The expectation from the Artificial Intelligence technology is that it solves many problems for organizations. Artificial intelligence (AI) allows for an enterprise to efficiently meet their customers’ demands. The adoption of AI is on the rise and enterprises across the world are using the technology to improve their top line and transform the way they conduct their business. In this blog, we will know how exactly AI is transforming the various departments in an enterprise.
It is common knowledge that an enterprise consists of many departments. From accounting to finance to HR to sales to marketing, the list is huge! Let’s start with the most interesting:
Human Resource: AI in the human resource department was unheard of. Although the human element in human resources is lost if AI completely takes over, which is highly unlikely, for now the technology is used to screen candidates, onboard employees, development talent, help maintain employee relation, and provide analytics.
An AI based screening software can drastically reduce the effort taken by us humans. It can help easily shortlist candidates based on their experience, skillset, and many other criteria. Companies like Facebook, IBM, and SAP have added the technology to their sourcing mechanisms. Similar to lead nurturing, AI can be used to nurture candidates who are waiting to join an organization – usually during the time between accepting the offer and the actual joining day. This helps reduce last minute offer rejections.
AI has the possibility to take HR-MIS to the next level. Insights from vast amounts of data can be derived and issues can be predicted in advance. The technology can be used to track employee engagement, predict attrition, and employee productivity. The HR department can use chatbots as well to simplify their processes. Rather than emailing the IT helpdesk for data, HR personnel can use chatbots to pull data. Chatbots are constantly evolving to take over numerous enterprise related administrative tasks. With a chatbot around, employees no longer need to hover around the HR department for every small issue. Chatbots can provide real-time self-service option to all users. These services could include leave application and management, employee onboarding, setting up reminders, etc.
Information Technology: The obvious department in an enterprise that uses AI technology. But how and where? AI can be used to predict software failures, detect cyber security issues, make sense of IoT, and help maintain data centers.
With the power of AI enterprises can predict software failures. The algorithms can review log files and predict system crashes. Due to the complexity of such files, it is practically impossible for us humans to predict system failures. Looking at how and where the AI technology is headed, it would not be surprising if AI systems can predict a heart attack!
81% of It Leaders Are Currently Investing in or Planning to Invest in Artificial Intelligence (AI)
Sales: The sales ecosystem is changing. Today’s customers expect more from sales personnel. Their expectation of sales personnel adding value to their experience is not wrong. While most of us think that the role of a sales rep is to sell, the trend has shifted. Customers expect post-sales support to be seamless.
For sales reps to sell smarter, they need AI powered insights. Currently, a sales rep needs to depend heavily on DWH, LOB, and CRM systems to access customer data. With AI, this process is simplified. Representatives can access data immediately from anywhere in the world. All the information they need would be at their fingertips. And using AI bots can even push notifications for a specific client/customer. With AI sales reps can sell faster, which boosts productivity.
Marketing: A hot topic in sales and marketing is AI, but is a wide-ranging term that covers many technologies. AI in marketing means any technology that imitates human intelligence – ranging from machine learning techniques, voice & image recognition, and semantic search. All of this combined helps marketers create propensity models.
AI helps in creating these models when substantial amounts of historical data is fed. It uses this data to predict a propensity model. Along with this, AI provides analytics. It can predict elements like at what price a customer is likely to convert, or what items a customer is likely to purchase again. Most of the “intelligence” that is needed for marketers is derived from the propensity models. Therefore, accurate data should be fed into the system. Based on this data, the AI technology can predict which ads would perform the best.
Accounts and Finance: Similar to Human Resource, this department needs AI technologies and AI systems to ease processes. With the help of an AI system, accountants can sift through thousands of pages of agreements and contracts and summarize them quickly. The criteria for the summarization also can be set, which is interesting! As AI systems learn rapidly, the scope of work that they can do will increase.