Read on to learn several key ways AI can increase business productivity, including customer service, project management, and overall operations.
Over the last few decades, we have seen a significant rise in technology adoption in everyday business. Organizations worldwide have undergone the digital revolution, embracing technologies that promise improved efficiency, productivity, and profitability. As a result, organizations have evinced interest in Artificial Intelligence (AI) and Machine Learning (ML).
AI increases overall efficiency while assisting them to save the valuable time of their employees. Organizations also leverage AI to enhance their decision-making processes. The current generation of AI – powered by Big Data and Machine Learning platforms – has the potential to reduce operational costs and boost employee experience. In fact, when it is used effectively, it can help organizations conduct research, improve employee experience, and boost organizational productivity.
How AI Increases Business Productivity
AI can help gather and analyze vast tracts of data automatically. AI programs help in collecting information from the available data set by identifying and interpreting the patterns that humans cannot. This capability saves employees’ time and plays a major role in harvesting actionable insights. Companies use these actionable insights to drive product and marketing decisions, enhancing productivity and profitability.
AI enhances business productivity and can help companies in several ways. We have listed some of them below.
AI is widely used in customer service. Organizations use chatbots to interact with customers to offer solutions to their queries and complaints. These chatbots are programmed to understand users’ natural language and respond quickly. Chatbots can also identify the emotional tone of users and respond accordingly, helping manage different types of customers.
The application of chatbots in customer service helps reduce response time, also saving employees time. Moreover, the data and information collected through chatbots help organizations learn more about the types of customers and their concerns. This practice indicates that organizations can regularly collect, analyze, and interpret more data using chatbots. This mechanism can boost overall productivity and help achieve a better customer satisfaction score.
Hiring a new employee is a highly cumbersome process for any organization. Organizations have to glean through multiple profiles, find the most suitable candidates, organize their interaction with hiring managers, and so on. All these consume substantial time and bandwidth of the human resources (HR) team and recruitment executives. AI can help organizations simplify the entire process.
Organizations can use Artificial Intelligence-enabled tools to scan numerous resumes quickly and identify the most suitable ones. These tools can be programmed to find the keywords in the resumes, which helps the hiring managers easily and seamlessly shortlist the most qualified candidates. Automating this process reduces the time required to complete the process and ensures highly accurate outcomes. Thus, AI plays a major role in simplifying hiring or recruitment processes and boosting the performance of HR teams.
Organizations can improve their sales graph by leveraging AI-powered solutions. They use a wide range of data sets to gather, analyze, and interpret data to identify potential leads. It is practically impossible for your sales team to amass and analyze these customer and behavioral data without using advanced algorithms. In this scenario, AI-powered solutions can help organizations gain a competitive advantage.
Organizations can use AI to analyze sales patterns and trends by examining customers’ purchasing behavior. These AI-enabled solutions also help identify customers more willing to invest in products or services. Organizations can build comprehensive customer profiles with greater accuracy, and this not only helps recognize more potential leads but also helps businesses save the time of their sales teams. Further, a comprehensive assessment of historical sales details also enables organizations to draft and execute sales campaigns better.
Every organization faces the challenges of managing multiple projects with limited resources and within the stipulated time. Forward-looking organizations have already started using the latest technologies to manage these projects. Currently, there are several Professional Services Automation (PSA) solutions that help organizations manage projects in real-time. These AI-powered PSA solutions collect real-time data and help project managers with live inputs from all the resources aligned with a project.
These PSA solutions collect all the data about a project, such as work done, remaining work, estimation of dates, etc. Further, these AI-powered tools also collect information about critical project metrics, such as hours, billing, and costs. Project managers can use the data to manage all aspects of projects and coordinate with all stakeholders of the projects in real time. This helps you achieve a higher level of operational excellence and enhances productivity.
If you want to achieve a higher level of organizational productivity, you must manage your resources intelligently. We have seen how businesses often suffer due to sub-optimal resource utilization. However, it is challenging for organizations without the help of an AI-enabled resource management solution. That’s why organizations have started using AI-powered solutions that can help them manage and supervise their resources intelligently.
AI-powered resource management tools closely monitor what your resources are doing, their skills, and what best suits their competence. This allows you to manage a diverse resource pool, allocate tasks most suited to their skills and expertise, and granularly monitor their activities. Further, this also helps businesses achieve a higher level of accuracy in capacity planning, which includes resource forecast and hiring requirements. Thus, an AI-powered resource management solution can help you improve resource utilization and productivity.
Organizations spend considerable time harvesting insights and valuable information from incoming data from customers, clients, technology partners, etc. They often have a dedicated team to review invoices, analyze customer queries, and conduct consumer research. However, this process is error-prone and time-consuming. An AI-enabled solution can help organizations efficiently manage multiple operations, such as supply chain management, marketing, activities, product and inventory management, etc.
AI helps analyze real-time data, while several AI-powered solutions also empower businesses with live recommendations. These recommendations help analyze or foresee risks, empowering managers to mitigate them proactively and encouraging operational excellence. Thus, organizations can leverage AI to ensure a faster decision-making process based on contextual data analysis that can be used for drafting more effective strategies.
Get Ahead of the Competition with AI
AI increases business productivity and proffers a wide range of compelling benefits for businesses However, you must identify the key areas where you can use it to improve your organizational efficiency and productivity. Once you have identified the most promising use case, you are perfectly positioned to get ahead of the competition.