5 reasons you need to invest in artificial intelligence

Artificial intelligence (AI) is rapidly transforming the way we think, work, and even live. The manifold advantages promised by AI have led enterprises to leverage AI-enabled solutions. In a McKinsey survey, a majority of survey respondents said their organizations have adopted AI capabilities, as AI’s impact on both the bottom line and cost saved is growing^. In order to stay current and competitive, it is hard for enterprises to overlook the advantages that AI stands to offer.

Here are five key benefits that artificial intelligence offers:

1.       Driving Revenue Growth

Many enterprises are adopting AI to gain visibility into key processes and use insights to personalize their services and increase revenue. Enterprises can leverage ever-increasing customer data with AI and machine learning tools for realizing and capitalizing on up-selling and cross-selling opportunities. For instance, banks can use AI and machine learning to map user behavioral trends and provide custom-made loan offerings based on risk appetite.

2.       Ensuring Contextual Customer Engagement

AI can help deliver a customer experience worth remembering by adding context to complex customer engagement processes and providing a seamless user experience. A seamless experience at multiple touchpoints and personalized communications through various modes of engagement is a dream come true. For instance, by using AI-based bots or self-service portals, insurance companies can quickly respond to customer queries and hand-hold customers throughout the transaction.

3.       Improving Operational Agility

Enterprises with AI capabilities have a significant advantage as far as strategic decision-making is concerned. For instance, retailers can utilize AI to build plans for preventing understocking and overstocking situations. AI can help retailers update and adjust their stocking plans automatically to address the dips and spikes in demand for the products due to both planned and unexpected events. Also, AI helps improve operational agility by offering real-time insights and recommendations in adverse situations.

4.       Enhancing Accuracy of Content-centric Processes

Enterprises can use AI to improve the accuracy of key business processes for ensuring content governance and streamlining content-centric operations. Leveraging AI capabilities, enterprises can enable accurate content extraction, automatic document classification, and sentiment analysis for smarter decision-making. AI and machine learning algorithms can be upgraded further to handle requirements in case of exigencies. Financial institutions, for instance, can accelerate various user journeys like customer onboarding with AI-enabled document verification and personal identification.

5.       Enabling Intelligent Automation

Eliminating repetitive tasks and streamlining complex processes is a key business imperative today. AI can help enterprises achieve this goal by enabling intelligent automation, facilitating users to accomplish tasks within the shortest possible duration. For instance, banks can utilize an AI-enabled system for automatically analyzing and deciding loan requests in real-time. Such a system can enable instant loan approvals, thereby delivering customer delight with instant gratification.

To Conclude

Gartner predicts that by 2025, 70% of organizations will have operationalized AI architectures due to the rapid maturity of AI orchestration initiatives.Harnessing AI is helping organizations transform in unexpected ways by adding intelligence, speed, and innovation to their processes. It’s time for business leaders to reap the benefits that AI offers and be future-ready.

The article has been written by Rajan Nagina, Head of AI Practice, Newgen Software