How often in business management do you get bogged down with monotonous and repetitive work?. If your answer is often, then you might know the role that AI plays in proper Business Management. Your creative juices will dry up in the snap of a finger unless you depend on AI solutions. In this highly competitive digital world, companies are desperate to find the entrepreneurial spirit. So as to remain competitive and relevant in the game.

Mundane & recurring tasks stunts the growth of the business. So, how can we overcome this problem? This is where Artificial Intelligence (AI) can act as a crucial player. By integrating AI in business management many of the standardized processes and procedures that you have to deal with in the modern work environment can be automated.

Facts & Studies

The fact is that, AI would soon be able to do tasks that consume much of employees’ time. They may even perform tasks much faster and in a more cost-efficient manner. According to PwC, Artificial Intelligence will contribute $15.7 trillion to the global economy by 2030. AI incorporation in business management saves time & reaps huge profits.

Various studies & researches were done by MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project. Here, studies shows that 85% of executives believes that AI will help their businesses gain or sustain competitive advantage.

Let us see how to implement AI in business management,

HR Management

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 or sudden departures. AI helps in the proper automation of tasks.

From candidate acquisition to scanning resumes without bias to improving employee engagement and answering real-time questions. AI has the potential to revolutionize human resource management. Furthermore, here are a few instances where AI can help the HR department.

Scheduling meetings: AI programs can easily schedule and meetings by simply sending an email. It can also give recommendations for dates available for booking. Once the calendar date is scheduled for the meeting, it marks the date on your personal calendar thus simplifying the process.

Job interviews: AI can simplify the interview process and takes up a considerable portion of the workload of the HR manager. The interview conducted by AI will consist of a set of questions for each candidate.

AI helps to analyse –

• The candidate’s facial expressions while they answer and makes a decision based on that.
• AI doesn’t discriminate based on the sex or age, not because it can’t, but because that information is irrelevant.
• It would never get tired of speaking to multiple candidates and even make smart decisions.

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 –

• Answering questions.
• Furnish candidates with current updates.
• Providing feedback.
• Providing support at every stage of the hiring process.

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 through suitable programming language to add only the best-suited candidate to their ATS.

Marketing Management

Incorporating AI in business management can help marketers 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.

AI in business management – Optimizing Financial Services

Development and implementation of AI is the prime focus of financial services. Since AI solutions offer better speed, accuracy and efficiency. Let’s take a look at how AI can improve this sector.

Fraud detection: AI can be used to analyze all the transaction data.

Then monitors users’ behavioral patterns to –

• Identify rarity.
• Warning signs of fraud attempts.
• Incidences. 

It will identify the repetitive tasks and will give you suggestions accordingly. This will not only help you in saving valuable time. But will also help you to detect fraud practices and prevent it.

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: Risk assessment while giving loans is a very complex and critical process. Even more, AI shows both accuracy and confidentiality. 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.
• Market trends.
• 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:  For financial institutions, efficient data management is key to business success. AI tools like NLP, Data mining and text analytics help to transform data into information. They even contribute to better business solutions and smarter data governance.

Uses of AI in managing customer data includes –

• Using customers financial history, machine learning algorithms can analyze the influence of some specific financial trends and market developments.
• By understanding news trends, social media and other data sources.
• AI can conquer many main applications like predicting prices, future life events, and customers lifetime value.

It is not a stretch to say that AI in business management helps in every aspect of a business. Whether it be 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.