The era of artificial intelligence has arrived. Companies have largely invested in artificial intelligence (AI) as a means to get rid of the most mundane tasks at hand, which earlier used to be repetitive and time once for human customer service representatives.
AI is an amalgamation of multiple technologies working synergistically to acquire human capabilities by sensing, learning, understanding, and augmenting. The application of artificial intelligence (AI) helps in revolutionizing and running several business operations smoothly.
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After a period of comprehension, AI can anticipate customers’ needs and can make informed and relevant decisions, which eventually helps in creating seamless customer experiences across omnichannel.
Not only do artificial intelligence tools analyze data but also make decisions on behalf of human beings.
Here are some ways in which AI tools can help scale your business:
How AI tools can help scale your business?
1. Save Time, Money and Direct to Solutions
With the advent and application of artificial intelligence (AI), customer representatives can now handle more serious cases that demand a higher degree of emotional intelligence and involve an increased level of complexity of the problems.
While handling the most basic questions, the artificial intelligence tools can pick up the key phrases in a question and can direct customers to the most precise solutions; thereby saving the time of the customer representatives for more complex queries. Also, automation of simpler tasks might save an organization a lot of money.
What’s more? AI-based technologies can work relentlessly and continuously 24/7 without getting tired. Furthermore, AI technologies are more accurate and take less time to make accurate decisions as long as they have all the relevant information.
2. Presenting Products as Solutions
When a customer is looking for a product that isn’t obvious and is tough to find, the application of artificial intelligence guides the customers to appropriate products.
If there is more than one product involved and they are complimentary, the AI tools can also bring up and pitch additional products for sale or other similar products that are similar to what the customers might be looking for.
Since the pitching of the additional products happens immediately and in real-time, this sales pitch is usually very impactful and the customer ends up checking out the additional product.
3. Instant Resolutions for the Customers
Because artificial intelligence can handle many people, this results in a significant reduction in the wait time for individual customers.
The customer care calls now don’t have the never-ending wait time of 30 minutes or more and the needs of the customers are immediately gratified.
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Moreover, the tools deploying artificial intelligence are more accurate and the likelihood of mistakes is very less which results in improved accuracy and greater levels of customer satisfaction.
Artificial intelligence tools can be brought into play to recognize the pattern of words of the customers and can determine the meaning based on a database rather than personal experiences, which is what humans do and which has both pros and cons in terms of accuracy.
4. Helps in Developing a Truly Omnichannel & Seamless Experience for the Customers
As the AI tools can resolve the customer queries quickly, this results in designing a truly omnichannel and seamless experience for the customers. The greater level of customer satisfaction aids customer retention and helps the businesses accelerate their revenues by the means of repeat purchases and after-sales services.
5. Assists in Fraud Detection
Leveraging AI can help companies in fraud detection and prevention that not only strengthens the internal security of the companies but also helps in streamlining the business processes.
Thus, by driving improved efficiency, AI has established itself as a formidable force for the prevention of business frauds.
AI effectively detects new and emerging fraud attacks by gaining a better understanding of customers’ behaviors. By combining supervised learning algorithms trained on previous data with unsupervised learning, AI has redefined the ways colonies have been doing fraud detection and has made it more effective.
According to a report by Statista, only 13% of organizations use artificial intelligence (AI) and machine learning to detect fraud, and another 25% plan to adopt the technology within a couple of years, which is equivalent to a 200% increase in the technology adoption over a year.
AI facilitates fraud analysts to focus on critical issues by removing the time-consuming tasks and allowing them to focus on critical cases, when the risk scores may be surging towards the peak. The automated AI algorithms also enhance the quality and efficiency of fraud analysts. Large enterprises often employ AI for fraud prevention.
Industry-wide objectives such as FS-ISAC in the United States provide a robust dataset for pattern recognition and fraud detection. Thus, based on the well-established indicators of crime-fraud analysts find financial frauds, says a report by Mckinsey.
Deploying AI tools for fraud prevention helps curb nuanced abuse attacks. As there is much information available about customers’ historical data, nuanced abuse attacks are prevented without adversely impacting the customers’ experiences.
According to Capgemini, fraud investigation time can be reduced by 70% and fraud detection accuracy can be improved by 90% by using artificial intelligence and machine learning systems.
AI-based tools for fraud detection and detection and prevention are majorly being employed by finance and e-Commerce industries.
AI and machine learning tools employ algorithms for pattern analysis and predictive insights to help companies block any kind of fraudulent transactions.
Wrapping Things Up:
AI has arrived like a wave of revolution for businesses. It is helping businesses of all types, shapes, and sizes to solve real-world problems.
The application of artificial intelligence (AI) has become part of mainstream conversations and a report by PricewaterhouseCoopers (PwC) reveals that AI can make a contribution of 15.7 trillion to the global economy by the year 2030.
AI can be used to solve a wide range of business problems including optimization of sales revenue, detection of fraud, designing seamless customers’ experiences across omnichannel, automating process workflows, and providing predictive analysis.
The application of artificial intelligence (AI) will positively impact organizations’ efficiency. The early adopters of AI-based technologies can gain a significant competitive edge. The use of AI allows organizations to make practical decisions and businesses need to embrace various AI-based solutions after understanding their business needs, assessing the risks involved, evaluating the most valuable AI services available in the market, and developing the right culture within their organizations to win the technology war.
Priya has about 6 years of experience in Market Research. Currently, she is working for Valasys Media, as a content writer, which is one of the top global business consulting companies. They provide their clients with an array of services such as Lead Generation, Database Management, Information Technology – IMS, Account-Based Marketing to name a few.
Their services are personalized to help the clients meet their business goals & optimize their Return on Investment (ROI). She has been preparing several personalized reports for our clients & has done a lot of research on market segmentation, cluster analysis of audiences & inbound methodologies. She has worked with government institutes as well as corporate houses in several projects.