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Regardless of how big or old a business is, the search for operational efficiency never ends. It is no secret that constant growth of customer base directly depends on the competitive advantage of a company and its value proposition. Nowadays, automation has become one of the best ways to enhance the speed and efficiency of internal processes, which puts Artificial Intelligence (AI) among the hottest trends in the industry and the main force fueling its steady growth. According to a Statista report, the growth rate of AI in 2020 will reach 154%. Of course, this number does not only represent its application in the business sector alone, but also in research, medicine, governmental affairs etc. However, we are determined to understand and evaluate the contribution of AI to success that businesses can reach in times of complete digitalization.
The insights that a company can get from customer feedback are fundamental for improving the quality of the product it offers to the market and better responding to customer needs. Vast amount of data is being collected every minute through all channels of companies’ interaction with their clients in order to further analyze it and get a better understanding of behavioral and consumption patterns. AI tools enable these firms to conduct systematic behavior analysis on an automatic basis, without the need to constantly launch surveys that most customers find incredibly annoying. Besides, the results of such analysis are available instantly, as opposed to the months of waiting needed to obtain organized research results.
Besides producing valuable customer insights, AI can be quite helpful in workforce management related tasks. The latter include skill assessment, task assignment, skill optimization, along with payroll management. Employee data gets analyzed immediately with AI, which requires no input or constant configuration changes from the side of the personnel. Once a business is able to efficiently manage its human resources, it may expect steady and stable growth.
Another major advantage of AI refers to the security solutions it can offer to an organization, adjusting its protocols. This way any company can minimize the risk of data breaches, through lower dependence on cloud storage. For instance, the AI-based client identification solutions that are already being extensively integrated, significantly improve companies’ security against fraud and data breaches. Similar technologies are used for monitoring the risk associated with clients and employees. Among the positive effects of employing such technology is also an improved customer experience and increased trust to the service provider.
When it comes to the operationalization of AI, it is not entirely easy; adopting new technological developments in place of older systems usually takes substantial effort. At times, companies face difficulties arranging the necessary data that is supposed to enter an AI algorithm, in the form of legal complications mainly referred to consumer privacy protection. This simply requires a responsible approach to the issue and prior arrangements in the legal sphere of company’s life. Another issue is making sure employees have the necessary skills and training to support changes in a firm’s operation. Making sure employees are aware of their relevant responsibilities concerning AI solutions in place is fundamental.
At the end of the day, Artificial Intelligence will continue to increase its influence in the business ecosystem, and those who are not prepared to embrace the change will soon find themselves overboard.