Time is ripe for companies to capitalize on Artificial Intelligence

Artificial Intelligence (AI) is reshaping businesses at an unexpected pace today. It is now guiding decisions on everything ranging from bank loans to crop harvests, with many companies considering it to fully automate customer service for better and for uninterrupted engagement.

The technologies that enable AI such as development platforms and huge processing power and data storage, are evolving continuously and becoming increasingly affordable. The time is ripe for companies to capitalize on AI, with many of them have already adopted it which is driving market growth.

Blooming AI market

According to a recent Statista report, the global AI software market is growing rapidly and is expected to reach 126 billion U.S. dollars by 2025. The overall AI market includes various applications such as natural language processing, machine learning (ML), and chatbots, etc.

The world’s leading names in the tech industry are investing heavily in both AI acquisitions and AI-related research and development. This rapid adoption of AI-based solutions is due to a host of reasons like the growth of data-based AI and advancement in deep learning and the need for companies to achieve robotic autonomy to stay relevant and competitive in today’s world.

In recent years, AI and ML have become drivers of significant productivity in value chains across various industries.

AI and the changing nature of work

AI capabilities are increasingly becoming imperative for companies to stay competitive. The growing adoption of AI is evolving the way organizations work.

According to a recent survey done by PureSoftware among clients and customers, 70% of adopters said that AI technologies are transforming their company’s job roles and necessary skills, and almost 80% believe that AI will change job roles and skills over the next three years.

Ways AI can add value to internal business operations

AI adoption can enhance the internal operations of a company in many ways.

• An enterprise can streamline its IT operations by leveraging a ML-based platform to automatically detect, classify, aggregate, and route IT incidents faster and with no scope of error. The AI-driven processes can reduce daily actionable events significantly, allowing professionals to seamlessly manage complex operations, 24/7.
• Another key use case of AI for an enterprise is automating tasks to free up employees to be more creative. Sales representatives and other field employees can leverage a voice-based AI bot which can speak conversationally and transcribe notes, automatically associate them with relevant accounts and contacts, and make recommendations for follow-up tasks. Such bots can free professionals from time-consuming data entry tasks and allow them to focus on engaging their customer interactions.
• AI can be deployed in Human Resources vertical to identify high-quality candidates even before job seekers apply for jobs. AI-enabled bots leveraged during candidate attraction provides candidates the opportunity to ask questions and get instant response through natural language processing (NLP). It allows prospective applicants to know the organization better before they apply, a critical capability in today’s age when employees extensively research about companies and brand reputations before they apply for a job. It also results in better job matching compared to conventional approaches based on keyword searches. Chatbots increase the chance of converting job seekers into job applicants.
• Companies across industries are employing chatbots to handle customer service and IT support calls in a better way. These AI-powered virtual agents can process thousands of calls every year, learning and adapting as they go, resulting in reduced time and cost per call and enhanced customer experience.

But selecting the right bot is important

AI-powered bots are increasingly becoming the secret essential ingredient for the workforce of the future. They enrich their own databases and continuously learn to get better at the task at hand.

But, to make the best possible use of a virtual assistant, you must select the right bot in the first place. The three kinds of bots are-

Informational
These bots understand natural language and can handle customer questions easily by providing answers to generic FAQs and help businesses reduce contact center volume.

Personalized
Personalized bots are integrated with a brand’s enterprise system and have access to specific customer data. These bots can interact and resolve queries precisely, resulting in enhanced First Contact Resolution (FCR).

Transactional
Operational efficiency is critical for the growth of any company. Transactional bots pull data directly from back-end systems, and execute specific transactions on behalf of customers, like changing account plans or payment methods, enhancing the operational efficiency in the process.

Today, companies want to leverage AI-powered solutions and bots to change how work is done within their organization — by making operations efficient, enabling better decision-making, and freeing employees from repetitive tasks.

PureSoftware Hyperautomation CoE (Center of Excellence) has helped the world’s leading companies innovate their business models and automate internal functions leveraging artificial Intelligence and the power of machine learning to drive productivity and growth. Write to us at info@puresoftware.com to know more about our capabilities.