Today, AI has transitioned from 'nice to have' into a 'must-have' discipline for enterprises. Over the past few years, the use of AI has aggressively increased across all industries. Organizations are eyeing AI to deliver a delightful customer experience, automate manual tasks, reduce the turnaround time, and create more adaptive processes. However, primarily, they’re looking at the efficiency this technology brings in business operations.
Artificial Intelligence is a powerful tool for delivering people the right information at the right time for making insightful decisions. By amplifying human intelligence and enhancing planning, AI can revolutionize workplace productivity, enable better decision making, and allow them to seize available opportunities.
Utilizing AI to improve enterprise operations and efficiency includes embedding algorithms into applications that facilitate organizational processes. AI applications can then automate repetitive, complex tasks and, in doing so, deliver high magnitude enhancements in the speed of information analysis and the dependability and precision of outputs. For instance, an AI-powered call center application can answer customer calls within 5-7 seconds on a 24/7/365 basis, precisely address many problems on the first call, and assign complex issues to employees, with less than half of the customers even recognizing that they are communicating with a machine.
AI's power stems from its capability to lessen search time and process more data volume to make decisions. That's how AI improves efficiency and frees up employees to perform higher-level work — particularly, work that demands human adaptability and creativity.
AI applications come in several flavors. Let us look at the financial industry and the healthcare industry for some examples.
AI in Financial Services:
AI has empowered the financial industry with a whole new way to meet the needs of customers who need smarter, more convenient, simpler, and safer approaches to access, save, spend, and invest. AI facilitates the financial industry to streamline and improve a wide range of processes from credit decisions, trading, fraud prevention, personalized banking, process automation, and financial risk management.
There is the promise of amplified transactional and account security, particularly as the adoption of blockchain and cryptocurrency magnifies. This could radically lessen or eradicate transaction fees. Additionally, with enhancements in chatbots, digital assistants, and apps, personal finances could become a lot simpler. The industry will also witness eye-catching customer care options utilizing complex self-help VR systems.
A new level of transparency will emerge from more comprehensive and precise know-your-client reporting and more thorough due-diligence checks, which presently consume too many human work hours. The benefits of AI in financial services are numerous and difficult to ignore.
As per Forbes, 65% of senior financial management predicts positive transformation in the financial services from AI technology.
AI in the Healthcare Industry:
Artificial intelligence (AI) can revolutionize the healthcare sector. It supports enhancements in healthcare outcomes, patient experience, and access to care services. While it also offers numerous advantages over traditional analytics and clinical decision-making techniques, amplifies productivity, and the efficiency of care delivery. AI could also enable healthcare systems to provide better care faster. AI also facilitates enhancing healthcare practitioners' experience, empowering them to spend more time in direct patient care while reducing burnout. AI in healthcare can be used for:
• Early detection of critical diseases like cancer in their early stages. The explosion of wearables and other medical devices integrated with AI is used to supervise early-stage heart disease, allowing doctors and other caregivers to better monitor and identify potentially life-threatening diseases at earlier, more treatable stages.
• Healthcare organizations can utilize cognitive technology to unlock enormous amounts of health data and facilitate diagnosis. AI can help review and parse medical information – every medical journal, symptom, and case study of treatment and response worldwide – exponentially faster than any human.
• Helping people stay healthy. AI helps healthcare givers to identify better everyday patterns and requirements of the people they care about, and with that understanding, healthcare providers can offer better feedback and guidance.
• Helping doctors take a more all-inclusive approach for disease management, better manage care plans, and allow patients to better manage and abide by their long-term treatment programs.
The conventional aim of IT has been to make business processes faster and cost-effective. That method is, however, still essential but no longer adequate for businesses to remain competitive. Today, IT has to do much more, allowing organizations to respond more rapidly to dynamic business conditions.
Let us see how leveraging AI makes it simpler to increase operational efficiency in an ever-evolving business landscape.
• Acing Customer Experience
Automation delivered through chatbots and digital assistants ensures better customer service because customers can reach them at any point in time. Consider the Autodesk Virtual Assistant. It can handle over 100,000 interactions per month, crashing response times from 1.5 days to barely 5.4 minutes. Call centers are becoming out-dated as automation learns to respond to the same queries as humans in lesser time. And organizations can provide superior customer service.
AI can thus improve organizational operations to enhance their bottom line and optimize customer experience. Moving forward, AI-driven automation will be regarded as a critical asset for remaining competitive in the business landscape.
• Reducing Manual Errors
Organizations often end up incurring operational costs because of human errors, fraud, and general inefficiencies. Errors in any form are wasteful. For instance, in healthcare, needless tests and procedures cost U.S. customers a shocking $210 billion a year. Part of the challenge is that every patient is possibly getting medical treatment from multiple service providers, making it tedious to organize a treatment schedule effectively. Leveraging AI, however, can identify duplicate processes in the scheduling process and reduce scheduling errors as well.
Today several health providers are automating 80% of their tasks, such as inputting new patient's health history. Consecutively, productivity grows while errors reduce. Healthcare staff reorganized the time spent on menial tasks in assisting with more critical requirements. Increasing efficiency and reducing errors thus benefits both patients and healthcare providers.
• Gaining Competitive Edge with Workflow Automation
Operational efficiency focuses on how a business can offer its customers products or services most cost-effectively while ensuring its quality, services, and support. Unsurprisingly, enhancing operational efficiency is a primary objective for the majority of organizations.
A critical contributor to operational efficiency is the automation of workflows. It's astonishing how many organizations still rely on an enormous volume of manual processing, utilizing legacy or siloed systems, paper-based systems, and excel sheets, instead of automating these repetitive but necessary tasks.
Workflow automation defines streamlining and automating business processes, whether for finance, sales, marketing, HR, or distribution. Employing AI for workflow automation to every department's daily business processes will lessen the number of mundane tasks, employees would otherwise carry out manually, freeing them to focus on other critical value-added tasks.
The Bottom Line
Indeed, AI will probably be employed in upcoming years not only to amplify human performance but to automate specific operational and business processes altogether. Enterprise applications powered by AI may not build the same buzz as a self-driving car, but they can certainly produce dramatic returns in performance, profitability, revenues, and customer satisfaction!