Mediaboss Marketing

Artificial intelligence (AI) and machine learning (ML) have taken the world by storm. From music to loan and credit card recommendations, solutions powered by AI and ML are fast penetrating into many aspects of lives.

Today every enterprise wishes to add AI and ML to their technology mix. In an Accenture survey, 84% of executives said they wouldnt achieve their growth objectives without scaling AI. AI and ML are gaining high traction as enterprises can gain competitive differentiation and accelerate their business growth using solutions powered by these technologies.

AI and ML-based solutions augment human effort in ways that help enterprises optimize their costs, enhance operational efficiency, and deliver customer-centric services. In a McKinsey survey, most survey respondents said their organizations had adopted AI capabilities, as AIs impact on both the bottom line and cost saved is growing.

As the impact of AI and ML grows manifold, lets learn about the top advantages enterprises can gain by implementing these technologies:

Enterprises are always looking for ways to enhance customer engagement to improve acquisition and retention. AI and ML empower enterprises to understand their customers at a deeper, personal level by generating insights based on customer behaviour and their transaction history. These insights help enterprises enable personalized customer engagement and deliver tailor-made offerings. Enterprises can also explore cross-sell and up-sell opportunities by anticipating customers needs. For instance, banks can provide customized loan recommendations and financial offerings based on customers credit history and risk appetite.

Today customers expect round-the-clock assistance while using services on their preferred channels. To improve customer support services and communications, enterprises can deploy an AI-enabled virtual assistant or chatbot system that helps customers find solutions to their queries on demand. For example, insurance companies can quickly cater to customer queries by deploying self-service portals. Customer support teams can also leverage insights generated through AI systems to gain context into the customer journey and provide better assistance.

Investing in technologies like AI and ML significantly enhances the accuracy of complex business processes. AI and ML systems have self-learning capabilities. These systems become more intelligent as more data is fed. Enterprises can leverage these systems dynamic, trainable capabilities to enable accurate content extraction, automatic document classification, and efficient sentiment analysis. This also ensures effective content governance and streamlined content-centric processes. For instance, banks can accelerate customer onboarding processes with the help of document verification and various identity verification tools powered by AI.

As data volumes and competition are growing simultaneously, enterprises must stay ahead of the curve and futureproof themselves. Predictive analytics, enabled through AI and ML, can help enterprises minimize risks, ensure intelligent decision-making, and improve overall business outcomes. Banks can utilize predictive analytics for assessing loan applications based on customers previous transactions. Similarly, insurance companies can leverage analytics for risk prevention and fraud detection. Also, retailers can ensure intelligent decision-making through AI-enabled predictive analytics to prevent instances of understocking and overstocking.

To Conclude

AI and ML can tremendously contribute to an organizations growth irrespective of its size or sector. However, business leaders must refrain from outrightly implementing these technologies without the right context. To successfully leverage AI and ML, leaders must identify the areas where these technologies can add value and implement them based on their suitability.

As more data is added to global servers, scaling AI and ML technologies will be critical for enterprises to transform their data into data wealth in the true sense.

Views expressed above are the author's own.

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How ArtificiaI Intelligence and Machine Learning are transforming the business landscape - Times of India