4 Ways AI Can Increase Business Productivity

Last Updated:
October 24, 2022
Author:
Karisa Gingerich

4 Ways AI Can Increase Business Productivity

In today's world, artificial intelligence (AI) has become a powerful tool.  In fact, AI can increase business productivity, processes, sales and more in many ways.

Whether you're looking to improve customer service, streamline procurement and operations processes, expedite the recruitment process or have more accurate predictive sales, AI is beneficial for streamlining business productivity.

AI has become an essential part of business productivity, and it's not slowing down. The field is constantly evolving, with new technologies that are better at doing the things we take for granted—like analyzing data and making decisions.

The benefits of AI go beyond just improving how your business runs. They can also help you create more satisfied customers, improve the quality of your products or services, and even increase employee retention rates.

In fact, many experts believe that AI will be one of the most important trends in business over the next decade. It's no wonder that companies are investing in this technology now—it's an opportunity to build a future-proofed business that's easy to use and understand.

What is AI?

In recent years, AI has grown in popularity as more businesses begin to recognize its potential to improve their bottom lines. According to Statista, the global market for AI-based services is expected to grow by 41% over the next five years, reaching $8.1 billion by 2023.

At its core, AI is the ability for technology to make decisions based on the information available to it. It is used to solve problems that previously required human intelligence. Now, thanks to the advancement of technology and the rise of big data, we can use artificial intelligence to build businesses that are more efficient and effective than ever before. This can be applied in a variety of ways: from improving your customer service experience to automating procurement processes and finding the best talent for your company.

AI is the future of business productivity. It's not a new concept—the idea has been around for decades, but only recently have we had the tools to make it work in a way that makes sense for businesses.

Here are 4 ways AI can increase business productivity.

How AI can benefit businesses?

1. Automating Customer Service 

Customer service requires a lot of communication back and forth between employees and customers to discern the problem, question, or inquiry. Chatbots are an AI tool that can be used to handle customer queries within seconds, which takes away the stress from employees.

They lessen human representatives' queries by helping with low-communication questions, problems, and inquiries. Chatbots can collect relevant information like name, account details, and basic information about the problem or question. If the chatbot cannot fully provide assistance to the customer, then the information collected is relayed to a human employee to provide assistance. It leaves the more serious problems and questions to be handled by a trained employee.

Chatbots can be especially helpful for those after-hours queries. These always-on support systems can provide solutions to customers that need help with simple tasks and problems.

As AI continues to evolve, so will chatbots. The more businesses use chatbots, the more data is collected about how people behave, want, and express it. As machines learn they become more intelligent producing high-productivity results for businesses.

2. Transforming Procurement and Operations

AI has rapidly changed the way companies procure goods and services. 

Traditionally, it would take time to assess and extract insights from incoming data, like customer reports, invoices, sales information, and more, by a specific team. However, analytics within AI can help with making effective decisions. These tools appear in many steps of the supply chain process like manufacturing, retailing, logistics, and more streamlining the process and time needed to come to a decision.

AI provides a wealth of information into the different stages of operations and can help to lessen supply chain forecasting errors.

By utilizing AI to take over various aspects of supply chain management, it will allow managers to focus on high-level strategy rather than mundane tasks.

3. Expediting Recruitment Process 

The hiring process is one of the slowest for businesses as companies go through countless resumes to find qualified candidates for positions. AI can help expedite the long recruitment process by eliminating the need for humans to read over every potential candidate's resume. AI technology can scan thousands of resumes, and within minutes, provided recruiters and managers with a shorter list of qualified candidates that would meet their needs.

Without automation, it would take human beings weeks to go through the entire resume with a high degree of accuracy. Now with AI, you can have a new employee in the same time needed to review all the candidates.

4. Predictive Sales

Many businesses are unable to make sales forecasts that are accurate. With the help of AI, businesses can focus on leads with the greatest potential for success.

There tends to be too much data generated daily that is hard for humans to process. It can lead to important data falling through the cracks, leading to uninformed decision-making. However, AI can help businesses analyze and process large amounts of data collected on a daily basis. 

AI can bolster sales forecasting, help with predicting trends, and know customers’ buying behavior by going through the data and providing employees with insights and suggestions for improving sales through millions of data points collected from historical sales, behavioral patterns, market data, and more.

Using AI for your Business

Artificial intelligence has become an increasingly common and important tool in business today. AI is being used for many different operations and tasks, but the biggest impact is when it’s used to increase business productivity. As shown, there are key ways AI can increase business efficiencies, sales, and processes. Review your organization and look at how you can begin utilizing at least one of these 4 ways AI can increase business productivity right away.

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