Ambroży Rybicki, CEO and co-founder of ARP Ideas, explains that with the emergence of new technology, AI in business will streamline processes to increase efficiency.
The rise of AI technology has been almost meteoric as big tech companies continue to invest funds to develop their own AI function. Most recently, Microsoft announced their foray into the market with a ‘multimillion dollar investment’ in ChatGPT bot maker, OpenAI, and Google was quick to follow, announcing their conversational AI service, Bard.
And it’s not just the Big Tech players taking note, all businesses – from startups to more established firms – are looking for new ways to optimise and promote their products, services, and operations. By using AI in businesses, companies can begin accessing and harnessing different aspects, ranging from data analytics to building models.
A recurring pain point for businesses surrounds the sheer amount of complex data they have to find a way to interpret and make sense of. However, the beauty of AI is its ability to sort and determine the true meaning of this data; providing a platform in which to transform business reporting in the future. So, what are the benefits? What potential does AI have when it comes to business reporting?
Using AI in businesses will reduce costs
Given the economic difficulties suffered by companies globally, businesses are seeking to reduce their expenditure, particularly within their creative departments such as marketing. By providing greater insight into the customer journey, activity, and preferences, AI can increase both the efficiency and strategic areas of marketing.
AI in business will help to ensure companies are not spending money on unnecessary or ineffective costs e.g. bringing on additional staff or campaigns that fail to generate sales effectively.
By automating particular tasks, businesses can save on costs associated with bringing on more staff whilst also driving sales in more strategic ways to connect with customers.
Enhanced customer experience and sales
AI is also capable of revolutionising customer sales and experience. The combination of AI and the collaborative capacity of Microsoft Dynamics 365 Sales provides sellers with an all-encompassing view of the customer, enabling businesses to learn more from customer history, access information from other data sources, and identify the best viable option. With this, sales processes and campaigns are more efficient, more personalized and based on the most insightful customer information.
For a customer experience standpoint, AI can transform communications, enabling businesses easy access to their customers and providing support 24/7. From this, they can not only improve response times but also provide more personalised support for a significantly lower cost. By utilising AI and Microsoft Dynamics 365 Customer Service, businesses can expect to strengthen customer satisfaction and loyalty: gaining a competitive advantage over other companies in their market.
AI can generate detailed reports
The potential of AI goes far beyond Chatbots and sorting data. It is able to produce detailed reports based upon its in-depth data analysis, resulting in actionable insights for businesses to address and staff to make informed decisions on.
With solutions such as Power BI, companies can benefit from in-depth data analysis tools which aggregate, analyse, visualise, and share the data. Within this, businesses can access technologies such as image recognition and text analytics, and create Machine Learning models which can then be integrated with Azure Machine Learning.
Automating admin tasks to improve accuracy
With repetitive admin tasks, the possibility of making spelling or typing errors is quite likely, given the monotonous nature. This is where AI can step in, automating admin tasks, and reducing the risk of human error. As a result, businesses can trust the reliability of the information developed, allowing them to save time and money that can be spent elsewhere.
AI technology is rapidly advancing business operations – from automating repetitive business tasks, boosting efficiencies, enabling better decision-making, and enhancing customer service. It’s inevitable that these technologies will be more present within the workplace, particularly when it comes to streamlining business admin tasks and reporting. AI use in business will allow companies to focus on the more challenging and complex work.