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3 Practical applications of AI for businesses, that can be implemented right away

Every business wants to do something with AI. Not sure what. It’s nice to reimagine “your business to the power of AI” and the possibilities it opens up for the lives you’re touching. While AI can’t replace humans, where empathy builds connections, drives conversations and leads to actions; we think AI can definitely help humans in tasks like monitoring events, analyzing data, predicting opportunities, simplifying online transactions, all of these subsequently relieving humans to do more influential work.

Artificially intelligent business, AI for business, AI usage in B2B, IVR and AI

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We think, AI can be a powerful, insightful enabler, if it can help your business to “be 6 months ahead of where it is now” (not 60 years ahead).

Here are few practical applications of AI that every business could consider implementing right away, for improving profits.

#1: Cut costs on human call centers with IVR + AI: Let bots handle transactions, let people handle feedback & grievances

AI empowered IVR calls, can be trained to handle most customer care enquiries related to bookings, checking availability, cancellations and new customer registrations. You don’t need humans to intervene unless the customer has a feedback or a grievance to be listened to. Customers also may not mind a bot doing the transactions, as it’s objective, fast and accurate. In addition, bots can quickly scan the database for relevant deals and cross-sell offers, that can be offered instantly during the phone booking, which a human tele-caller may fumble without a screen that shows what to recommend. Eg: IVR + AI can be used for phone checkins (flight checkins) and setting meal preferences.

#2: Make your excels & dashboards more predictive: Let AI project risks & opportunities for your business

Management dashboards, excel reports present past data, data showing what has happened with respect to sales, revenues and other key performance indicators of the business. Currently it’s up to the human viewing these, to decide which data to pay attention to. AI can be trained to correlate your business performance data with changing local & global economic situations, external environmental conditions to generate holistic insights. It can play a significant role in spotting opportunities and risks, based on predicted market demand and can call attention to new data points. This can also point out new partnership opportunities with other businesses, based on predicted synergistic potential.

#3: Insightfully enable employee performance: Let AI analyze performance scores over time, give a growth roadmap

Employee performance management is an area that most organizations struggle with today, as it takes significant time and energy to review an employee’s performance, collect 360 degree feedback from peers and self assessment forms, analyze ratings & reviews against key parameters, infer areas where the employee is doing well, areas that need improvement and map these to how the employee aspires to grow. AI can be trained to analyze an employee’s scores over time, against multiple parameters; it can be trained to read critical reviews and recommend learning programs for up-skilling in certain areas. It can also be trained to predict the capabilities needed for higher levels of responsibility for a given career path, and help prepare employees for the next level.

All of these intelligent automations, would still require human intervention for empathetic conversations and personal influence. The purpose of AI in these areas, we believe is to significantly relieve humans to do the job machines can’t do, by giving all the knowledge and key insights that’s needed to maximize the value delivered to your customers, internal leadership team and employees, subsequently improving the revenue opportunities for your business.

Where do you think AI can help your business? Send in your thoughts to [email protected]

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