Currently, we are in the midst of another renaissance of Artificial Intelligence. Self-learning and automation are the terms that we have learned from past experiences. But now, these two terms are not limited to humans only because computers are much capable of learning from a large amount of user data that is currently available. Though, AI has been changing our lives every year by some brightest intellectuals. Let us now look at some of the major roles of artificial intelligence it is playing in the workplace.

How are companies implementing AI for business growth?

If you think that AI is gonna take jobs from your employees, then don’t worry, it won’t replace them, but it will surely replace people who don’t use AI. As per the survey performed by BCG, around 70% of the employees are not fearful that AI will automate their jobs. While 84% of the people agree that AI will require employees to learn new skills during the tenure of the next five years and augment their skills. See the graph below-

A famed journalist Michael Copeland says that AI is the future, and it is already a part of our lives, but it depends on what flavor of AI you’re referring to. Under the umbrella of AI, technologies like Data Science, Deep Learning, Machine Learning, RPA, bots, cognitive analytics, etc. are helping companies improve their customer experience to augment employees’ performance, work processes automation, and development of intelligent clients to assist humans with repetitive business processes. 

Let us take a look at what’s happening in the world:

• Facebook babbled their plan in implementing AI, AR, and VR into everything.
• The ecosystem of mobile internet is no more now because Baidu is open-handedly investing in AI.
• The telecom industry is also starting to taking benefit from AI to cut costs and improve customer experience, e.g. Vodafone.
• Deloitte calls Artificial Intelligence to receive 64% of total investments, according to the survey of Global CIO.
• Deloitte’s Global CIO survey says that 1,200 IT executives to name new technologies in which they have planned to invest largely over the next couple of years, and 64% of those include AI.

The data of other tech giants are given below-

Use cases of AI in business transformation

• Decision Making

In the present client driven market, complexities involved with decision making are expanding each day. This incorporates understanding client needs and desires and adjusting items to those necessities and wants. An idea about changing client conduct is essential to settle on the business decision making. AI has the power to augment human intelligence and allow smarter decision making. AI can benefit in eliminating the human being and blunders.

• Human Resources and Recruitment

The HR department has gone through drastic and irreversible changes in the workflow with the assistance of AI and Machine Learning. AI helps in saving the mundane and tedious process of shortlisting of candidates for the next rounds. The search optimization is performed on the basis of keywords. AI tools can assess employees based upon their mindset and personalities, configures and creates a plan on what areas an employee needs training, their need for motivation, employee’s rewards, etc. AI has aligned the recruitment process to be more intelligent and output-driven. Other HR tasks performed by AI are spotting talent (using Pomato tool), interview scheduling (using HireVue tool), employee satisfaction (using NLP), etc.

• Competitor Analysis with AI

Being a business person, it is impossible to avoid competitors in your field and AI can help you reach your goal. To analyze competitors, you need to follow several steps-

• Research
• Know your market
• Set goals 
• Collect
• Data Analysis

The above steps have been performed using data science, machine learning, deep learning, algorithms, RPA, and NLP. Thanks to artificial intelligence, a competitor analysis has been made deeper, faster, and accurate in every step.

• Customer Experience with AI

Maintenance of customer experience has always been the core component of every business. Customer experience with AI is possible with natural language processing (NLP) and automation. Sending queries via forms or emails and waiting for the replies are no longer in the business game. These have been resolved using instant messaging platforms, chatbots, etc. NLP technology is the core competence here to interpret words, data and apply contextual and reasoning algorithms to aid, run surveys and at the same time, generate useful insights and provide relevant data so that analysts can focus on growing data needs and what main attributes need to be tracked.

• Empowering Sales and Marketing

AI creates superhuman salespeople. Humans cannot be replaced by machines but machines can make humans smarter and stronger. On average, sales representatives spend 80% of their time, qualifying leads and 20% closing. Qualifying leads require advanced search, many calls, and emails to hone the lead can be turned into a sale conversion. This tedious process is now done by machines that involve inbound leads in a human-like amiable way. The company named Epson America has invented a virtual assistant named Conversica that sends approx. Thirty thousand emails per month and interprets the response to check which one is a hot lead. The assistant sets the appointment for the particular salesperson and effortlessly hands-off the communication to the human.

How can AI boost company results?

Today businesses are relying on technology and developing necessary resources to empower their business decisions and lead conversions.

• Distinguishing your optimal client profiles and portions
• Scoring leads dependent on conduct and fit to organize sales efforts
• Keeping your team lean via automating manual activity like research, setting up rules-based work processes as well as updating CRM data.
• Incorporating data from existing devices to prepare more accurate predictions
• Focusing on client segments with customized content and marketing campaigns
• Reinforcing account-based systems
• Moving upmarket and venturing into new regions with promising leads
• Receiving a norm, information-driven system for dynamic business
• Predictive analysis assists organizations with hitting their development objectives quicker without spending considerably more on sales and marketing.
• Business understanding and problem identification
• Data identification and understanding
• Data acquisition and consolidation
• Internet of things (IoT)-based data acquisition
• Data cleaning, preparation, and transformation

Pain points of business for AI implementation

Not everyone is tech-savvy and we need to understand and accept this fact. Though, the technology is growing at a faster pace but it is not a piece of cake for everyone. There are a few pain points that are the serious concerns of the businesses. Let us name a few:

• Getting more educated
• Understanding of use cases and application of artificial intelligence
• Looking beyond the hype and confusion and understanding how AI can do that. For e.g. enhancement of customer experience, helping organizations to follow agile approach efficiently, cost saving, and drive digital transformation.
• Data is an asset of every organization. And implementing new technology develop reliability issues for some businesses

Look here how Gartner responds to the AI-related concerns of the businesses.

Although the interest for leveraging artificial intelligence in business is high, implementation is still low and as far as artificial intelligence in business is concerned, we’re about to see a growth in ‘meaningful’ artificial intelligence deployments. – Gartner

Say Hi to AI!

AI has contributed (still progressing!) to the business in a huge way. The best part of AI is that it improves with age. Artificial Intelligence is going to serve every philanthropy in the near future. So, to maintain the core values of the business, AI needs to be approached and believe me they don’t hit any costly snags. No matter how businesses become recipients of artificial intelligence, being open and adaptive to change to stay competitive and relevant will help the businesses to face new challenges, whether brought by humans or machines. Keep yourself updated and watched to reap the benefits of technology. Are you ready to make bigger, faster, and better business decisions with AI, or in short, is your business AI-ready?

Author Profile :

Entrepreneur, CEO, Data Scientist, or Data Enthusiast are the major features that describe Sairam Uppugudla the best. I am a tech-expert with 7+ years of experience in multiple technologies like Data Science, Python, Data Analysis, Big Data, Machine Learning, NLP, etc. With 360 degrees of expertise in various technologies, I’ve been known for the practical real-time projects. I love enjoying and exploring all about data. As an entrepreneur, my mission is to develop a culture of technology in the young and innovative minds who are our future. Visit  Codegnan