With the world getting more technologically advanced and connected, each day presents a plethora of business opportunities to take on and more resources to exploit. At the same time, there are more challenges to tackle and a greater competition to face. This is where technology and innovation come to the rescue.
Following are the ways in which present-day technology can revamp the way your business functions:
1. Virtual Assistance
Doing monotonous, repetitive tasks each day not only depletes one’s mental energy but is also a productivity killer. Companies are deploying chat-bots for tasks that are less cognitively challenging so that humans can focus on more complex matters.
Vodafone UK’s artificial intelligence chat-bot TOBi for instance, has been providing prompt and efficient solutions to customers’ queries ranging from device troubleshooting to usage.
Natural language processing bot Luvo, deployed by The Royal Bank of Scotland is another example of virtual assistants playing a major role in enhancing customer service.
2. Data Analysis
Although we are literally drowning in data, human capability to derive insights from it is limited, resulting in opportunities being lost. Having a machine over to understand the nitty-gritty of your business and do the analysis for you certainly gives you an edge.
Leading web-based cloud development platform Wix.com uses machine learning based algorithms to analyze the way customers interact with their product and for early anomaly detection. vPhrase‘s AI-enabled business intelligence software PHRAZOR can automate data analysis to give out statistically summarized narratives.
3. Unstructured data to structured data conversion
80% of all the data available is unstructured- it isn’t stored in a pre-determined format, and may have irregularities and ambiguities. As much as it is crucial to make sense of this kind of data, it is also complex and time-consuming thus better left to automation.
Financial data giant Bloomberg has been deploying machine learning to keep users hooked to its ‘Terminals’. The input can now be given in natural language instead of having the user to type in specialized commands. The technology in place is termed ‘Natural Language Understanding’, a subset of artificial intelligence, also used in applications like Siri and Cortana.
4. Report Writing
Organizations spend almost 40% of their time on documentation. That’s a huge number of hours annually that could have been used constructively towards developing a new version of the product or following along a new marketing campaign! Large media houses have been employing robo-writers to automate the process of writing documents. What’s more, these robo-writers are well equipped with the necessary technical expertise and domain knowledge, and do not even ask for sick leaves. Also, the documents can be customized to suit the reader-the team lead may be concerned with the technicalities whereas the manager may want to focus on the business aspect. By using natural language generation platforms like PHRAZOR by vPhrase that churn out data-driven reports within seconds, organizations are stepping up their game.
5. Recommendation systems
Suppose someone just ordered a brand new laptop from Amazon, they might have power banks and accessories showing up as “recommendations”, or at times, there are combo offers and discounts offered to encourage buyers. This is taken care of by algorithms working in the background that analyze massive volumes of data, records of billions of customers and market trends to come up with the most suitable recommendations for each customer. Also, the amount of time a person spends checking a certain product out, their browsing pattern, etc is used to retarget potential buyers. This is useful in firms that are looking out for better ways to close more deals, have a stronger online presence and build customer loyalty.
With sophisticated applications and tools out there, organizations are taking a huge step forward towards adding greater value to their services, increasing productivity and generating more revenue.
Watch this space for more!
Romil Shah is an AI enthusiast with considerable experience across varied technology domains, primarily Natural Language Generation (NLG), and Blockchain technology. He is passionate about technological innovation and more importantly its real-world applications. His work within the field has brought about constructive conversations and explorations around AI and its extended use in businesses.