7 ways AI is driving business efficiency in 2021
If the last few decades have seen a revolution in computing, then the next are almost certain to bring in a revolution of a different kind. Machines are already being used to make decisions that were once the sole preserve of human beings. They can buy and sell commodities, field customer enquiries, and even draft legal contracts. Moreover, they can do all of these things far more efficiently than their human counterparts, and at a fraction of the cost.
In 2021, artificial intelligence is already widespread in the modern economy. Let’s look at seven different ways in which AI is driving business efficiency.
Sales
By examining the enormous piles of data that are being amassed every day, machines can predict broad, long-term trends in customer behaviour. They can forecast potential surges in demand and predict which particular customers will be disposed toward different sales strategies.
HR
While it might seem paradoxical that machines could have a place in the Human Resources department, the truth is that machine learning algorithms can help with recruitment by screening candidates according to predefined criteria, and even with the interview process itself. PepsiCo, for example, has already experimented with using AI to interview candidates over the phone in Russia.
Customer service
So called ‘chatbots’ provide a means of automating the process of dealing with customer queries and complaints. In text form, they can answer the common questions that account for the vast majority of customer interactions, seamlessly passing control of the conversation over to a human agent when they reach the limits of their powers. Things look set to get even more impressive thanks to improvements in voice recognition, and eventually in ‘natural language processing’ — which is able to distinguish what people actually mean, rather than just what they say.
Marketing
Marketing is perhaps the area of business in which the use of artificial intelligence is most longstanding and widespread. If you’ve ever been targeted by a given ad, then you’ve been on the receiving end of artificial intelligence being leveraged to push you toward a purchasing decision. The learning algorithm will determine which kinds of advert are more likely to appeal based on demographic information like age, gender and cultural background.
You can think of the thumbnails on a service like Netflix, whose goal is to keep viewers engaged for as long as possible. The algorithm that selects what content is presented — and what thumbnails are used — will constantly A/B test different kinds of user in order to create appealing novelty, and to determine which sorts of images are most inherently appealing.
Manufacturing
As we’ve seen, predictive algorithms are able to gauge demand in a given place, based on a whole range of factors, from the economic environment to the climate. With this information, manufacturers can increase or reign in their production. This approach helps to limit the warehousing costs associated with excess production.
Security
Artificial intelligence can be a boon when it comes to cybersecurity, identifying and disrupting threats from without almost instantaneously. Through Natural Language Processing, it can also monitor internal communications, and spot the signs of malpractice and criminality, like insider trading.
Finance
Robotic Process Automation is something that’s already been used extensively in the world of finance, where RPA agencies are already exerting significant influence. The industry tends to involve meticulous record-keeping and administration. Low-level, repetitive tasks can now be easily performed by artificial intelligences, thereby freeing human accountants to pursue more high-level tasks.
We’re at the threshold of a new and exciting age of machine learning, and the implications for the way that we all live and work are sure to be vast. There’s no area of the modern economy that won’t be touched by the artificial intelligence revolution — and those who prepare for it are sure to end up in better shape than those who do not!