Artificial Intelligence was an emerging technology a few years back, but now it has become an integral part of many industries, including the business world. With the adoption of Artificial Intelligence in the business world, the operation cost reduces, efficiency increases, and it further improves the customer experience. The end result is visible in the form of growth in the business’s revenue.
It plays a key role in automating monotonous tasks that save manual labour and save both time and money for the business. There is a direct connection between improved business productivity and operational efficiency. When implemented correctly, one can reap many benefits from Artificial Intelligence. Let us look at ways in which Artificial Intelligence can primarily improve business operations.
Customer Relationship Management
Irrespective of their business niche, a business, including logistic businesses like Ninja Van, often have to deal with customer relationship management; it is obvious because, of course, the business will be selling the products and services to a customer. The market is flooded with plenty of CRM tools. However, the fact is that even CRM platforms require heavy human intervention.
By integrating Artificial Intelligence into the CRM platform, it is now possible to create an auto-correcting and self-updating system. It helps your business to stay at the top of customer relationship management.
In a service-based business, Artificial Intelligence can be used to deliver intelligent service. It is especially true for the servitisation business model. This business model takes into account the customer data through Artificial Intelligence and helps the business craft the services and products that prove valuable to the customer.
A clear example of the usage of Artificial Intelligence in providing intelligent service can be seen on the Netflix recommendation engine. Based on what customers have watched or enjoyed, Netflix recommends similar movies and television shows for the customers that it knows the customer will enjoy.
In short, Artificial Intelligence in the service-based industry can keep both the company and the customer happy.
Improved Customer Experience
From the facts discussed above, it is crystal clear that Artificial Intelligence can play a pivotal role in improving the customer experience by delivering a highly personalised customer experience. For instance, Shopee Xpress ensures a good customer experience by allowing its customer to stay up to date regarding their shipment by allowing them to track it.
Artificial Intelligence can consider the customers’ various touch points and analyse what is driving the customer behaviour. With this important data and insight, the business can clearly see what else can be done to improve the customer experience.
In addition, Artificial Intelligence can further monitor customer sentiment and predict brand perception. It eliminates the guesswork required to create a positive brand image. It considers different parameters to forecast and is extremely helpful in creating a positive brand image.
Helps In Accounting
All businesses need to deal with accounting work. When accounting is done manually, there are chances of getting errors. This manual error can be eliminated with Artificial Intelligence. It can be used for performing repetitive actions like categorising different transactions and even recording the data. It can also create automatic invoices for different transactions.
Businesses can also employ Artificial Intelligence for even complex tasks like managing payroll. Automated payroll runs on cause and effect and may not always create the desired result. On the other hand, Artificial Intelligence is smart enough to analyse the data, learn from mistakes and devise strategic solutions. This helps in the efficient management of payroll.
Operational Data Analysis
Data plays a key role in any business. However, raw data is seldom of any use. A proper analysis of the raw data is necessary to create relevant insights. This insight, in turn, is valuable to improve the operation efficiency of the business.
Artificial Intelligence can also work toward data synthesis and help the human decision-maker make the right decision for the business. Other benefits of using Artificial Intelligence in operational data analysis include better inventory schemes and making the business resilient.
Artificial Intelligence has repeatedly proved that it can optimise internal business operations. However, its benefits go well beyond this. It can enhance the existing features of products and services, make better decisions, work on new marketing strategies, and further help the business pursue new markets.