Introduction
Artificial intelligence has been responsible for a dramatic upheaval throughout practically all sectors of the economy, particularly as it has become more accessible to company executives and business owners. This trend became most prevalent in 2022 when the technology made significant steps towards a focus on enhancing the flow of customer journeys. In the last couple of years, more companies have started using AI. There are myriad benefits that businesses can realize via the implementation of AI, including improvements to their bottom lines and cost reductions.
It is primarily because of these advantages and accessibility that businesses are anticipated to continue pursuing AI adoption in 2023 and beyond. In a recent poll, Salesforce and Vanson Bourne expect that AI-based hyper-automation will be included on the technology roadmaps of 80 percent of enterprises by 2025. This is done to derive new values and make process improvements from existing databases, workforce, and infrastructure with little to no change.
Why Do Some Businesses Struggle to Make Artificial Intelligence Work for Them?
Even though it has many potential applications, only some companies can make the most of AI, and even more, are still wary of putting it into practice. They frequently have second thoughts on whether or not to invest in artificial intelligence due to the need for more clarity surrounding its integration with pre-existing systems, unclear objectives, and ways to assess providers, among several other factors.
Suppose companies do not begin investing in artificial intelligence (AI) as quickly as possible, particularly this year. In that case, they risk slipping behind in the race against their rivals. In addition, there will be a significant divide between early adopters and late adopters, making it difficult for the latter category to catch up in terms of the operational innovation and efficiency that have been achieved. This will also be a disadvantage in scaling up and generating revenue. AI is no longer a choice but a must for businesses, and they need to realize this.
Because of this, businesses must keep investing in AI and, more significantly, continue investing in this technology to use it for more smooth operations. Nevertheless, what are the most important reasons for them to understand the grave necessity of artificial intelligence in the workplace? This article will expand on some of the most significant insights for the same as below:
Providing a Consistent and Pleasant Experience for the Consumer
In today’s society, one of the essential overarching goals for organizations is to provide superior customer service and a positive experience for customers in general. AI solutions can offer rapid replies to consumer inquiries and lead them in the appropriate direction for the settlement of their concerns because of the language processing capabilities of these solutions. They can automate actions at various touch points because they have used AI in the operations that manage customer support.
Therefore, artificial intelligence has the potential to provide a seamless customer experience by utilizing a variety of forms of engagement with consumers. This helps minimize the time it takes to respond to inquiries, delivers high accuracy when resolving queries, and provides rapid pleasure for consumers overall. As a result, AI will be an absolute necessity for companies beginning in 2023, when all of this will be readily available.
Improving Processes That Are Centered on Operations
In a company, the procedures that are considered to be operation-centric are the ones that control the day-to-day activities that take place in the working environment. Sustaining and implementing IT infrastructure and related operations, managing internal and external communications, monitoring and maintaining goods and services, etc., are some examples of these kinds of responsibilities. A company’s day-to-day operations consist of many moving pieces, particularly in the Banking, Financial Services, and Insurance industries.
Regarding the engagement of customers, these include separate processes in and of themselves, such as the processing of customer inquiries, the resolution of those inquiries through customer relationship management (CRM) and ticketing systems, and the archiving of those inquiries in back-end systems.
Companies are compelled to improve the technology that powers their functional designs as operational architectures advance, and there is no better alternative available than artificial intelligence at this time. Due to the rapidly advancing maturity level of AI projects, Gartner forecasts that by the year 2025, 70% of enterprises will have operationalized AI architectures.
AI solutions have the potential to shorten the amount of time needed to conduct all of these activities while also improving accuracy and efficiency at each level. This can help companies lower operating costs over the long term and get a good return on their investments while quickly ramping up their operations.
Improving Processes That Are Focused on Content
A company’s content-centric processes are the ones that are used to govern operations that require a consistent influx of content. This content can come from various sources, including customer data, product information, emails, and documents, and it must be managed to keep the business running smoothly. Content-centric business processes include:
- The processing and archiving of these emails and documents.
- Responding to essential business stakeholders and working with them.
- Making business decisions for the future.
If applied correctly, Artificial Intelligence in the form of intelligent automation can increase the accuracy of these procedures. With quick content or text interpretation, it can significantly cut down on the related manual dependencies and put that information to use to activate particular activities. As a result, artificial intelligence may assist businesses in making better business decisions, which is made possible by the high precision with which it can handle activities that include a lot of material.
Wrapping Up
Investing in AI can benefit organizations through increased efficiency, decreased costs, enhanced decision-making, and a more significant advantage over other firms. End users in today’s market are looking for highly individualized services and want the answers to their questions to be provided as quickly as feasible. AI suppliers exist, and they can supply businesses with the appropriate AI technology to cater to their clientele’s specific needs and preferences. Using no-code and low-code automation platforms, the data-safe AI systems of today can be quickly taught without the need for extra coding or programming expertise.
This is supported by research conducted by Gartner, which projects that by 2025, 70% of newly created corporate apps will employ low-code or no-code technologies, a significant increase from the 25% used in 2020.
This can allow companies to maximize and exploit consumer data while also protecting it by adhering to good data privacy and IT security requirements. Because the future of artificial intelligence is already here, particularly as companies begin to recover from the pandemic two years after it began, they will see a rise in the adoption of technologies like AI, enabling them to automate as many of their processes as is humanly possible.
Whether it be on the operations side of businesses or the customer-facing aspect of industries, to stay at the forefront of competition, it is imperative that companies implement AI now and not let it remain an option for the future. This applies to both the customer-facing and the customer-facing aspects of businesses.
Let Your Business Take a Leap Forward with MSys Technologies
MSys Technologies’ digital services enable you to give your clients new experiences and insights. Our digital solutions modernize end-user experiences with bespoke touchpoints. Our architects will help you create more innovative, better-experienced software.
We make your business agile using microservices and ML-powered processes. Our platform-agnostic digital engineers create multichannel experiences. We will increase your data skills by providing robust data governance capabilities, unifying information silos, and developing a non-rigid data architecture.
We offer digital services that cover the whole process from start to finish. These services combine mobility, analytics, IoT, AI/ML, and big data to create scalable, intelligent products and custom solutions.
Accelerate with MSys today! Get in touch with us at [email protected].