When evaluating AI for your business, it’s essential to look at the specific use case. It should be a practical, pragmatic, and replicable effort that can save time, money, or other resources—or all three.
It should also align with top organizational priorities and objectives, such as automation or efficiency. Here are four examples:
1. Fraud Detection
Fraud is rampant in the digital transaction ecosystem, causing companies millions of dollars in losses each year. AI-based fraud detection systems can spot fraudulent transactions before they are completed, helping prevent loss and saving money. They can also help businesses maintain a trusted reputation with customers who are willing to do business with a company that prioritizes the safety of their personal information and financial transactions.
The ability of AI to analyze data with a level of precision that surpasses human capabilities makes it an excellent choice for detecting fraud. In addition, AI systems are able to continuously learn from new data and improve their performance over time. This results in a more efficient and cost-effective operation, freeing up employees to perform other critical tasks. Additionally, the use of AI-based fraud detection can help companies stay in compliance with industry regulations and governmental privacy laws, such as the Gramm-Leach-Bliley Act for financial data, HIPAA for health records, or the California Consumer Privacy Act for customer data.
However, when it comes to implementing AI-based solutions for these business cases, executives and managers must be able to clearly articulate the benefits and applications of this technology in order to build trust with employees in the field. An excellent place to start is by identifying pain points, like those related to customer service or forecasting demand, and then showing how AI can help solve them.
2. Customer Service
Customer service is all about creating a positive impression on customers and keeping them happy. In turn, satisfied customers bring in more revenue for your business. While you can deliver excellent customer service through in-person interactions, implementing AI-powered technologies like natural language processing, machine learning, and computer vision can also help you optimize your process.
For example, e-commerce websites are using virtual agents to answer customer questions and solve their problems. These online assistants are able to provide the information customers need without the need for human intervention, saving time and resources. They are also able to offer cross-selling recommendations by analyzing customer data like shopping history and product preferences.
The underlying technology behind this type of customer service is NLP, which helps AI understand the context of the question and then make a recommendation that best fits the need. This is a potent tool that can boost conversion rates for your website or e-commerce platform.
Similarly, computer vision and image recognition are other applications of AI that allow businesses to analyze large volumes of data to find optimal solutions for various business functions or operations. These optimizations are essential for many companies, from worker schedules to production product pricing, and can help ensure that a company’s resources are being used most effectively. Having access to this kind of data can help organizations eliminate inefficiencies, improve productivity, and ultimately increase revenues.
3. Human Resources
HR is another area where AI-based business applications can help organizations improve efficiency and lower operational costs. These AI-based solutions use algorithms to optimize a wide range of functions and processes, from employee schedules to production product pricing.
When it comes to AI-based solutions for HR, chatbots are one of the most popular and widely deployed technologies. These are essentially AI-based virtual assistants that can answer employees’ questions and provide helpful information without requiring human intervention. When creating a business case for AI-based HR solutions, it’s essential to quantify the expected outcomes and tie them back to financial metrics. This helps to ensure that the ROI on AI investments is clearly attributable to the application of the technology.
In addition to improving the accuracy and efficiency of routine tasks, AI-based HR applications can also help organizations reduce bias in hiring practices. AI-based algorithms can analyze a wide variety of data to identify patterns and trends that might not be obvious to humans. For example, AI-based systems can help managers look beyond the usual traits associated with high performers to find a more diverse pool of candidates.
When developing an AI-based business case for HR applications, it is essential to consider whether to build the solution internally or purchase a ready-made software product from a trusted partner. If the latter option is selected, it’s best to start with HR practitioners in the lines of business who have a line of sight to the business challenges that the AI-based solution will address. For example, IBM’s Cognitive Build competition involves employees soliciting ideas for new AI applications and then selecting the top submissions for funding.
4. Sales and Customer Support
Whether it’s helping agents with their call handling or automating tasks such as data entry and transcribing text and speech, AI is becoming a gold standard for customer service. Companies that implement this technology can reap several benefits that will ultimately boost their bottom line. Setting up an AI tool for sales and customer support will improve lead generation, streamline workflows, deliver a great customer experience, and save costs.
As a bonus, AI for customer support can reduce wait times and help improve call abandonment rates. It can also make it easier for agents to solve complex problems. This allows them to focus on providing the best possible care to your customers and ensuring they get answers quickly.
There are many ways in which AI can be implemented into sales and customer support, but the key is identifying what your business needs are and finding an appropriate tool. As a rule of thumb, it is often better to start small and expand as your team becomes familiar with the tool. It is also essential to monitor the performance of the tool and encourage feedback.
Regardless of how your business uses AI, it’s clear that this technology is here to stay. Embracing it will take some organizational moxie and strategic planning, but the rewards can be substantial. With the right approach, you can use AI to improve business operations, increase revenue, and create a more competitive advantage.