5 Ways AI Is Already Being Used to Transform Business Operations

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Digital technologies are changing the world as we know it, but a select few are responsible for the biggest transformations. Artificial intelligence and machine learning are at the forefront of that change, collectively driving both innovation and improvement.

The MIT Sloan Management Review reveals that more than 72 percent of respondents believe AI will have a significant impact on the technology, media and telecommunications industries over the next five years. Almost 85 percent believe AI will allow their organizations to obtain or sustain a competitive advantage in the market.

But that change, believe it or not, is happening right now. The technology is already being used to transform business operations and to improve age-old practices.

1. AI Helps Identify New Opportunities

As machine learning and AI tools are allowed to digest bigger troves of data, an endless swarm of insights is being made available. Many of them can be used to improve existing operations, but there’s more, too. Some of that information can be used to identify and explore all-new opportunities.

For example, data related to a particular product might reveal how customers are using the item, particularly in ways that were not originally intended. Extracted insights might also reveal desirable features and functions, which price points are most desirable, or even which additional products and services can be delivered to augment the experience.

It’s about a whole lot more than just conventional business operations, however. AI technologies are being deployed in new ways, too. iCertis, for example, is leveraging AI to build smarter static contracts. More specifically, its AI solutions are designed to overcome enterprise contract management challenges through the power of enhanced data capabilities.

2. Product Development Is Getting Better

Speaking of product-related insights, those same data points can be used to not only deliver a better product but also to come up with more accurate offerings.

Consider a product which launches to market with a host of features. As it turns out, only a handful of those features are used. More importantly, only one or two are really needed. The incoming data can be used to design a better product that offers fewer unnecessary features but is more portable and more lightweight.

Another scenario might involve future-proofing a device that is prone to failure under certain conditions or environmental exposure. A great example of this is how most smartphones now include a water-resistant coating to protect them from moisture and contact with liquids.

3. Personalization Is Now Possible

With the help of AI — and a variety of other technologies — businesses can now offer completely personalized experiences to their customers. Big data and analytics, for example, help provide the necessary data and insights to make it happen. Something like 3D printing allows companies to shift manufacturing closer to the customer. But AI is being used to connect and facilitate these disparate platforms, ultimately as a means to deliver unique products or services.

Through sophisticated AI platforms like b8ta, Amazon 4-star and AlgoFace, companies are building the kinds of personalized offerings that their customers need.

4. Speeding Up Communications

Communication is essential for every business, both internally and externally. Communication between teams and departments can help operations run more smoothly. Communication between a business and customers builds trust and loyalty. Modern AI is making all of this faster and more efficient than ever.

Consider chatbots or AI-based customer service assistants. They operate day and night and can answer some of the most pertinent questions on the spot. This helps to keep customers informed and happy, but also helps provides the support they need, exactly when they need it. Such a thing wouldn’t be possible with conventional strategies. Even manning support channels 24/7 with manual reps would have slowdowns because people get tired or burnt out and all have varying moods.

The nature of AI means that communications are provided across the board, in a standard and more efficient way.

5. Predictive and Informed Measures

What if it was possible to know how successful a product launch was going to be, well before a product was ever developed and mass-produced? What if it was possible to see how customers would react to a particular announcement or news story? What if a company could predict the market years in advance?

All of these scenarios are possible, and more, thanks to data analytics and AI technologies. It’s now possible to build predictive models for events, actions and scenarios that are ridiculously accurate. Organizations now use the technology for a number of solutions, including customer research, risk management, sales and market forecasting, and much more.

The Future Is Here

It seems crazy to think about, but AI is already transforming the world as we know it. It will play a significant role in the future of business operations as well as the way organizations serve their customers. Whether you’re talking about the use of AI for customer service chatbots or the technology’s use in contract management, there’s a lot to gain through its adoption.

As more and more companies leverage the power of AI, its impact on the world at large will grow to be monumental.

About the Author

Contributed by: Kayla Matthews, a technology writer and blogger covering big data topics for websites like Productivity Bytes, CloudTweaks, SandHill and VMblog.

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