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Role of AI in optimizing business management

Artificial Intelligence is capable of streamlining and optimizing almost every business management task, writes Daniel M

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Role of AI in optimizing business management Credit to pexels photo 8386434
Image Credit: pexels photo

Most business leaders will agree that optimizing business processes is hectic. Moreover, it’s never-ending. There is always something left to be optimized.

But what if every business operation could be optimized? What if your productivity and profitability can be increased easily? What if all this can be achieved automatically? Sounds too good to be true, right? But it is possible, thanks to artificial intelligence (AI).

Artificial intelligence has been “the buzzword” in recent years. It has penetrated every industry imaginable. It has also completely transformed the way they operate. And AI is here to stay, completely taking over the business management.

As per research, the global artificial intelligence market is expected to grow at a CAGR of forty percent in the upcoming years. So how exactly is this modern technology changing the way we work? Let’s find out.

The Growing Role of AI in Optimizing Business Management

A business runs in many departments. The success of your business depends on how well these departments function individually and how well they work as a team. So, here’s a look at how AI will improve the functioning of different departments and optimize business management.

Human Resources

Business leaders will agree that the human resources department is one of the toughest to manage. The job posting, candidate screening, and employee onboarding are time and labor-intensive tasks. AI can help with the end-to-end streamlining of HR operations.

In the form of Robotic Process Automation (RPA), AI can help automate repetitive and time-consuming tasks. For example, an AI program having machine learning capabilities can help optimize job posting, resume screening, candidate interview scheduling, employee onboarding, and other tasks.

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Businesses can develop a flexible AI program tailored to their needs using the right machine learning model management tools and an in-house developer team. They can also hire a software development team for the same.

Customer Support

B2C business owners know how difficult customer support can be. One bad experience and the customer will never return. AI can help optimize customer support to provide an elevated experience to customers every single time.

Businesses can leverage chatbots with NLP (Natural Language processing) and NLU (Natural language Understanding) capabilities to interact with customers. They can understand what the customer is trying to communicate and provide them with the right solution.

If the customer wants to speak with a human representative, they can lead customers to the right department. Customers won’t have to speak to ten different people. This proves beneficial for customers as well as businesses, providing efficiency.

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Accounting and Finance

The use of AI in accounting and finance can help in three major ways. They are fraud detection, risk management, and financial assistants.

Fraud Detection

Every business has gone through financial fraud at some time. And fraud attacks are only getting more complex and common with cybercrimes.

AI can help protect your business from such unfortunate events. For instance, AI models can analyze and learn business transactions to develop a threshold model. They can then compare each transaction with the model and check the threat score. If the transaction doesn’t fit the model, the AI program will block the transaction.

Risk Management

This proves helpful for banking and financial institutions. Giving out loans is a rather complex, time-consuming, and risky process. AI can ensure that you no longer give out bad loans.

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It can be used to analyze the historical financial data of a prospective loan applicant. It can analyze data like the latest financial transactions, market trends, loan borrowing, and repaying history, among others.

Based on the analysis, it can determine a risk score. If the risk score is high, the AI system will refrain from giving a loan to that individual.

Financial Assistants

Robo-advisors are being used by businesses for financial planning and optimizing operations. These intelligent AI programs can analyze the current financial situation, market trends, and financial goals to recommend the best financial strategy for the business.

Sales and Marketing

AI can be leveraged by the sales and marketing teams to provide personalized experiences. Additionally, using AI for sales and marketing is also more cost-effective than traditional methods. Here’s a detailed look at how AI is helping optimize sales and marketing.

Lead Generation

AI tools, such as chatbots and virtual assistants, can converse with potential clients. They can gather contact information, and collate the data quickly and automatically. The data can then be presented to the sales and marketing team for further processes.

They can also score more leads based on data analysis. This can save time, money, and effort. Moreover, AI can also be leveraged to find new leads based on your current database and help grow your pipeline.

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Digital Marketing Campaigns

Digital marketing has become an indispensable part. AI is already playing a significant part in SEO. AI can also determine which ads and marketing strategies perform the best with the target audience.

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This is done by analyzing previous marketing campaigns and comparing metrics. Such metrics include the preferred call-to-action, the ads with the most customer engagement, and the campaigns that didn’t do well with the audience.

IT Operations

Almost every business needs IT for a certain business function. AIOps or Artificial Intelligence for IT Operations is becoming widely adopted as we move towards a digital and interconnected world. AI can help businesses identify common IT issues and even provide a solution for the same.

The AI programs use machine learning to analyze and learn how different IT components perform. It then uses the data to monitor assets and notify employees if something goes wrong. It even suggests the available troubleshooting options that can quickly get the systems up and running.

Some of the capabilities that AI brings to IT operations include:

  • Automating routine management and maintenance tasks
  • Recognizing anomalies in the system with a high accuracy
  • Streamlining interactions between data centers and IT teams

Parting Thoughts

Artificial Intelligence is capable of streamlining and optimizing almost every business management task. It can optimize the most simple to the most complicated business operations. Thus, it won’t be wrong to say that AI has the potential to become an indispensable part of running and managing a business.

Have you implemented AI in any of your business operations yet? We would love to know.

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