The use of artificial intelligence in organizations is still relatively small — the revolution has just begun. But on a large-scale, organizations are experimenting with AI, brainstorming ideas, and preparing proofs of concepts. Some are using AI technologies to automate manual and repetitive tasks, some are using it to automate communications, and others are using it to generate insights about their internal business processes.
In this piece, we highlight some of the possible AI use cases for some business functions and industries.
AI can help with order management in terms of product promotions, pricing analytics, and robotic process automation.
Promotions and discounts are often necessary to attract customers for a new product launch, increase sales for some goods, or give away old inventory at some price. However, it is important to target the right consumers with the right offers to increase sales. AI-based promotion software can drive a cost-efficient and personalized promotion activity based on customer profile data, historical purchases, responses to previous promotions, and other dynamic factors.
Effective pricing decisions can make or break sales. Organizations can leverage AI-assisted pricing engines that can:
- Deeply understand consumers.
- Evaluate current or recent programs to model the drivers behind revenue.
- Predict how consumers react to different pricing to implement the most compelling and optimized pricing strategy across different products, customer segments, markets, and competitive situations.
Robotic Process Automation
Robotic process automation (RPA) can assist account receivables and order fulfillment staff in handling manual tasks, thereby eliminating human errors and freeing them up to concentrate on more productive tasks. If we analyze common pitfalls in an order-to-cash process, we can find many functions such as inconsistent data and documents, process inefficiencies, duplicates, and reactive fixes of credit memos/discounts. All of these can be assisted by automated assistants. Also, intelligent chatbots can be used to communicate with customers to resolve their queries on minor and day-to-day issues like the status of orders, reasons for delivery delays, etc. in real time.
AI can help with customer service in terms of virtual agents, ticket routing optimizers, and social media monitoring.
AI-powered virtual agents can help an organization in the better personalization of customer interactions by addressing resource matching and customer routing in real time. These agents can be paired with a human agent to offer best customer service. The virtual agent can be employed real-time to interact with clients and escalate to a human agent when needed.
Ticket Routing Optimizers
Ticket routing optimizers are AI programs that offer intelligent routing solutions to maximize business efficiency. These AIs do not interact with customers themselves, but direct clients’ inquiries to the correct party as quickly as possible. They primarily offer a triage service for customer service tickets, leading to higher customer satisfaction scores, reduced case volume, and efficient multi-channel service.
Social Media Monitoring
Social media monitoring involves looking at social media channels and is quite necessary in this digital age for learning what people like or dislike about an organization’s products/services, identifying influencers or leads, and taking corrective actions when any unwanted or adverse event happens. AI-based social media monitoring tools can intelligently monitor the entire realm of the World Wide Web and determine the most important narratives the brands should be focusing on. They can help identify emerging patterns that an organization should be aware of or strong stories that an organization can leverage.
AI can help with financial services in terms of financial advisory, knowledge automation, smart wallets, and preemptive fraud detection.
AI can provide automated financial planners that assist users in making the right financial decisions. This includes monitoring events and stocks against a user’s financial goals to provide a balanced portfolio. They can also go further to recommend stocks to buy or sell.
AI in finance implies thorough research, understanding, and learning over long periods of time and vast volumes of data. AI introduces automation in areas that require high degrees of incisiveness, thereby safeguarding the trust of consumers.
Artificial intelligence can make your wallets smart, too. Smart wallets can keep an eye on the spending habits of a person, discover different insights about their spending, and help them make better decisions in managing their finances.
Preemptive Fraud Detection
The greatest nightmare for financial services enterprises is any breach in policy, regulation, or security. These companies have massive investments in these areas so that breaches don’t happen. AI-enabled applications can help to keep a strict regulatory oversight to ensure that all policies, regulations, and security measures are being sincerely followed while designing and delivering any financial service. AI tools can also learn and monitor users’ behavioral patterns to identify anomalies and warning signs of fraud attempts and occurrences, along with evidence necessary for fighting crimes required for convictions in the court of law.
AI can assist manufacturing in terms of smart shopfloors and improved production yield.
Artificial intelligence enables robots employed on a shop floor to learn a manufacturing task through sensors. The robots store and acquire data from the sensors. Once the learning process is complete, the sensor is removed, and the robot can execute autonomously with its AI brain.
Improving Production Yield
Smart manufacturing systems can employ artificial intelligence to identify production anomalies and improve yield rates on the machine and plant level.
AI can assist insurance in terms of marketing, underwriting, and claims fraud detection.
Marketing and Underwriting
Insurance companies typically use blanket methods like cold-calling customers. However, AI-enabled marketing software can allow sales reps to provide personalized sales service to increase order booking rates and reduce the cost incurred through random cold calls.
AI systems can also automate the entire insurance underwriting process — which is quite extensive. They can scan customer’s social profile to predict the risk by identifying a customer’s lifestyle, job stability, and other risk factors to provide the right insurance premium.
Claims Fraud Detection
Fraudulent claims are widespread for insurance firms. Around one out of every ten insurance claims are found to be fraudulent. Insurance organizations spend millions to identify and detect these frauds. AI systems, with their self-learning abilities, can adapt to claim patterns, learn new unseen cases, and assess the legitimacy of a claim. The system gets better with time as it learns from more and more data.