The best 5 ways AI is improving business productivity: A guide for 2024

The latest iteration of artificial intelligence, powered by vast data resources and machine learning systems, is gradually infiltrating everyday work environments. When deployed adeptly, it holds promise for cutting operational expenses, enhancing productivity and output, and increasing employee contentment by assuming repetitive and unappealing tasks.

According to Gartner, enterprise integration of AI has surged by over 270% in the last four years, with applications ranging from marketing and consumer insights to workforce management and recruitment. However, its greatest potential lies in bolstering business productivity. Here are the primary 5 reasons why.

1. Predictive Sales

With AI assistance, businesses can target leads with the highest potential for success. How?

In essence, the concept is straightforward but necessitates advanced algorithms and AI-driven tools to analyze extensive datasets. Given the vast accumulation of customer and behavioral data by most businesses, leveraging this data effectively can make the difference between gaining a competitive edge and facing ongoing setbacks.

AI can discern patterns and trends within this data, employing image and object recognition to identify customers likely to engage with the business and its offerings. Imagine having insights into a customer's purchasing decision even before they visit a physical store or online platform.

The systems examine customer and market data, historical sales records, typical behavioral patterns, and other relevant factors. Subsequently, they construct customer profiles that enable highly accurate predictions regarding the future actions of clients or consumers.

2. Analyzing and extracting data

The mundane task of sorting through numerous documents and data to derive valuable insights has traditionally been laborious for businesses. However, with the advent of digital reporting systems, this process has become faster and more efficient. Yet, AI and machine learning technologies represent the next phase of this evolution. They excel in uncovering hidden insights within digital content by reviewing and extracting essential information that may be overlooked by humans. This capability streamlines the extraction of relevant data from documents, reducing review times and enhancing operational efficiencies. Industries such as law and management are already benefiting from AI's assistance in contract intelligence. Automated document review applications, like the one developed by Deloitte, have significantly expanded the scope of contract review processes, handling up to 150,000 documents with ease.

3. Harnessing intelligent chatbots

Customer service solutions often entail extensive communication between agents and customers, especially initially. AI, particularly smart chatbots, can handle many of these preliminary communication tasks, alleviating pressure on employees.

Chatbots can gather customer names, account details, and basic issue information. If unable to resolve queries directly, they transfer the data to human representatives.

Moreover, AI enables the creation of 24/7 support solutions that address simple inquiries and issues outside regular business hours. For instance, a chatbot can assist customers in locating support documents or tutorials.

Babylon Health has seamlessly integrated chatbots, utilizing them to gather basic patient information and symptoms, cross-referencing with a database. Patients receive guidance on next steps and potential causes. If necessary, the chatbot connects patients with on-call medical professionals.

4. Utilizing AI solutions

Providing support through AI tools can enhance employee satisfaction, resulting in increased productivity. By automating mundane tasks, employees can focus on more fulfilling activities. AI tools can also enhance the overall employee experience and streamline recruitment processes. For example, they can identify deserving employees for promotions based on performance or analyze customer feedback to recognize outstanding staff members.

5. Automated call handling

AI can facilitate call management by efficiently directing calls to the appropriate recipients, eliminating the need for staff to wait by the phone. Similar to chatbots, an automated system can gather basic information from customers and then route them to the relevant department or individuals. This automation streamlines repetitive tasks, allowing call service teams to focus on addressing more complex issues, rather than handling every incoming call.

AI is the future of business

AI presents numerous advantages for businesses, ranging from enhanced operational accuracy and real-time insights to increased employee satisfaction and improved customer service. As companies continue to recognize its potential and explore new applications, the technology is poised to further evolve and deliver even greater benefits in the future.