Don't Fear AI

Don’t Fear AI — Collaborate With It & Maximize Your Potential (Part-2) 

Welcome to the second & last part of our blog series “Don’t Fear AI – Collaborate with It & Maximize Your Potential.” In the first part, we discussed how AI is transforming businesses by automating tedious tasks, improving accuracy and efficiency, and enhancing the overall customer experience. We also mentioned how businesses can leverage AI in various functions, including marketing, operations, and sales. In this second part, we will delve deeper into the ways AI is revolutionizing industries and how businesses can collaborate with AI to achieve better results.

3. Artificial Intelligence in Customer Support

Ensuring customer satisfaction is critical for the success of any business. However, it may not always be possible to resolve every customer issue. Nevertheless, responding promptly and effectively to customer inquiries can help maintain positive online reviews. Monitoring customer messages can be a costly and time-consuming task. Furthermore, the volume of customer emails can be unpredictable, with high volumes on some days and low volumes on others, leading to fluctuations in demand on customer support teams.

This is the perfect situation for AI to solve with:

Automatically assess customer messages- Advanced AI technologies are utilized by tools to determine the tone and intention of customer messages. AI is capable of assessing the context of the entire message, not just specific keywords such as “complaint.” As a result, even lengthy texts can be correctly categorized and sent to the relevant team. There are different tools that offer this feature and are designed for non-technical individuals, eliminating the need for coding expertise. A sample customer feedback workflow that uses Levity is displayed in the accompanying image.

Tag urgency and trigger actions– Artificial Intelligence can assist in sorting through a large number of conversations with customers and prospects. AI algorithms can identify the most critical words that imply urgency. For instance, AI can detect crisis-indicating words or phrases like “I am considering leaving your business” in customer inquiries. Similarly, in the case of potential customers, AI can recognize statements like “I am interested in your offer” or “I would like to make a purchase next week,” among others, which may suggest a potential sale.

4. Artificial Intelligence in Human Resources

Analyzing candidate profiles – Many companies have adopted AI to aid them in their hiring procedures. By utilizing AI, human resources professionals can evaluate a prospective candidate’s previous work experiences and interests and identify the most suitable positions for them.

Organization Network Analysis – AI can help your company in becoming more sustainable and successful by analyzing both formal and informal relationships within the organization. This analysis can help in developing business strategies that increase the organic exchange of information.

5. Artificial Intelligence in Operations

AIOps, which refers to the use of AI in business operations, is already facilitating successful digital transformations for businesses. The following are some of the ways in which AI enhances business operations:

Inventory Management – Machine Learning, which is a part of AI, has image recognition capabilities that can enhance efficiency and productivity in various processes, including inventory management. To achieve this, you can upload image data to an AI tool that can detect defects or categorize and label the images. These apps can also be integrated into your current tool stack or online shop, resulting in automatic labeling.

6. Artificial Intelligence in Accounting

As mentioned already, AI has the ability to automate monotonous tasks, enhance precision and productivity, and expose concealed patterns. It can upload, read, and properly categorize files in accounting codes. AI doesn’t get tired, make mistakes, or take breaks as humans do. Consequently, it’s not surprising that AI is gaining traction in this demanding field.

Below are just some of the uses of AI in accounting:

Performing repetitive tasks – Accountants often spend a significant amount of time on repetitive tasks such as recording data, categorizing transactions, reconciling accounts, and evaluating employee expense reports. Additionally, they need to enter and correlate data from scanned receipts and invoices to transactions and track pricing changes. AI can perform all these tasks with higher accuracy and less error than humans, freeing up accountants to focus on other important tasks without the mental overload of repetitive work.

Semi-automating complex processes like payroll – The future of payroll is likely to be impacted by AI. Unlike automation, which is based on cause and effect, true AI systems can analyze data, learn from failures, and strategically solve issues. The market for cloud-based payroll software was worth $7.88 billion in 2018 and is projected to reach $13.37 billion by 2026. Company executives are increasingly interested in investing in advanced AI-supported payroll systems.

7. Artificial Intelligence in Contact Centers

Efficient customer service is crucial for contact centers to build customer loyalty and avoid customer churn. These centers generate a vast amount of data that can be analyzed using AI to gain insights into customer behavior and preferences, helping businesses improve their understanding of their clients.

Running outreach campaigns – By leveraging Artificial Intelligence voice bots, businesses can now reach out to numerous individuals to present and sell their product offerings. The voice bots are capable of answering basic questions and can redirect interested individuals to a sales representative. Such automation was previously a challenging task for most businesses, but with readily available AI tools, it’s now accessible to all.

Overcoming Fear

Despite the many benefits of AI, many people are still afraid of it. This is understandable, as the idea of machines replacing humans can be scary. However, it’s important to remember that AI is not meant to replace humans but to augment their abilities. By collaborating with AI, we can achieve more than we could on our own. To overcome fear, it’s important to educate yourself about AI. Learn about the different applications of AI and how it can be used to improve your job. Talk to colleagues who have experience working with AI and ask them about their experiences.

It’s also important to keep an open mind. AI is still a relatively new technology, and there is much to be learned about its capabilities. By keeping an open mind, you can explore new ways to use AI and discover its potential.

The bottom line

As previously discussed, the impact of AI and Machine Learning on businesses has been significant and is expected to continue in the future. By integrating AI into various areas such as marketing, operations, and sales, companies can reduce the amount of time spent on mundane tasks, boost employee efficiency, improve customer satisfaction, prevent errors, and identify potential issues. Given these benefits, it’s no surprise that businesses are adopting AI across all functions, and it’s recommended that you do too.