Thanks to a huge rise in the demand for automation, technologies like AI, ML, and NLP have quickly established a place in today’s business environment. These AI technologies present enormous opportunities to transform enterprise functionality by achieving high volumes of low-skilled tasks – feats that cannot quite be accomplished by human teams. Cognizant of the very fact, businesses are deploying RPA (Robotic Process Automation) solutions such as chatbots for macro-level automation of repetitive tasks.
Every business wants to expand human potential with increased productivity, accuracy, stability, and vastly reduced costs. RPA makes this possible with computerized repeatable tasks and further expansion of capabilities, but, as much as RPA has enabled benefits in the automation sector, it might soon reach a plateau when it comes to automation beyond the basics. As more and more enterprises incline towards intuitiveness and sophistication based on context, Cognitive Process Automation (CPA) is the solution for comprehensive and intelligent business process transformation.
Given the growth that the enterprise automation space is witnessing, there is a wide scope of demand for CPA-powered AI assistants or AI workers or intelligent virtual assistants that can perform various tasks such as interacting with customers, real-time data monitoring and analysis, and even decision-making at human parity levels but with no to minimal human intervention.
This article will delve deep into the key role played by these AI workers in transforming the way enterprises operate!
A quick glance at all that this article covers:
- What is an AI worker?
- Challenges in Enterprise Processes
- Benefits of Employing AI in Enterprise Process
- Artificial Intelligence in Human Resource Management (HRM)
- Artificial intelligence in Customer Service
- Artificial Intelligence in Accounting and Finance
- Artificial Intelligence in IT Operations
- How E42 AI Workers are Helping Enterprises Function Better
- Conclusion
What is an AI Worker?
An AI worker or an intelligent virtual assistant or AI assistant is an application program that supports interactions between computers and humans. Unlike traditional chatbots that can only respond with pre-fed information, AI workers can be trained to take decisions and interact at human parity levels. Powered by advanced technologies like ML, NLP, and deep learning, AI workers act as virtual assistants to human teams – they learn from each interaction and can teach themselves progressively, just like human beings!
The humanlike, cognitive, and conversational AI workers can be programmed with varying levels of complexity resulting in dramatically different results. They can be used as personal assistants to facilitate conversations between customers and businesses. These AI workers can also offer predictive analysis to personalize conversational flows, respond to customers based on past interactions, and offer appropriate solutions and recommendations – enhancing user experiences sporadically.
Challenges in Enterprise Processes
HR Management
Since HR is the connecting point between employees and employers, without the implementation of advanced technologies like artificial intelligence, Human Resource Management (HRM) tends to face several issues ranging from attendance management, inadequate engagement with the workforce, ineffective payroll calculation, and lack of diversity within an organization to name a few. The human workforce is often bogged down with mundane operational tasks which becomes a deterrent for creating a favorable employee experience – leading to low retention rates.
Customer Support
Providing great customer service is crucial for customer retention. With technology transforming all industries, finding ways to meet customer expectations and stay competitive in this digital era is a major challenge that most enterprises face. The limited bandwidth of the human workforce and the lack of automation makes it difficult for customer service departments to instantly address customer queries, resulting in an unfavorable customer experience.
Accounting and Finance
Traditional accounting and finance often rely on established rules and standards. While these are tried and tested methods, they can fall short in adapting to changes in the evolving business landscape. Managing complex regulations, guaranteeing data accuracy, ensuring a seamless cash flow, keeping a constant check on risk eversion, integrating technology, managing budgets, and most importantly staying relevant in the latest financial trends and best practices are some of the many challenges that finance and accounting departments are likely to face especially in the absence of automation.
IT Operations
Providing timely and effective support to end-users while also managing complex IT systems is the primary goal for IT Ops. However, with the increasing complexity of technological advancement, it can be challenging to keep up with and manage multiple systems and components involved in IT operations. Furthermore, dealing with conflicting priorities such as ensuring high availability, maintaining security, and reducing costs can be difficult, especially if resources including manpower and budget are already a constraint.
Benefits of Employing AI in Enterprise Processes
Artificial Intelligence in Human Resource Management (HRM)
The rapid integration of artificial intelligence in Human Resource Management (HRM) allows for streamlined processes, improved efficiency, reduced costs, and increased productivity. AI in HRM transforms how organizations interact with their workforce and provides the ability to analyze data, make predictions, and take decisive actions.
