Digital transformation is all about performing and achieving the same processes and functionalities differently. It’s not only about achieving efficiency over others but it also offers future-proofing. Incorporating automation along with artificial intelligence for your daily recurring tasks cover both sides of the spectrum. Not only does it offer efficiency improvements but it also causes cost reduction in the long run.
Bear in mind that improvements only in operational effectiveness aren’t enough and it doesn’t necessarily provide your organization with a strategic competitive advantage. Moreover, AI is making its way drastically in both strategic and operational process management of organizations. This is where AI and automation offer a different and better approach to achieve better results.
It is expected that the Artificial Intelligence industry will be worth about 267 billion US dollars by 2027. It’s one of the fastest-growing industry in the world and here are the capabilities it equips your organization with.
Capabilities of AI
Artificial intelligence comes with three distinct and most significant capabilities that you can use to make your organization’s operation efficient and effective. Let’s discuss them one by one.
Machine learning is one of the most helpful and advanced capabilities of AI. It allows programs, machines, and robots to learn from real-world examples and different scenarios. This way machines don’t need to be programmed explicitly for every action.
It allows machines and programs to process data in bulk and connect dots across tons of different and complex variables. It is one of those things that even the smartest human beings can’t achieve with 100 percent accuracy.
Machine learning with all the features mentioned above dramatically reduces the duration of all the tasks by drawing insights from hundreds of thousands of data points. For example, machine learning offers enhanced customer support with chatbots.
AI solutions come with interactive capabilities that provide you with seamless and natural human-machine conversations. In simple words, you don’t need to define a specific set of rules, scenarios, or criteria in order to enable interactions.
For example, you can acquire an AI solution that manages to engage your website users with multiple and complex questions such as what color shirts do customers want to purchase, or what types of garments they are looking for. This way it can help your customers with different queries and questions for a seamless and effective purchasing experience.
Conversing with the customers is only one way where AI solutions and its capabilities can be applied. One of the most fascinating things about an AI chatbot is that it can manage hundreds of thousands of customers at the same time. Additionally, you can integrate a conversational marketing platform with your organization’s telecommunication and IT systems, CRM systems, and even the user’s analytics platform.
Automation is one of the most commonly used capabilities of AI solutions. By using it, not only can you automate all of your routine tasks, but you can also analyze a huge amount of data. You can also enhance and update user interfaces in real-time according to the interests of your prospects. Using predictive analytics, machine learning, and data analysis you can easily automate multiple important decision-making operations of your organization.
McKinsey suggests that you can even automate about over 45 percent of your organization’s tasks by using AI.
NLP (Natural Language Processing) is one of the best techniques that empower human-machine interactions. It provides software, machines, and even robots with the ability to read, process, and understand human language. Moreover, NLP also allows machines and solutions to derive meaningful results. It can process terabytes of data by taking the least possible time and extract business intelligence.
You can also use NLP to obtain information such as account numbers, email addresses, phone numbers, and names. In addition, you can also group and categorize this PII from any type of text resource by linking entities and topics. It’s a great way to create an email listing which you can use to contact your customers.
Natural Language Processing Example
Latest breakthroughs such as GPT-2 and GPT-3 have completely changed the landscape of NLP. It provided us with some of the most promising use cases and some of the most interesting ones are listed below:
One of the most important things regarding any business is customer satisfaction and using NLP you can achieve excellence. That’s because the automated, 24/7, and relevant interaction with the end-users can increase your sales astronomically.
According to recent stats, over 88 percent of the customers say that they are willing to pay more if they receive a great customer experience. One of the greatest and most successful examples of all time regarding chatbot is Julie which was employed by an American railway company Amtrak.
Julie delivered about 800 percent of ROI by helping customers to find the most convenient commute. Moreover, she also increased the booking by 25 percent that year and reduced the customer service cost by one million US dollars.
If you use social media to promote your services and products, you’d already know that it offers countless ways to reach customers. You can also collect unique information about each customer by learning his/her habits, and interests.
Social media is also considered as a melting box of news and perspectives which provides unprecedented insights about general public opinions. You can understand these insights by using sentiment analysis solutions. In its essence, it basically analyzes if the context by which any brand is exposed over social media is neutral, negative, or positive.
AI solutions check the frequency of negative and positive words and find out if the sentiment is positive or negative overall. This technique helps organizations all across the world to understand public opinion in real-time across social media and also in their received emails. It helps organizations a great deal with their workflow automation by targeting only the most relevant and interested people.
You can also use NLP techniques to analyze complicated, unstructured, and long texts or even emails. Gartner statistics show that about 80 percent of any company’s data is unstructured and remains unused. On the other hand, organizations utilizing the capabilities of NLP to analyze text achieve greater business insights and come up with a futuristic approach. Not only does it provide them sustainability but it also allows them to understand their customers better than their competitors.
One of the biggest examples of text analytics is the function generated by Google that answers questions automatically. Not only does it focus on giving particular search results but it also provides end-users with the complete answer they need.
AI and automation provide countless opportunities for organizations from several segments and industries. Not only these techniques are changing how organizations used to work but they also bring drastic changes in our day-to-day life. That’s why it’s imperative to acquire these techniques for the future-proofing of your company.