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Optimizing business managementprocesses is never-ending and hectic. You always have room for more optimizations and improvements. What if Artificial Intelligence can help us to optimize business management? Of, course, it is gonna save a lot of man-hours for many organizations, but the real question is, how far can AI help in business management? And what is the role of Artificial Intelligence in Business Management?
This is a fact – Artificial Intelligence technology mixed with Robotic Process Automation technology (This mix is called Hyperautomation) can automate a wide variety of tasks that consume much of employees’ work hours. And another fact is that machines can perform tasks way faster and accurately as compared to humans.
According to PwC, Artificial Intelligence in Business Management will contribute $15.7 trillion to the global economy by 2030. A part of this will be contributed by the applications and use cases of ArtificiaI Intelligence in business management, which is expected to saves time & reap huge profits.
According to MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project, 85% of executives believe that AI will help their businesses gain or sustain competitive advantage.
According to Gartner, Conversational AI deployment in Contact centers will reduce agent labor costs by $80 billion in 2026. Being a business owner in this space, you need to know how AI can impact your business and how you can take advantage of it.
The stats indicate that organizations that leverage Artificial Intelligence in business management can benefit from the enhanced operational efficiency offered by the technology and outrun their competition. With the increased interest in technologies like Metaverse, Blockchain, Web3, etc., business owners and managers need to understand where they stand in 2023 with their AI strategies to stay up to date in the market.
Role of Artificial Intelligence in business management
If you are not sure how AI can benefit your business, you can watch this short video below to build a better understanding.
AI technology enables machines to exhibit intelligent behavior to do complex tasks such as observing, learning, planning, and making decisions for problem-solving.
How does it work? By training a machine using AI algorithms and a lot of data, machines can understand the data it processes and take actions based on it.
The major use cases of Artificial Intelligence in business management include predictive analytics, process automation, customer analytics, security surveillance, and job optimization. Predictive analytics can help businesses to predict future trends based on their current business data.
You’re probably wondering how to start your business transformation using AI. The first step is to consult with an expert to identify the potential AI implementations in your organization.
With a feasibility study done on these different scopes, you can prioritize the AI transformation and work with an AI development team to build a proof of concept. Contact us today for a free, no-obligation consultation if you need help with AI technology consultation or development.
AI For Managers
Artificial intelligence has gone from behind a buzzword to being implemented in driverless automobiles and winning unwinnable games. In today’s tech environment, managers have a lot of tools to choose from to improve their team’s productivity and have a smooth flow of customers or leads for their business. With the help of AI, they can remove themselves from mundane tasks and add more value to the business. Let’s examine how managers can make better decisions using Artificial Intelligence in business management.
We are slowly transitioning from a world where “People” is considered King to “Data” being considered King. Big tech companies like Google, Meta, etc., use billions and billions of data to analyze the needs of their customers and provide services accordingly. If you are a business manager with the help of Artificial Intelligence in business management, you can predict future trends, forecast profits, and make better decisions.
Let’s take a scenario of fund managers. About 40% of job cuts in the financial sector are expected to occur in money management due to the rise of robo-advisors replacing human fund managers. This could seem negative, but there is a positive side to it. This is an opportunity to improve your skills and make the most of the increased availability of high-quality, fast data, particularly if you are currently spending a lot of time collecting, evaluating, organizing, and presenting data to identify potential problems, challenges, and progress.
Setting better and achievable goals
Artificial intelligence can analyze massive amounts of data and derive insights from it. Imagine if your company has been running on loss for the past couple of years, and you are responsible for deriving actionable insights using the data. There is no way you can go through the entire data.If we put the same data into an AI model, the AI will study the data much faster and give us the required insights.
Being a Leader than Boss
AI can enhance team dynamics for managers by providing prompt feedback to team members and increasing accountability. AI uses NLP and chatbots to determine who requires positive feedback at the end of the week and informs the manager or even offers feedback. It can also pinpoint who needs additional coaching and prepare a detailed one-on-one meeting plan for the manager and employee. Improved coaching has numerous benefits, and 72% of employees state that their performance would improve with more feedback. However, many managers need more time, habit, or data to consistently offer timely, fact-based feedback.
How is AI used in Business?
Now that you have a basic understanding of how AI can benefit your organization (if not, please refer to the video above), let’s explore the possibilities of optimizing business management processes with Artificial intelligence. As you know, a business runs on many wheels. Each wheel is a department. The success of a business is defined by how well these different wheels work smoothly and how well they work in tandem.
So let’s dig into detail on how implementing Artificial Intelligence in business management can help different departments improve your business processes.
Managers in an organization spend most of their time on a variety of administrative, coordination, and control tasks. For instance, HR managers must constantly juggle shift schedules because of staff members’ illnesses, vacations, etc.
A few examples of AI use cases in the HR department are:
Job automation: Using Robotic Process Automation, time-consuming tasks such as resume analysis, salary processing, responding to employee inquiries, performance evaluation, scheduling meetings based on attendee availability, etc can be automated.
Job interviews: AI can simplify the interview process and takes up a considerable portion of the workload of the HR manager.
AI can help to-
Easily shortlist resumes from a large database of resumes.
Video interview with AI-powered analytics can monitor the candidate’s facial expressions while they answer to calculate their confidence level.
Automate the initial few rounds of employee interviews.
Responding to applications and queries: Reaching out to applicants as quickly as possible is essential otherwise, losing the candidate to competitors becomes a big possibility. Applicants who have queries about their candidature and other related information seek quick responses. AI chatbots can step in and expedite this task and reduce the burden on the HR department.
AI chatbots perform most noteworthy tasks such as –
Timely respond to inquiries from employees as well as candidates.
