efficiencies and cuts down on time needed to monitor social media accounts and other customer service channels.
Human Resources Department
In the war for talent, many HR departments are taking advantage of the multiple benefits that AI provides. It can help reduce many of the common human biases that exist when evaluating a potential job candidate. This, in turn, helps select the person who’s best wired internally for the job.
AI can also reduce the time spent in the administration and implementation of employee benefits. Many HR departments are now using chatbots, which can help employees better understand their benefits package. In addition to providing an immediate answer to their questions, it also helps reduce the amount of time HR spends fielding phone calls and emails.
Sales and Marketing
Analytics are the bread and butter of both the sales and marketing departments. In bigger companies, this often results in massive data sets that are nearly impossible for a human being to efficiently analyze. AI can quickly parse through the data and extract intelligent insights that can help both the sales and marketing departments chart the right course of action.
AI also allows for the personalization of targeted advertisements based on purchase history, trends, and many other aspects of their buyer personas. It can even predict what a person is likely to buy by understanding and analyzing their purchase history. A more personalized experience means customers are shown products that are relevant to their interests, and that translates into increased sales.
Many legal departments are now using AI to read and examine contractual and legal documents using natural language processing (NLP). This helps cut down the time attorneys and paralegals spend analyzing legal documents and can even help reduce the human error factor.
Several companies have already sprung up, which uses AI to predict how a court might rule in a particular scenario. The service allows users to input their scenario, and then runs an analysis of previous cases to determine the likely outcome. It also provides a detailed explanation of the result, which can help the legal department determine the best course of action.
More and more companies will start to take advantage of the multitude of benefits that AI offers. As the years go by, AI will become a necessity, not a luxury, in helping businesses lower costs, improve efficiencies, and maintain an advantage in a highly competitive and rapidly changing business landscape.