Big Data is happening. Smart technology is learning what we want, how we want it, and the best way to achieve it. Now A.I. is firmly entrenched in the fabric of our personal lives; it’s going to disrupt businesses on just as many levels.
Smarter systems result in better business practices, smoother processes, quicker results, and happier people. By refining the corporate world, A.I. is already benefiting society in more ways than you might appreciate.
How, exactly? Here’s a closer look at the business functions that A.I. is impacting most heavily and will continue to do so in the near future.
IBM predict that 85% of customer interactions will be free of human agency by 2020. They have good reason to think this, as their Watson platform allows companies to build a chatbot from scratch, training it to understand specific industry problems. The bot can interact with a customer when they need something; it will learn what a person responds best to, from a linguistic or advisory standpoint, and draw from pre-programmed data that can solve a request in seconds.
Watson is by no means A.I.’s only foray into customer service. True AI have built a bot that integrates with almost every CRM system, claiming a saving of £2m a year when businesses invest in 1,000 chat operators. Meanwhile, there are a wave of digital products using AI to disrupt service-based industries; Nuvo, for example, is a chatbot that uses machine learning to bridge the gap between traditional mortgage brokers and comparison sites.
Sales & marketing
Finding, verifying and retaining leads is a huge concern for most organisations. Today, A.I. tools such as LeadGenius are erasing the slow, manual demand for applying many hours of human activity into a list of sales prospects. Machine learning enables it to aggregate the likelihood that a contact will purchase from you. LeadGenius does this, for instance, by assessing whether someone is a real decision-maker based on their job title.
Elsewhere, Chorus.ai records sales calls and scans the transcript for popular topics. Trends can then be compared to the top performers for sales or complaints handling, so the whole team can benchmark their performance. Other A.I. programmes can fulfil antecedent functions, such as adding new client info to a CRM, which frees up more time for a salesforce to keep contacting prospects during their shift.
When we look at a marketing toolset, A.I. is causing ripples in how we communicate to a professional or consumer audience. Rocco is an adaptive piece of smart software that suggests – after scanning a brand’s textual tone of voice – what social followers might want to see. Boomtrain fills a similar role, but extends it further by sending followers content via email and push notifications.
Financial responsibilities are riding this sea-change too. A.I. is making transactions easier, safer and less time consuming. Mastercard’s Decision Intelligence technology reduces the risk of falsely declining purchases made by customers. By following what a person spends online, it can determine what their actual buying preferences are, reducing the chance of a false red flag being raised for fraud.
In many cases, banks are developing the technology themselves, which is still fairly fresh on the scene. Dutch bank ING have created a tool named Katana that predicts trading costs for market stocks and securities.
Business intelligence is a huge asset to any business. A.I. is an integral part of gaining and implementing Big Data, touching on all areas of operations from quality control to maintaining tools and equipment.
Simplicity, for example, extracts verification data, design specs and production metrics from yields to help manufacturing firms increase efficiency and margins. Stock control is also feeling the transition. Lowe’s LowBot is able to scan inventories, identify patterns on the shelves, and determine what is selling or what may be too unpopular or overpriced.
Compliance & legal matters
In the realm of compliance tests, artificial intelligence is proving a serious advantage for those who adopt it earlier than their competitors. AWS, Amazon’s cloud service platform, logs any security risks when you create a database or use an AWS-integrated product. Custom configuration rules attend to these issues before they become a problem – compliancy with data protection, access privileges etc. are therefore resolved automatically.
A.I. continues to be brilliant for scanning reams of information far quicker than human workers. Kira Systems have launched a programme that can check thousands of documents at a time, searching for clauses and key phrases in contracts, legal papers and due diligence agreements. The company claims to save up to 90% of the hours spent on a typical contract review.
Machine learning is also solving problems in HR. While this business function is never going to lose sight of human emotion, the results are proving the value of such technology. A.I. has great potential for employee reviews, bringing more knowledge to bear on strengths, weaknesses and time management. Know Your Day regards itself as a ‘performance insight’ tool, tracking things like keystrokes, targets being met, user activity and activity classification. All that data is collated via machine learning for the HR department to use in their appraisal of how well an employee is doing.
Meanwhile, Zoomi Inc. have released a learning solution that evaluates whether training material (for new and old staff members alike) is lending a positive or negative effect on the job. The form of the e-learning content can subsequently be tweaked, clearing a path to beneficial learning outcomes.
With so much to absorb, navigating the AI landscape can be difficult, but ANS are here to help. We make AI solutions easy to adopt, integrate and scale and can support you in turning the data generated from AI into intelligent business decisions. To discover more, click here.
Posted by Luke Grimes