5 Processes that AI can Automate for Your Business

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Technology has evolved beyond measures in the past few decades and the only way for businesses to survive the cut-throat competition is by not only embracing what’s new in tech but also being flexible enough to make the most out of the innovation it brings. At the forefront of this technological revolution are automation and artificial intelligence (AI) as they are enabling businesses to streamline operations, improve customer experience, achieve error-free data processing, address the issues of attrition, and much more – tackling multiple persistent problems that can stifle their growth.

Here’re some of the key areas that AI can automate for businesses:

HR Operations

Given its ability to predict and analyze, AI-led intelligent automation in HR operations is touching every aspect of the employee lifecycle – from recruitment to onboarding to employee welfare and engagement to L&D. With AI-based conversation models integrated into major HR processes, issues can be anticipated, evaluated, and diagnosed in real-time, enabling the HR teams to make better decisions.

 

From automating routine recruitment tasks like screening resumes, matching them with job descriptions, and conducting an initial round of interviews for potential candidates to providing 24/7 administrative support to employees and ensuring employee wellbeing with constant engagement – AI is freeing up the HR personnel to take on more strategic initiatives while improving the overall employee experience exponentially.

 

Customer Care

Customer service being a major expense as well as the driver of customer experience which is a defining factor for a company’s customer retention and brand loyalty – proves to be one of the key areas where AI and automation fit right in. It’s only natural that providing excellent customer service is key to surviving in today’s competitive business environment, regardless of industry.

 

By automating customer service, enabling businesses to offer support even outside business hours without having to hire extra staff, and assisting customers with quicker and more accurate responses through its ability to predict, analyze, and prioritize issues – AI is enhancing the overall consumer experience by leaps and bounds which directly translates into better CSAT scores and customer retention.

 

What more? The data-driven analytical insights that the right AI implementation in customer care brings forth can be further used to enhance the product or service!

 

Finance

Two of the most significant uses of AI in finance are freeing up humans for more strategic tasks and fraud prevention. Though the application of AI to automate routine finance tasks like data entry, transaction processing, compliance, etc., is one of the most common benefits that the technology has for businesses, it’s only now that the adoption is picking pace with more and more leaders understanding the ROI that the implementation of AI in processes like accounts payable and accounts receivable has to offer. When it comes to fraud, to truly understand the difference that AI can make, it’s worth noting that banks paid over $10 billion in fines for fraud-related violations in 2020 alone. From identifying risks, triggering alarms for unordinary activities, checking loan eligibility, pinpointing trends, analyzing buying behavior, and much more – the potential of machine learning and AI-powered solutions is delivering a system where technology handles the routine yet critical areas while the humans focus their efforts toward more strategic and tactical business initiatives.

 

KYC

Verifying and assessing each customer’s identity and eligibility can be extremely tedious for enterprises in the BFSI sector. Human errors in the process can cause unnecessary delays that can result in disgruntled clients, and, as a result, an unfavorable customer experience. With AI and automation in the picture, the KYC process can become more efficient, accurate, and cost-effective. With machine learning, Natural Language Processing, and other ground-breaking technologies, there has been an immense rise in the cognitive capabilities of AI-powered solutions (from RPA to CPA), configured and trained to act, think, and learn like humans. These AI solutions are built to process documents with ICR/OCR functionalities and extract pertinent information just like a human agent would. AI automation in the KYC process not only efficiently speeds up the onboarding process but also helps in identifying fraud as well as preventing fraud and money laundering.

 

IT Operations

IT teams are entrusted with multiple tasks – from setting up accounts of newly onboarded employees to granting the required access and permissions and dealing with the influx of other IT-based issues. AI is enabling them to manage overtly complex and tedious operations and processes without the need for human intervention. This allows the IT teams to spend more time completing high-value activities, drastically reduces the risk of manual error, provides employees with self-help features, and streamlines the overall ticketing and troubleshooting mechanism.

 

Conclusion

According to reports, AI has the potential to add close to a whopping $16 trillion to the global economy by 2030 – a statement quite self-explanatory! Higher accuracy, better reliability, enhanced customer experience, and massive cost savings – automation with AI is giving businesses across industries, all the reasons they seek to invest in and embrace the technology. From customer service to HR to sales and marketing to finance – AI-led automation is making strides across enterprise functions, freeing up the human workforce for more strategic initiatives while ensuring a better experience for all stakeholders – employees and customers alike.

 

Make your enterprise intelligent with E42!

E42 is a no-code platform to create AI workers that automate enterprise processes across functions at scale. A typical AI worker can be customized with the correct set of features to solve a particular problem area, across verticals, and industries. The most integral component at the core of every AI worker’s configuration is that they can think like humans, understand user sentiments, take action based on those sentiments, as well as learn with every single interaction. These AI workers can work independently, automating specific processes, or can be clubbed to bring process-agnostic automation to an enterprise. To embark on your enterprise automation journey, get in touch with us at interact@e42.ai today!