The Decision-making process in today’s business world is becoming automated at more and more levels of operation; thanks to artificial intelligence and machine learning in particular. In fact, according to a survey done by the International Data Corporation (IDC) – an industry leader in market intelligence services – three-quarters of global enterprises will have installed some form of intelligent automation into their operations and process to bolster innovation. Estimates put artificial intelligence investment to surpass the 100 billion-dollar-mark by 2025. Smarter and efficient processes, attributable to machine learning, are presently evident in countless companies, and their impact is significant. Here are a few examples.
Enhanced Customer-Centric Experience
One prevalent issue that many corporate executives and entrepreneurs alike aim to address is devising an approach to enhancing customer experience and cutting costs while at it. Machine learning and automation have transformed data mining processes as well as enable the creation of algorithms that not only learn the natural language but also continuously develop to become better with more interactions. According to an MIT Technology Review published in 2018, 90% of businesses report faster complaint resolutions through chatbots.
Fraud Detection
Data from the Association of Certified Fraud Examiners revealed that most companies lose nearly 5% of their total revenue as a result of fraud. The same organization also noted that nearly a quarter of occupational fraud cause a loss of at least $1 million to companies. Machine learning systems configured for automation can track data, identify anomalies, and alert when fraudulent activities are taking place in real-time. Artificial intelligence is, no doubt, a great asset in cybersecurity.
Improve Recruitment Process
Recruiters and the Human Resource department at large can become overwhelmed when going through long lists of shortlisted candidates for a position. This is such a crucial process that no organization can afford to sideline. Artificial intelligence, through machine learning, can help to hire managers essentially do the “dirty work” and narrow down extremely long lists to a more manageable number.
Agentless Intelligent Automation
Machine learning-powered algorithms, in some cases, can eliminate the need for human agents. In fact, it’s been reported to be more efficient and saves the company the trouble and costs involved when performing repetitive tasks. Intelligence automation also enhances an organization’s IT infrastructure.
Boosting Loyalty and Customer Retention
With today’s artificial intelligence, companies are able to investigate multiple components of customer behavior. They will then use that data to determine attrition rates and formulate strategies to retain customers. Organizations take a more proactive approach in this regard, often tend to be more profitable.
The transformation of an organization to adopt artificial intelligence can be a daunting task. It makes all the sense to partner with data and market analytics experts as well as smart application developers. Fortunately, with ZOG Global, you get all-in-one plus a team with a wealth of experience in artificial intelligence and creating automated systems across multiple industries. Embracing artificial intelligence is no longer a matter of “if” but “when” for organizations to survive in the future.
