Expected to grow at around 120% year-on-year by 2030, the Artificial Intelligence (AI) market is at the helm of a digital revolution. Be it e-commerce, healthcare, consumer goods, or finance, AI is making strides in various industries globally. With AI’s ability to think like humans, machines are now able to take over monotonous tasks that previously required human intervention.
In today’s fast-paced world, time is of the essence. With increasing competition, every business aims to eliminate bottlenecks in processes. The primary reason for AI’s widespread adoption is its ability to simplify tasks. These tasks would otherwise require time and effort to complete. For example, through AI-based automation, businesses can delegate data-heavy tasks to machines. These machines are capable of human-like thinking and reasoning. As a result, businesses can focus on growth instead of monotony. AI brings immense potential and gives rise to revolutionary trends in the business world. Let’s explore the top AI trends in 2023 that are likely to make a significant impact on the business world.
Redefining Customer Satisfaction with AI
Enhancing customer experience is one of the top AI trends in 2023. Globally, brands have begun implementing AI solutions to enhance customer satisfaction. By combining NLP (Natural Language Processing) with AI and ML (Machine Learning), businesses can predict customer expectations. This is achieved by analyzing the historical and behavioral data of each customer. Consequently, they can offer personalized services tailored to each customer’s preferences. Implementing AI in high-traffic areas of business can greatly enhance how customers perceive a brand.
Payment Process Automation
The implementation of AI is driving significant advancements in AP/AR processes, making it one of the top AI trends in 2023. AI technologies like machine learning and NLP, when integrated into billing processes, can be made to exhibit human-like, cognitive capabilities and the ability to emulate the human mind. AI-powered virtual assistants or AI co-workers as we call them, can be deployed in accounting and vendor support processes and designed to handle routine billing calls and conversations efficiently. These AI co-workers are powered by cutting edge NLP and ICR (Intelligent Character Recognition) tech to mirror the abilities of live agents. This enables them to recognize and capture key-value pairs and tables required for automatic invoice processing. Additionally, they can authenticate users, examine previous transactions, identify banking information, and much more!
Facilitating Better IT Operations Processes
The increase in demand for IT workflow automation has made it one of the top AI trends in 2023. By integrating AI in IT processes, businesses can bring significant benefits. For instance, AI-powered systems can automate user requests in help desk systems, streamlining the process and eliminating manual intervention. These systems can also analyze relevant metrics and data to determine if further action is necessary, ensuring efficient and timely responses.
In addition, IT professionals often handle known malware events on noncritical systems. However, they may overlook unexpected downloads or processes starting on critical servers. AI, on the other hand, detects and identifies such activities as unusual. It prioritizes the event as a potential attack or infection, and then handles it by executing an antimalware function.
By implementing the right AI solutions, IT teams can shed the burden of working on mundane, tedious tasks and focus on major operations.
Enhancing Employee Experience
As work-from-home or working remotely has become the new norm, in-person workplace interactions have reduced gradually. As a result, employees often struggle to solve workplace issues and queries. This can cause employees to feel ignored and result in frustration. However, implementing AI in HR can enhance employee experience and reduce burnout by keeping employees engaged 24/7. This is one of the top AI trends in 2023 that is expected to transform the workplace.
Moreover, AI solutions are not limited to office hours. For instance, an AI HR Executive can answer queries in real-time. An AI HR Executive can also cut down the work pressure that the HR team faces. It can handle various tasks from employee onboarding to employee engagement.
Conclusion
The significance of AI is evident, with 83% of companies prioritizing it. In fact, close to 50% of all businesses have already integrated AI into their processes. These numbers mean that AI trends are catching on and AI automation is inevitable. It’s safe to say that we are witnessing the early stages of a revolution. The year 2023 is poised to witness a remarkable surge in AI adoption, setting the stage for the top AI trends in the coming years.
Automate your Business Processes with E42
E42 is a no-code cognitive process automation (CPA) platform to build AI co-workers that automate various enterprise processes. The E42 AI co-workers use advanced AI and NLP technology to think and reason like humans, but much faster. They can be deployed to transform processes across finance, customer service, IT operations, and more. To start your enterprise automation journey, simply email us at interact@e42.ai!
