AI is no longer a secretive technology to garner exciting and amazing business benefits. It is ubiquitous even in the most neglected activity such as those mails that automatically make it to the spam folder. Also, let’s not forget those predefined suggestions for composing a new mail. It all lies in the cognitive intelligence of deep learning or machine learning that enables these predictive performances ahead of time.
However, the scopes and capabilities of AI are beyond these mere accomplishments. Businesses can build up their cognitive capabilities to satisfy their business objectives. So, it is imperative for businesses to regard AI as business enhancement tools rather than a technology. Some interesting business use cases are there that help you unlock potential and seize the right opportunity ahead of time.
The figure below shows varied degrees of AI benefits at business by industry leaders.
Applications Of AI In Your Business
We will discuss some of the AI-based components that empower and redefine your business. Let’s get started.
- Agent-based simulation
In the age of rapid advancement of Artificial Intelligence technologies and machine learning that foster the growth of predictive models, agent-based simulation has become a reality. As we simplify the definition of Agent-based simulation, it refers to an Artificial-based computational simulation model of a complex system to simplify the understanding of a system behavior. It then imitates how the associated people interact with its surroundings and its institutions. Further, it also specifies how the interaction could precede some specific things to occur.
The best possible application of ABM is to analyze complex and non-linear risks by improving decision-making faster and cost-effective manner. To aid financial services, this model is easy to scale while it is efficient in building more accurate and diverse computer simulation capabilities.
ABM Benefits
For financial sectors, ABM simulation fosters decision-making. However, different banks have different approaches to building models. This varies greatly impacting the development of better product and service and customer services.
[Must Read: The Most Intrinsic AI Applications in the Public Sector]
However, the core value of this data is to carry our sentiment analysis to understand customer behavior in different industries and find powerful and efficient ways to run all operations.
Benefits
Automated audio/video data mining is an extended part of image recognition and analysis. You can use this technique in different business applications. The key is identifying customer behavior.
- Cuts through the noise and derives essential information from organizations
- Distinguishes relevancy of data and finds ways to determine the right strategy
- Accelerates the decision making process
- It helps build engaging storytelling contents for business
- It improves brand awareness
- Accelerates business process
- Offers great customer support
- It can be leveraged for marketing purposes or analysis.
- Speech and voice recognition is used to know about a user perspective posting a specific product video on social media platform
- In a call center context, it can be used to transcribe audio/video data
- Using deep learning, text can be transcribe from video footage automatically
- Automated Report Generation
Automated reporting provides you user-centric useful information in a timely manner. It does not need you looking for specific information; rather it generates reports on different variables such as various occurrences of your business and how different areas of your operations are functioning. At every fixed interval, automated reports are generated. For example, it could tell you about the weekly sales performance or shipping backlog may be triggered to remind you of immediate steps to resolve the issue.
Benefits
- It helps you automate complete report generation for every aspect of your business
- As you reduce manual efforts in report generation, automated reporting generation uses AI to reduce the propensity of errors and provides you enough time to analyze reporting data
- It is either generated daily or weekly and dispatched to mail of you and your stakeholders to raise your awareness about the occurrences of your operations
- The automated report is also highly customized to fit the needs of the stakeholders
- It removes repetitive tasks and reduces human errors
- Faster and easier report generation that increases efficiency of the business
- Every business such as marketing, sales, IT, HR, and operations can benefit from automated report generation techniques
- Helps maximize ROI
Business Application Virtual Digital Assistants
Customer services have long been devised to offer seamless customer experience through automation with NLP and other forms of advanced artificial intelligence. Over time, the combination between ML, NLP and artificial intelligence have brought significant advances in digital virtual assistance which is now so ubiquitous in different enterprise levels. Today, the AI-enabled virtual digital assistants offer more beyond typical services such as customer service and marketing. From this perspective, it is quite useful and significant. There are three sectors that can generate more revenues and make proper use of virtual digital assistants, including e-commerce & sales, business applications, and healthcare.
The foremost application of virtual digital assistants is to answer queries and perform actions via voice or text inputs.
Benefits
- Virtual digital assistants can schedule meetings and reminders of upcoming events or meetings
- Reminds of upcoming tasks such as sending mails, photos, files, and docs and many more
- It implements automation to ease many of the actions such finding a location or translation of a foreign language
- It takes part in natural conversation with customers by explaining context and extending help via live chat when solving complex queries of customers to reduce frustrations.
- It offers industry-specific recommendations to improve marketing strategies.
The Takeaway
AI technologies offer a widespread scope for business use cases. If you are intended to simulate real-world insights into human language and behavior, virtual digital assistants are of great importance. For any kind of AI, ML and NLP solutions, get in touch with SynergyLabs. We are a true ambassador of AI services to transform your business and yield data-driven outcomes.