In a world where digital transformation isn’t just a buzzword; it is considered a business imperative, AI automation takes over as a proven game-changer. From generative AI-powered chatbots to forecasting tools, AI has become an important part of conducting business activities. It stands at the forefront of this revolution by reshaping traditional business operations and offering innovative solutions that change how businesses operate.
The specialty of AI is that it absorbs routine tasks by automating and streamlining business operations, attracting efficient processes and productivity improvement. Let’s look at a few insights that support this.
- As per recent report, the AI market is projected to reach $1.85 trillion by 2030.
- According to a Forbes survey, business owners leverage AI in different areas including customer service, inventory management, accounting, supply chain operations, and much more.
- India has an AI adoption rate of 56%, and 82% of global firms use AI in their business.
What is AI automation in business?
The use of AI technologies to execute tasks with little or no human interaction is described as AI automation in business. This process involves the usage of natural language processing, machine learning, and other AI-driven tools, helping streamline a wide variety of tasks – data entry, customer service, and decision making.
With AI automation, you can help businesses improve efficiency, minimize human error, reduce operational costs, and automate sophisticated workflows.
Benefits of AI Automation in Business
Let’s look at some of the key benefits of using AI automation in business
1. Improved decision making:
AI-enabled decision-making is as fast as a click of a button because it can provide data to business leaders in real time. If a marketer is skeptical about continuing a campaign, AI can show how the campaign has performed. However, this tech solution can also indicate current market fluctuations, impacting campaign success. With these insights, marketing leads can make quick decisions based on accurate data.
2. Increased efficiency:
Known for operating repetitive tasks, AI offers higher efficiency across multiple ranges of business processes. For example, when done manually, data entry is prone to human error. With the help of AI-powered tools, you can receive notifications as data changes and automatically updates in a related system.
For the healthcare industry, AI can use a feature called electronic health record systems that can scan handwritten documents and keep the writing as text. Furthermore, AI can combine both handwritten and digital records in one place for the benefit of healthcare providers.
3. Improved customer experience:
Customers love to work with brands that offer 24/7 facilities and solve their queries in an instant. This is where AI can help you. With credit to natural language processing and natural language generation (NLG), automated emails and chatbots can handle varied customer queries.
Now, you can reply to many social media comments in real time. AI will give prompt answers to emails, creating a personalized experience for customers by leveraging NLG.
4. Risk management:
With historical data, AI can make simple predictions about the future and make recommendations based on data. Moreover, it can assess larger volumes of data, ensuring proper usage of information from multiple sources.
The insurance industry can also benefit from this as AI can use suitable recommendations on claims, costs, and client behaviors.
5. Predictive analytics
Predictive analytics, a branch of advanced analytics, uses statistical algorithms, historical data, and machine-learning techniques to help identify the likelihood of future outcomes.
Here, you can analyze large datasets accurately as AI helps you identify complex patterns that humans may miss. The benefits would be forecasting trends, anticipating market changes, and making swift data-driven decisions at scale.
How does AI impact key business sectors?
Some of the major industries that benefit from AI include the following:
1. Healthcare:
In many areas of healthcare, AI is becoming a prime contributor.
For example, diagnostics have witnessed the usage of algorithms where you can scan radiology images, detecting lung and skin cancer. Here, the time taken to reduce scans is reduced, and treatments are applied much faster.
AI can look into large data sets and help medical practitioners in making informed decisions. You can reduce time-consuming tasks like appointment scheduling by using virtual health assistants, a chatbot designed to simplify work.
2. Education:
Personalization of learning methods is one of the areas where AI can be useful. Its AI-based systems can analyze how a student can process information and offer tailored support to their learning needs.
You can also use intelligent tutoring systems, a form of AI bot that can interact with students in analyzing their ability and provide user-friendly learning programs.
How can small brands leverage the use of AI and automation?
The possibilities of AI and automation can set to radically change numerous levels of manufacturing and business. With internet and cloud computing, you’ll find many applications of AI that can be accessible to anyone.
As discussed earlier, AI and automation can help in automating repetitive tasks. This helps business leads to focus on other priority work like innovation and strategy.
iTCart, an AI automation company, for example, can accelerate business operations with its artificially intelligent transformations (AIX). Their products can be used for insurance, ERP, cybersecurity, and much more. By catering to various industries, iTCart brings a host of opportunities for organizations to leverage AI to its full potential.
Let’s look at how small brands can leverage AI.
1. Document management:
We all understand how managing and tracking crucial documents becomes tricky. With iTCart’s document management system, you can enable a smart search capability where you can retrieve files in an instant. Also, you can save costs by optimizing resource utilization and streamline workflows by reducing manual tasks.
2. Automated emails:
The main function automated email platforms are to help in automating marketing emails. This process helps you to send tailored emails in a sales cycle to capture engagement.
3. Chatbot:
The use of chatbots is very helpful for small businesses as this can be implemented on a basic level with Facebook Messenger. They help in simplifying tasks seamlessly without much human intervention.
AI automation is improving drastically with its ability to drive business efficiencies. As per a McKinsey report, 30% of tasks can be automated seamlessly. With potential to drive significant economic growth, AI will help entrepreneurs and small businesses to work more without limited resources.
From spotting fraudulent account activity to identifying anomalies in production, AI can learn and adapt to data, making it a good long-term investment that supports business growth.
