How often do you get bogged down with monotonous and repetitive work? If your answer is often, then you know how it is. Your creative juices will dry up in the snap of a finger. In this highly competitive digital world, companies are desperate to find the entrepreneurial spirit that is necessary to remain competitive and relevant in the game. The growth of the business will be stunted as long as employees have to deal with all mundane tasks. 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.
The fact is, AI will soon be able to do tasks that consume much of employees’ time faster and in a more cost-efficient manner. According to PwC, Artificial Intelligence will contribute $15.7 trillion to the global economy by 2030. Huge profits can be reaped by incorporating AI in business management. The MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project found that 85% of executives believe that AI will help their businesses gain or sustain competitive advantage.AI will contribute $15.7 trillion to the global economy by 2030. So businesses can reap huge benefits from investing in AI. Moreover, 85% of executives believe that AI will help their businesses gain a competitive advantage. Click To Tweet
Let us see how to implement AI in business 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. These tasks can be automated with help of AI.
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. 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 then analyses 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 and it will not tire of speaking to multiple candidates and will be able to make smart decisions.
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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. The AI chatbot can answer questions, furnish candidates with current updates, can provide feedback and can provide support in every step of the hiring process.
Screening resumes: While the current applicant tracking systems (ATS) have played a major role in reducing the burden, these criteria-based systems are limited due to the lack of spontaneous flexibility that the AI can offer. AI can screen thousands of resumes across third-party candidate providers that the company uses and only the best-suited candidate will be added to their ATS.
Incorporating AI in business management can help marketers to provide highly personalized consumer experiences that cost less than traditional high-dollar campaigns. The interactions made by the consumer with a product or solution is utilized for future optimization. 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. By contacting the most relevant leads, a considerable amount of time can be saved and they can concentrate that energy where it is most effective.
Optimize digital advertising campaigns: Machine learning algorithms will go through the large amounts of historical data to establish 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 and it can predict at what price a customer is likely to convert at or which customers are likely to make more purchases. This will help the managers to come up with creative strategies to push less popular products.
No other area in business is more focused on developing and implementing AI for speed, accuracy, and efficiency as much as the financial services. Let’s take a look at how AI can improve this sector.
Fraud detection: AI can analyze all the transaction data and then monitor users’ behavioral patterns to identify rarity and warning signs of fraud attempts and incidences. It will identify the repetitive tasks and will give you suggestions accordingly. This will not only help you in saving valuable time by doing repetitive tasks but will also detect fraud and prevent it.
Automated virtual financial assistants: AI can monitor events, stock and bond price trends according to the portfolio and financial goals of the user. 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. It requires both accuracy and confidentiality. AI can simplify this process by analyzing relevant data of the prospective borrower. AI can also analyze the data related to the latest transactions, market trends and recent financial activities to identify the potential risks in giving the loan.
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 contributing to better business solutions and smarter data governance. 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.
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It is not a stretch to say that AI in business management has found a way to help in every aspect of a business. Whether it be for simple tasks such as suggesting products or providing customers with basic customer service, or for complicated measures such as conducting software tests and completing extensive problem-solving procedures, AI has found its place in our world.