Did you know that artificial intelligence (AI) can potentially increase your business productivity by as much as 40%? AI is disrupting the world as we know it. From healthcare to fintech, industries are beginning to embrace this fascinating field of computer science. And with the global coronavirus pandemic which has seen mass retrenchments and 42% of U.S. workers forced to work remotely, there has never been a bigger need for AI in business than now.
The questions that many executives are asking are: How can AI be integrated into existing IT infrastructure? And once AI has been integrated into current technology, how can it be leveraged to improve the bottom line and operational efficiency? Let’s explore five ways existing assets and AI can be leveraged in business.
1. Automating business processes
Every business has a host of business processes that keep it running. Administration, procurement, operations, IT, information security, customer service to name a few. AI can now be integrated with your current assets to automate each of these areas.
For example, procurement systems with artificial intelligence can now provide services such as reverse auctions, contract management, and request for quotations. Cybersecurity infrastructure is leveraging AI to help in identifying threat vectors and patching system vulnerabilities in a bid to mitigate risk and promote secure internal networks.
2. Deriving actionable insights from data analysis
Data is central in today’s business world. Sales and marketing professionals are relying on data to inform and guide their decisions. However, in its raw form, unstructured data is of little help to anyone. It must first be cleaned and transformed into a comprehensible form. This is where artificial intelligence steps in.
Leaning on the IT infrastructure in place, AI ingests unstructured data and carefully sorts it out before presenting it in a variety of forms for easier consumption. The reports, visual charts, and graphs revealing trends and patterns generated become what is known as analytics. This invaluable information can then be used by executives to plan an intelligent way forward for the business.
3. Improving customer and employee engagement
Artificial intelligence has even been incorporated into business processes that deal with customer and employee engagement. Chatbots and digital assistants are two of the most commonly used AI systems that are already a part of many businesses’ day-to-day operations. They facilitate and streamline customer and employee interactions.
Some businesses, however, have taken AI integration to a whole new level and are built on the very notion of AI. Think challenger and neo banks whose entire existence is natively digital. These banks have been so disruptive and have already amassed a global user base of 2.6 billion people in less than a decade. This is how powerful AI is and how when leveraged properly can be a game-changer.
4. Fighting internal and external fraud threats
Did you know $42B is the estimated total fraud losses suffered globally in 2019 according to the 2020 PwC Global Economic Crime and Fraud Survey? Fraud remains a persistent threat for many companies with rising costs.
47% of surveyed companies across 99 territories had experienced some sort of fraud in the past 24 months. Companies had on average as many as 6 fraud cases per year. The three most common forms of fraud were cited as customer fraud, asset misappropriation, and cybercrime.
AI and machine learning have been roped in to help fight this scourge. The integration of both supervised and unsupervised AI models means historical data can be mined and analyzed, irregular patterns, and unusual customer behaviors highlighted.
5. Scheduling predictive maintenance leading to cost savings
Predictive maintenance is a part of the business life cycle. When machines break down it can become very expensive if this leads to disruption of critical operations. To prevent such occurrences and the subsequent reactive maintenance, many enterprises have now opted to assimilate artificial intelligence technology into their systems to help with predictive maintenance.
A company that’s taken this seriously is Siemens AG, a pioneering global provider of railway infrastructure. They have adopted sophisticated AI-driven technologies that assist in improving train efficiency, identifying assets that need repair ahead of time, and furnishing rail operators with pivotal uptime guarantees.
Realize value from AI initiatives.
Are you keen to realize value, accelerate growth, drive operational efficiency while reducing risk? There are many factors to take into account before initiating an AI project. Liberty Advisor Group has extensive experience with AI applications. Let us help you realize your highest ambitions. Contact us for more information.
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