Covid-19 was not the end of business disruption. And social media was not the last frontier of business transformation. Artificial intelligence (AI) is the new force that is shaking things up in a number of business sectors. So, keep your eye on AI: the new business disruptor.
AI in 4 key business areas
1. Customer service
AI is gaining increased traction in customer service, where businesses have started to deploy AI-powered virtual customer assistants (often referred to as chatbots). For those of you who haven’t experienced a chatbot in a while, they have significantly evolved. Chatbots that use conversational AI are able to recognize sentiment. For example, conversational AU chatbots are able to detect that a customer is angry about an underperforming product they purchased. And the chatbot can then respond with appropriate expressions of empathy.
While conversational AI chatbots don’t replace the need for human-to-human contact and conversation, they can free up contact center staff to deal with the more emotionally charged issues like injuries caused by a product defect or malfunction. These are circumstances for which it can be difficult to train a chatbot. After all, machines are all about data whereas humans are all about emotions. A statistical algorithm that learns from data can only do so from structured training data that has been carefully curated by humans.
2. Document and identity verification
AI can easily identify and verify documents. For example, when a bank needs to verify customer data. Human bank employees have traditionally verified documents manually (i.e. – checking driver’s licenses, pay stubs, credit reports, and other documents used for verification purposes). It has been a costly and inefficient process. But AI can be used to identify the type of ID document captured, perform face matching and determine if the ID’s security features are present.
3. Demand and supply
AI solutions can help analyze external data and ensure that a company is not producing more than what is needed to satisfy consumer demand. At the same time, it can ensure that all orders can be filled.
4. Human resources
AI has made its way into human resources. Before we even set foot in a new workplace, AI has played a part in ensuring that we’re the right fit for the job. Moreover, AI pre-screening of candidates prior to scheduling interviews is an increasingly common practice in large companies that receive hundreds of thousands of resumes every year.
Another great illustration is Pymetrics, which provides tools that use a series of “games” that are based upon principles of neuroscience to assess candidates before an interview.
Moreover, 100 of the Fortune 500 companies have used an AI-driven interviewing tool, according to a 2019 Forbes article. And, according to the same article, AI is being used by Honeywell for employee training. They’re utilizing augmented and virtual reality (AR/VR) along with AI to capture the experience of work and extract “lessons” from it, which can be passed on to new hires.
AI gives healthcare a boost, too
From robot-assisted surgeries to safeguarding personal records against cybercrime, AI is transforming the healthcare industry, as well. For instance, AI-enabled workflow assistants are helping doctors free up 17% of their schedule. Furthermore, virtual assistants are reducing redundant hospital visits, thereby giving nurses almost 20% of their time back.
AI also assists pharmaceutical companies in researching lifesaving medicines and vaccines within a shorter time frame and at a reduced cost. A perfect of example of that in action is the Covid-19 vaccines.
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