4. Artificial Intelligence in Operations
Known as AIOps, the use of AI in business operations is already helping businesses on the path toward a successful digital transformation. Here are just some of the ways AI improves business operations:
- Inventory Management - Machine Learning, a subset of AI, uses image recognition abilities to increase efficiency and productivity across a wide variety of processes, one example of this is inventory management. It's as simple as uploading image data to an AI tool that can detect defects, or categorize and label the images. You can even connect these apps to your existing tool stack or online shop meaning the labels are automatically assigned.
Check out this quote from fashion company Veneka who use Levity to automatically keep track of inventory and update their online stores:
“Manual tagging slows down our onboarding efforts. With Levity, we identify and tag 60+ product attributes accurately, significantly speeding up how quickly our stylists use new products in their capsules.” — Shivika Sinha, CEO Veneka.
5. Artificial Intelligence in Human Resources
Human resource teams are in a drastically different environment than they were prior to the COVID-19 pandemic. Hybrid and remote working is continuing to increase in popularity. Virtual recruiting, as well as a greater emphasis on diversity and inclusion, have introduced new dynamics and reinforced existing ones. New platforms and technologies are required to stay competitive, and AI is at the center of this growth.
Here are a few current uses of AI in human resources:
- Analyzing candidate profiles – many companies have invested in AI to help with the hiring process. Using AI, HR managers can analyze a potential candidate's past work experiences and interests and match them with the best roles.
- Organization Network Analysis – to assist your company in becoming more sustainable and successful, AI can be used to analyze formal and informal relationships in the business, which can help develop business strategies that increase the organic exchange of information.
6. Artificial Intelligence in Accounting
As mentioned already, AI can automate tedious activities, improve accuracy and efficiency, and uncover hidden trends. It can upload files, read them, and classify them in the correct accounting codes. AI never sleeps, tires, or makes human errors. So it’s no surprise that AI is making headway in this demanding field.
Below are just some of the uses of AI in accounting:
- Performing repetitive tasks – repetitive actions like recording data, categorizing transactions, reconciling accounts, entering and correlating data from scanned receipts and invoices to transactions, evaluating employee expense reports, and tracking pricing changes are just a few things that take up a lot of accountants' time. AI can do all of these tasks with much less error than a human. This way, employees are saved from mental overload and can focus their work on other ongoing tasks.
- Semi-automating complex processes like payroll – AI is likely to alter the future of payroll. Unlike automation, which is based on cause-and-effect, true AI systems can analyze data, learn from failures, and solve issues strategically. The market for cloud-based payroll software was valued at $7.88 billion in 2018, and is anticipated to hit $13.37 billion by 2026. Company executives are increasingly eager to invest in advanced AI-supported payroll systems.
7. Artificial Intelligence in Contact Centers
Every contact center encounter with a consumer either increases loyalty or pushes customers away. So, efficient customer service is a major focus. Contact centers hold a wealth of data, and AI can help businesses better understand their clients.
Below is one of the most popular uses of AI at contact centers:
- Running outreach campaigns – an Artificial Intelligence voicebot can contact hundreds or even thousands of individuals to present and sell your product's offering. It can respond to simple questions, and pass them to a sales rep if the person is interested. Automating this was a previously impossible task for most businesses, but thanks to accessible AI tools, any business can take advantage.
The bottom line...
As we’ve mentioned, AI and Machine Learning have revolutionized and will continue to revolutionize businesses for many years to come. From Marketing to operations to sales, implementing AI into business environments cuts down on time spent on repetitive tasks, improves employee productivity, and enhances the overall customer experience. It also helps avoid mistakes and detect potential crises.
It’s really no wonder why businesses are leveraging it across all functions and you should too.
Want to build your personal AI? Book a demo call with our team and we’ll show you how to automate tedious daily tasks with Levity AI.