4 Ways Artificial Intelligence can Help Boost Productivity
AI has been on the rise across many market verticals and is expected to continue to grow exponentially in the next 5-10 years. Due to recent innovations in this area, a variety of products and solutions have appeared at various steps within the customer value chain, boosting productivity and leading to better business performances. AI Automation produces results quickly and efficiently, helping companies make informed decisions and get a sustained competitive advantage. However, due to cultural barriers, some companies are still resistant to these new forms of business solutions.
Below are 4 key areas where AI can help boost productivity of a business enterprise:
Business forecasting is the process tools and metrics to predict future business developments such as risks, sales, and growth. A huge benefit of utilising Artificial Intelligence is that it can provide quick and effective testing of mathematical models, predicting possible outcomes. They are also able to adapt immediately to new information and changes in behaviour, using machine learning to provide companies with a way to streamline production. AI solutions have revolutionised the forecasting process, by analysing and monitoring large volumes of data and metrics, they deliver accurate forecasting results in real time.
Chatbots have been adopted by many companies as a means of improving customer engagement. These services also have the added benefit of improving the productivity of the agents, as they are then able to focus on more complex tasks. Chatbots can also collect valuable data that can learnt from to constantly speed up processes and make the company run smoother. If there are issues that the chatbot is unable to deal with, they are then programmed to pass on the more difficult queries to a human agent.
This feature of AI can help in many industries to boost productivity. For example, in the Travel Industry AI Chatbots can be utilised to deal with frequently asked questions such as information on cancellations, invoice request etc. As these can be dealt with by the Chatbot, the human agents are then free to deal with bigger issues, resolving all queries faster.
Instant Data Insights
New data and information being extracted can be analysed and processed instantly, instead of analysing data with a team dedicated to looking through and identifying important information. This has meant a huge increase in productivity in all industries, giving companies the power to make better, more well-informed decisions quickly.
Not only can AI Automation and Intelligent Automation systems be personalised to your specific company to fit your needs, but you are also then able to provide a personalised experience. This personalisation will boost customer satisfaction and increase sales, whilst also building better trust between a company and its customers. Read our post on Market Basket Analysis and Product Recommendations to see how you can go about utilising this service. Using machine learning, Chatbots are able to use insights and data collected from previous visitors to make personalised suggestions to relevant customers. With 1 in 5 consumers willing to pay a 20% premium for bespoke recommendations.
By incorporating AI Products and services in you company, this will not only improve the overall productivity, but it will lead to an increase in customer engagement, improving retention and conversion. By incorporating Artificial Intelligence with business strategies such as forecasting and demand generation allows, not only produces more efficient predictions and metrics, but allows agents can then focus on high urgency queries, as well as still being available to reach out to customer should they need to.
AtomX Digital provides focussed Customer Engagement solutions by leveraging Live Chat and Chatbot capabilities, that help boost productivity and customer connect, delivering immediate improvements in customer engagement and lead conversions. Please get in touch today to schedule a free trial.