From Siri and Alexa answering our questions to Netflix recommending shows to watch, artificial intelligence (AI) is becoming a reliable feature in our everyday lives.
Which is great for finding out how many ounces in a gallon, or what we should binge-watch next – but what does AI mean for business? Like all technological innovations, it promises disruption as well as opportunities to improve efficiency and the bottom line.
Here are three ways AI can better your business:
Streamline. Business intelligence (BI) has been around for years, using software to convert raw data into charts, graphs, and other visualizations. This type of information tells you what the current state of your business is, or what it was in the past. AI can take these programs to the next level.
By adding AI tools to BI programs, your systems can offer suggestions about steps to take in the future. The analytic capabilities of algorithmic AI are becoming increasingly robust, so rather than just gather data, AI software can tell you what is meaningful in all that information and suggest ways to act on those insights. This will free up your human analysts to spend their time on higher-level projects, rather than just generating reports.
Speed. Communications and customer service are natural fields in which to adopt AI solutions. Just as Alexa can place your Amazon order or Siri can get you directions, so chatbots in business can answer your customers’ questions in real time. At Businessolver, we have SofiaSM, our industry-first personal benefits assistant. Sofia answers employees’ questions about their benefits using text-to-text response, and she can communicate in three languages. She helps our clients by giving their employees with personalized information when and where they need it. By embracing AI-powered technology, she generates faster solutions for our customers.
Support. Your CFO is likely quite comfortable with numbers and charts, but others in your organization may prefer to learn key insights through words. AI-powered software can simplify the process of analyzing data and writing reports that capture key findings from the data your company gathers. By using natural language generation, AI can automatically translate numerical data into sentences, thereby speeding up the reporting process for your C-suite.
The most exciting aspect of AI for business is that it will only keep improving with time. As more data is fed into machine learning programs, they become increasingly responsive and smarter. For example, Sofia finds patterns and can better predict future developments as she has more and more conversations with employees. Her ability to suggest solutions will therefore keep evolving and improving.
AI may still be new and developing, but like us here at Businessolver, you stand to improve efficiency, processes, and your bottom line by working with this exciting new technology.