Notify candidates with updates.
Interactively collect feedback from employees.
Screening resumes: While the current applicant tracking systems (ATS) have played a major role in reducing the burden. The spontaneous flexibility acts as a competitive edge for AI when compared to criteria-based systems. AI can screen thousands of resumes across third-party candidate providers that the company uses. And could be even programmed to add only the best-suited candidate to their ATS.
Incorporating Artificial intelligence in business management can help marketers and sales people to provide highly personalized consumer experiences. In addition it costs less than traditional high-dollar campaigns. Future optimization primarily depends upon the interaction of the consumer with a product or service.
Here are a few innovative ways marketers can use AI in their campaigns:
Lead scoring: Propensity models generated by machine learning can be trained to score leads based on certain criteria. It helps the sales team to establish how ‘hot’ a given lead is and whether they are worth devoting time to. Contacting most relevant leads saves considerable amount of time. Moreover, they can concentrate their effort where it is most effective.
Optimize digital advertising campaigns: Machine learning algorithms analyses large amounts of historical data. In order to determine which ads perform best on which people and at what stage in the buying process. With the help of this data, they can serve them with the most effective content at the right time.
Predictive analytics: Propensity modeling can be used to predict the likelihood of a given customer to convert. It can even predict at what price a customer is likely to convert or which customer make more purchases. This will help the managers to come up with creative strategies to push less popular products.
Optimizing finance and operations
Let’s take a look at how AI can improve the operational efficiency of Finance and Ops departments.
The traditional techniques for fraud detection use static rules-based systems, which has several disadvantages associated with it, which make it less effective.
Today, AI can analyze business transactions and evaluate their threat score. This score is then ranked against a pre-established threshold that will mark the transaction as fraudulent or not. The main idea behind this is that fraudulent transactions have very different characteristics from legitimate ones. This can help to;
Warning signs of fraud attempts.
Automated virtual financial assistants: AI can monitor events, stock and bond price trends. Portfolio and financial goals of the user serves as the prime metrics for AI. It can then give recommendations regarding bonds and stocks to buy or sell. These systems are commonly called “Robo-Advisors” and are getting more popular in established financial companies and fintech startups.
Risk management: For financial institutions, risk assessment while giving loans is a very complex and critical process. AI can simplify most processes by analyzing relevant data of the prospective borrower. AI plays a key role in analyzing data related to –
The latest transactions.
Recent financial activities.
Nevertheless, it shows the potential risks involved in giving loan. In fact it makes risk management much easier for businesses.
Managing customer data: Efficient data management is key to business success. Technologies like NLP, Data mining and text analytics can help to retrieve information from business documents efficiently and accurately.
Uses of AI in managing customer data includes –
Business intelligence: Business Intelligence solutions can help businesses to identify new opportunities and implement effective strategies based on key insights. Here is a detailed article explaining the possibilities of business intelligence.
Applications of AI in the manufacturing sector opens up a wide range of opportunities for optimizing the manufacturing processes. Technology has drastically changed how organizations go about their manufacturing operations.
It is not a stretch to say that Artificial Intelligence in business management helps in every aspect of a business. Whether for simple tasks such as suggesting products or providing customers with basic customer service. Even in complicated measures such as conducting software tests and completing extensive problem-solving procedures. For this reason, it is important to say that Artificial Intelligence had become an unavoidable factor in our world.
Here are some frequently asked questions. If you can’t find what you’re looking for here in this list of questions? Drop us your question and our solution experts will get back to you with proper answers within a day.
What are the top 3 sectors of business that use AI?
The versatility of artificial intelligence makes it a valuable tool across various industries. However, its potential impact may be significantly higher in sectors such as Cybersecurity, Financial Services, and Information Technology.
Cybersecurity: AI can efficiently and quickly detect abnormal patterns and weaknesses in vast networks. Monitoring and analyzing large-scale networks can be challenging and time-consuming for humans. Still, AI can analyze data from multiple endpoints to detect vulnerabilities and threats before any attack occurs.
Financial Services: In corporate finance, artificial intelligence enhances loan risk evaluation and prediction. By employing AI technologies like machine learning, businesses can achieve better loan underwriting, leading to reduced financial risk and increased value.
Information Technology: Industries have undergone significant digital transformation, leading to novel advancements addressing core IT challenges. At the heart of this progress lies AI, which has become a central component in the development of almost every industry. Information Technology was one of the earliest industries to embrace AI technologies and recognize its potential.
How to implement AI in business?
AI was in business way before it became a buzzword. Multiple tools give you easy access to explore AI for your business. But working with a leading AI development company is the easiest way to implement Artificial Intelligence in your business.
What is the most commonly used type of artificial intelligence in business?
Machine learning is one of AI’s most commonly used categories, which can improve business processes and enhance efficiency. The primary objective of machine learning is to rapidly process vast amounts of data, utilizing algorithms that appear to “learn” and improve over time.
What is the cost of implementing AI in business management?
Determining the cost of developing and implementing an artificial intelligence application depends on the project’s specific requirements. However, even a basic system may cost from $10,000 to more than $50,000. Despite the initial investment, AI is worth considering its potential benefits. AI is predicted to contribute up to $15.7 trillion to the global economy by 2030, primarily driven by increased productivity and automation.
Although the AI revolution is still in its early stages, every business has the potential to transform and lead the race with the right data and IT infrastructure. Therefore, any company can gain a competitive advantage by embracing AI. Consult a leading AI development company to get a clearer cost.
How long does it take to implement AI in business management?
The capabilities and features of AI solutions determine the time required to finish your AI project. As the complexity of a feature increases, so does the amount of time and effort required for its development, testing, and deployment.