3 things that indicate your business is ready to invest in Artificial Intelligence
Business automation through Artificial Intelligence has the capability of causing massive positive transformations in the work environment. If enabled with the right kind of strategies, AI can steer work efficiency in the right direction, spawning multiple business opportunities to generate revenue and improve customer satisfaction.
The notion of Artificial Intelligence as a business-friendly field of technology has achieved widespread recognition in multiple industries. In fact, as per Deloitte, 90% of companies covered in a survey believe that AI can significantly transform company strategies [1]. According to PWC, about 86% of CXOs say that AI has become a mainstream technology in their company in 2021 [2]. Many of these organizations have already recognized the competitive advantages derived from the implementation of AI tech in the workspace.
There are several factors such as a desire to scale up, improve the customer journey, and reduce operational costs that usually motivate a business to embrace AI in their operations. However, as a business leader, how do you know that your business is ready to start integrating AI in the company’s software infrastructure? This blog briefly outlines a list of 3 things that your business is ready for Artificial Intelligence.
1. Your business needs to process massive amounts of data on a daily basis
The business world handles and processes large amounts of data that predominates multiple processes such as customer service, customer assistance, email and document management, communications, and so on.
However, several businesses suffer from the bottleneck of unstructured data or free-text in human communication. This data, as the name suggests, lacks any coherent structure and often exists in ever-changing patterns. Traditional automation techniques are not quite capable of processing unstructured data, which might lead to inaccurate results. Many times, the processing of unstructured data is tedious and can cause improper communication to happen between humans and machines, further causing issues in daily work processes.
If your business suffers from these challenges, then it is certainly ready to start exploring the possibility of using AI in your work environment. Artificial Intelligence technologies which include Natural Language Processing (NLP) and Optical Character Recognition (OCR) can seamlessly analyze and interpret unstructured data and provide you with highly accurate results for business communications.
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2. Your employees are working overtime to compensate for workload
Most businesses don’t realize the value of AI in the context of saving time and manual efforts. Several tasks both at the front-end and back-end are often repetitive and tedious. Such tasks may involve customer support, customer service, document & email processing and their archival, billing and invoice processing, and handling customer inquiries.
Although these tasks are highly important to the functioning of an organization, your business might feel that they consume extensive hours of your employees. This may not only make your employees work overtime to compensate for the targets but also cause inefficiency and inaccuracy in task quality to creep in.
If you as a business leader have noticed overclocking of work hours with any visible drop in the quality and completion of repetitive tasks, then it is time to bring Artificial Intelligence to the work desk. In fact, as per a report by Gartner, 65% of automation technology users said these technologies removed repetitive tasks that added less value [3].
Competitive AI technology that has a combination of email, document, and chat processing abilities can effectively automatically handle basic customer inquiries, understand human communication, and for email and document processing.
If you feel the need to cut down the time that keeps piling up for your daily repetitive processes, then bringing AI to a data-centric part of your business can certainly be a game-changer.
3. You are increasingly confident that AI can boost the company’s Return on Investment
Speaking about Return on Investment (ROI), this is likely to be the most important goal for your business. As a leader, you would ideally be looking out for technologies that can make your business grow and bring improved revenue generation every year.
AI has been known to dramatically boost ROI for businesses both directly and indirectly. In terms of direct ROI, companies are increasingly achieving significant cost savings and better customer experiences. Whereas in terms of indirect ROI, organizations are getting better at decision-making and bringing innovation to their products and services. In fact, as per a report by PWC, about 70% of companies that have fully embraced AI have achieved significant ROI on cost savings [2]. Moreover, more than 64% of these companies continue to operate more efficiently with increased productivity [2].
Still apprehensive and are still deciding if Artificial Intelligence really is a good choice for you or not?
You only have to ask the following three questions in your board review meetings to get a concrete answer:
- Can the targeted AI technology generate substantial revenue benefits?
- What value can AI tech bring to my company and to my customers?
- Are my competitors getting an edge using AI technologies? How can I bring this same technological edge to my company?
If the answers to all these questions are positive, then yes, your business is ready to invest in AI from an ROI perspective.
Summary
Implementing Artificial Intelligence can drive immense benefits for your business such as gains in efficiency and productivity, increased speed of creating valuable business opportunities, better customer service, and reduced operational costs, to name a few. The global AI market is predicted to snowball in the next few years, reaching a $190.61 billion market value in 2025 [4].
If as a business leader, you have a clear idea about the challenges that affect your company, then moving to AI is the best way to tackle those challenges.
Sources
[1] Deloitte Survey: Cognitive Adoption in the Enterprise is Resulting in Economic Benefits; Job Creation Expected. PR Newswire. https://www.prnewswire.com/news-releases/deloitte-survey-cognitive-adoption-in-the-enterprise-is-resulting-in-economic-benefits-job-creation-expected-300554404.html
[2] AI predictions 2021. PWC. https://www.pwc.com/us/en/tech-effect/ai-analytics/ai-predictions.html#:~:text=Of%20all%20the%20participants%20in,making%20and%20improved%20customer%20experience
[3] Sturgill, N., Shotton, L. How Automation Will Change the Future of Work in Financial Services (2019, Nov 11). Gartner. https://www.gartner.com/document/code/387746?ref=authbody&refval=3984637
[4] Revenues from the artificial intelligence (AI) software market worldwide from 2018 to 2025. (2022, Mar 17) Statista. https://www.statista.com/statistics/607716/worldwide-artificial-intelligence-market-revenues/
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