Talent Acquisition: AI-powered tools can significantly improve the efficiency of the recruitment process by automating repetitive and time-consuming tasks like sorting resumes, matching candidate profiles with job descriptions, scheduling interviews, and maintaining databases of candidates across multiple stages of the hiring process. Apart from streamlining the recruitment arm of the HR department, implementing AI also aids facilitates improved and faster decision-making by the stakeholders, helping them focus on attracting as well as retaining top talent.
Employee Onboarding: The integration of AI in the HR Management process can streamline the onboarding process and make the transition to a new role smoother for new hires. While orientation remains an essential aspect of introducing new employees to the company culture and policies, AI can handle most employee queries, providing instant and relevant information about various company programs.
Improving Employee Engagement: AI can be a valuable tool for HR departments looking to improve employee engagement. By providing 24/7 personalized support, real-time feedback collection, and proactive issue identification, AI can help create a more engaging workplace culture where employees feel supported and satisfied.
Artificial Intelligence in Customer Service
AI plays a crucial role in delivering exceptional customer service in today’s business landscape. AI-powered tools can alleviate the challenges faced by businesses in providing top-notch customer support by automating repetitive tasks, improving efficiency, and reducing the workload of employees. The integration of artificial intelligence in customer service can help enhance the customer experience and increase customer satisfaction, leading to a competitive advantage for any business.
Enhanced Customer Experience: With the right AI tools in place, enterprises can attain high accuracy, reduce resource costs, and provide a personalized experience to customers. Round-the-clock assistance, smooth handling of customer grievances, and automatic user authentication are some of the many benefits that AI offers with minimal human intervention.
Faster Query Resolution: AI tools can help customers with more than just first-level engagement. With predictive analysis and data-led recommendations based on a customer’s previous interactions, AI-powered virtual agents can easily help resolve customer queries in considerably shorter TATs.
24/7 Customer Support: In the era of digital transformation, customers expect to get their issues resolved instantly without having to be in the queue and that’s exactly what AI workers facilitate by being available 24*7. From providing personalized support to delivering a human-like experience to users, AI workers can do it all – positively impacting the topline while reducing the bottom line.
Artificial Intelligence in Accounting and Finance
The integration of artificial intelligence in accounting and finance allows businesses to automate various tedious tasks such as auditing, banking, tax preparation, payroll management, and invoice processing – reducing the possibility of human error and enhancing the speed of operations.
Automating Account Payable: AI can automate the Accounts Payable process by automatically extracting data from invoices, running n-way matches and GL code mapping, and handling vendor queries while communicating discrepancies in invoices for corrections. This eliminates the need for manual processing, reducing human error and saving a significant amount of time.
Finance Reporting: AI can automate the process of financial reporting by pulling data from multiple sources, such as accounting systems, bank accounts, and other financial databases, and aggregating it into a single view. This helps finance teams quickly and accurately prepare financial statements and reports.
Underwriting: AI algorithms analyze financial data, such as credit history, income, and other factors, to determine a borrower’s risk profile and help financial institutions make more informed lending decisions. This can help reduce the time and cost of loan underwriting and improve the accuracy of loan approvals.
Data-Driven Insights: AI has the potential to analyze vast amounts of financial data and identify trends and patterns that might otherwise be missed. This can provide organizations with valuable insights into their financial performance, allowing them to make informed decisions based on up-to-date information and reform their budgeting accordingly.
Cash Flow Management: AI helps streamline processes like AP and AR while analyzing data from multiple sources, allowing businesses to better plan for future cash needs and make informed decisions about when to invest in new projects or initiatives.
Fraud Prevention: AI enhances fraud prevention by efficiently auditing spend reports, predicting customer behavior, and identifying financial irregularities. This saves significant time and effort in detecting fraudulent activities and ensures accuracy despite the high volume of data, something that a traditional, manual process cannot attain. Additionally, a check on fraudulent activities also helps insurance providers in processing claims with a higher efficiently.
Artificial Intelligence in IT Operations
The efficacy of IT operations is the key to the success of an enterprise’s digital transformation and development endeavors. As enterprises look forward to automating a majority of their processes, effective IT Operations pave the path for enhanced productivity, ensuring the smooth running of routine IT procedures, seamless handling of service requests, and 24*7 support with utmost accuracy and speed.
