How AI Can Help Your Business Save Time and Money

 


Many people often ask what the practical use of Artificial Intelligence (AI) is. A business case could be made for several areas of corporate business uses. This blog will discuss practical application and benefits of AI in customer service, risk management, sales/marketing, product development, and operations.

Customer Service

AI can be used to automate customer service tasks, such as answering frequently asked questions (FAQs) or resolving simple issues. This can free up human customer service representatives to focus on more complex issues, providing a better experience for customers. Many customers don’t like communicating with overseas customer service reps and having a large staff of customer service reps could be costly to the bottom line of a business. AI can be made to sound like a real person and answer many of the questions on incoming calls.

Not surprisingly, Amazon, Google, Microsoft, and PayPal all use AI for customer service. All of the afore mentioned are leaders in the AI race, including Pay Pal which was partially founded by Elon Musk. Many more are also either currently using AI or have plans in the near future to integrate AI in their customer service operations.

Risk Management

AI can be used to identify and mitigate risks, such as fraud, cyberattacks, and financial losses. This can help businesses to protect their bottom line and ensure compliance with regulations.

A little known fact is Capital One and Open Door are both registered as tech companies. Capital One uses AI to sell off certain books of business is to use AI to manage the sale process. In 2019, Capital One sold its portfolio of auto loans to Santander Consumer USA, In 2020, Capital One sold its portfolio of credit card receivables to Discover Financial Services, and In 2021, Capital One sold its portfolio of student loans to Navient. All of which used AI. Additionally, AI predicted future underperformance in a few other lines of business and sold a portfolio of commercial real estate loans in 2018 as well as a portfolio of home equity loans in 2017 which helped them remain profitable.

Sales/Marketing

AI can be used to personalize marketing campaigns, target ads more effectively, and predict customer churn. This can help businesses to increase sales and improve customer retention. Popular social media platform Instagram uses AI to personalize user experience based on individual user likes, targets ads based on demographic and other searches a user might have done across multiple platforms via Google Data Analytics, and measures effectiveness of marketing campaigns. Even Nike uses AI for their marketing campaigns.

Product Development

AI can be used to gather customer feedback, generate new ideas, identify new product opportunities, and develop and test new products and services which helps businesses to stay ahead of the competition to meet the needs of their customers. Tesla used AI to help develop it’s self driving cars. SAP is using AI to help design it’s ERP software for improved accuracy and speed in data analysis and decision making. Also, salesforce is using AI to develop it’s CRM software.

AI is already having a significant impact on jobs in some industries, and this trend is likely to continue in the future. Some jobs that are at risk of being automated by AI include customer service representatives, data entry clerks, and truck drivers. However, AI is also creating new jobs, such as AI engineers and data scientists. As AI continues to develop, it is important for businesses to be prepared for the changes that it will bring to the workforce. As AI becomes more powerful, it is important to consider the ethical implications of its use. For example, AI could be used to create deepfakes or to discriminate against certain groups of people. It is important to develop ethical guidelines for the use of AI and to ensure that AI is used for good.

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