Predictive Analytics and Proactive Monitoring: AI tools help organizations solve potential issues in time and improve overall security by reducing the risk of a data breach. This is achieved by using the power of AI to analyze a vast amount of data from multiple IT systems, identifying the root cause of an issue, and predicting potential failures.
Streamlined IT Operations and Workflow: Conversational AI can automate all routine and repetitive tasks such as classification of issues, tickets creations, incident management, escalating the issues to the right agents, and more. This streamlines the entire workflow, and reduces the likelihood of human error, allowing the IT operation workforce to focus on core initiatives and enhance the overall performance of the IT department.
Effective Management of Company Assets: Through AI-powered tools and analytics, organizations can closely monitor the performance of all their hardware and software assets around the clock. This results in a significant positive impact on the longevity and performance of these assets, as incidents can be quickly reported and addressed in real time.
How E42 AI Workers are Helping Enterprises Function Better
Given the revolution that tech like AI and machine learning is bringing, more and more enterprises are embracing AI technologies to enhance efficiency. Here’s how E42 AI workers are helping businesses embrace intelligent automation across functions:
Human Resource Management
Sam – an AI HR Executive makes it seamless for enterprises to harness the power of cognitive AI in HR by automating multiple HR functions and providing round-the-clock digital support to employees with the highest accuracy and speed. He can attend to multiple employee queries simultaneously, update employee details during onboarding, manage leaves, attendance, and travel details, accept claims applications, and much more – freeing up the HR personnel to concentrate on more strategic initiatives.
Julia – an AI Recruiter boosts the efficiency of an enterprise by automating simple and complex tasks pertaining to the recruiting process and helps reduce the workload of talent acquisition teams. She can manage a volley of tasks, which include finding the right candidate by matching their profile through integrations with job portals and external systems, conducting first-level smart interviews, attending to candidate queries 24/7, and more.
Customer Service
Alex – an AI Customer Care Executive streamlines the customer service process and provides personalized experience to the users around the clock. From tracking customer behavior, and analyzing patterns and sequences to understanding customer queries and offering a fast and accurate resolution, Alex works with utmost accuracy and precision.
Karen – an AI KYC Agent helps the customer service arm of enterprises by speeding up the entire KYC process and ensuring hassle-free customer onboarding. From automatically reading documents at a human parity level and memorizing lengthy documents to helping customers with FAQs and flagging documents that don’t match the KYC requirements while notifying customers with relevant updates – Karen can do it all with minimal human intervention.
Aiden – an AI Agent for Email Automation automates and streamlines the email communication channel for enterprises by categorizing emails based on sentiment, topic, and level of urgency to ensure a personalized experience for each and every customer. With tailor-made automation capabilities, Aiden makes it possible for the human team, otherwise bogged down by a manual system for service-request ticket resolution on email – to focus on more strategic tasks!
Accounting and Finance
Plutus — an AI Accounts Payable Executive brings automation to the AP function for enterprises across domains. By seamlessly processing invoices without human intervention to accurately extracting information from invoices and running n-way matches and communicating with vendors – Plutus is built to bring abundance to the AP function.
Moneta – an AI Accounts Receivable Executive is equipped to reduce revenue leakage while improving business financials and liquidity. She works along with the AR team to streamline the entire accounts receivable process by assisting in revenue management, setting up customer accounts, following up on payments, sending reminders, posting payments, getting rid of defaults and bad debts, evaluating customer credit ratings, sending payment reminders, and more.
IT Operations
Walter — an AI IT Ops Manager specializes in IT Ops automation and is key to maximizing productivity and boosting efficiencies in a contemporary, changing IT ecosystem. He is capable of offering the enterprise workforce an excellent experience by attending to multiple IT issues simultaneously, without any human intervention.
Conclusion
AI is a game-changer and has revolutionized various industries in the last couple of years. Both SMBs and large enterprises can benefit from the adoption of AI automation for streamlining processes and saving costs like never before. While most enterprises are cognizant of the fact that AI is the one-stop solution for modern enterprises’ needs, they lack the ability to either find the right partner for AI implementation or grow the capability to manage the implementation in-house. This is where no-code platforms like E42 fit right in – with a range of click-to-hire AI workers built keeping the needs of all enterprise functions in mind. Businesses that don’t have enterprise automation in their digital transformation strategies are likely to lag in the increasingly AI-driven world, to the extent of risking their survival!
To kickstart your enterprise automation journey, talk to us today!
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