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. And given the increasing competition, every business is looking for a way to eliminate bottlenecks in business processes. Hence, the primary reason for AI’s widespread adoption could be that it offers businesses a way to simplify tasks that would otherwise require time and effort to complete. For instance, through AI-based automation, businesses can delegate data-heavy tasks to machines that are capable of human-like thinking and reasoning. This allows businesses to cut through the monotony and focus purely on business growth. Given the potential that AI brings to the table, it is giving rise to revolutionary trends in the business world. Let’s delve into a few AI technology trends in 2023 that are set to take the business world by storm.
Redefining customer satisfaction
Globally, brands have begun implementing AI and machine learning solutions that help them anticipate customer needs to provide excellent customer experiences. Moreover, when NLP (natural language processing) is combined with AI and ML, it gives businesses the ability to predict customer expectations by analyzing the historical and behavioral data of each customer. This allows a business to offer data-driven, tailor-made services based on the specific preferences of each individual customer.
Implemented in high-traffic areas of business, AI can significantly improve how customers perceive a brand.
Automating payment processes
When implemented in billing, AI, NLP, and machine learning combined can have cognitive capabilities which means, it can emulate the human mind to recognize and capture key-value pairs and tables that are necessary to automatically process invoices. Routine billing calls and conversations can be transferred to AI-powered virtual agents. These virtual agents employ natural language processing (NLP) to accomplish everything that live agents do, including authenticating, examining previous transactions, identifying banking information, receiving credit card information securely, and much more, by seamlessly connecting with the company’s CRM or ERP.
Facilitating better IT Operations processes
AI, when implemented in IT Ops, can make it possible for a help desk system to automatically process and carry out a user request. AI-powered machines can also decide if further action is necessary based on whether the pertinent metrics and supporting data are within acceptable parameters.
Secondly, IT professionals may deal with a known malware event on a noncritical system but could overlook an unexpected download or process starting on a critical server. However, AI will pick up on said activity and deem it unusual. AI approaches this situation differently by prioritizing the event as a potential attack or infection, which it will then handle by executing an antimalware function.
Overall, by implementing the right IT Ops AI solutions, IT teams can shed the burden of working on mundane tasks and focus on major operations.
Improving employee experience
As WFH has become the new norm, in-person workplace interactions are not an everyday occurrence. Hence, employees find themselves struggling to solve workplace issues and queries. This can cause employees to feel ignored and result in frustration. But by implementing AI in HR, employees can be kept engaged 24/7, enhancing their experience and reducing burnout as a result. Moreover, AI solutions are not limited to office hours. For instance, an AI HR Executive can answer queries in real time. Not to mention, this AI HR Executive will also cut down the work pressure that the HR team faces as it can handle various tasks from employee onboarding to employee engagement.
Conclusion
The bottom line is, 83% of companies see AI implementation as a priority. And close to 50% of companies are already implementing some form of AI in their business processes. These numbers mean that AI trends are catching on and AI automation is inevitable. It’s safe to say that we are only just witnessing the beginning of a revolution and it’s more than likely that the year 2023 is going to see AI adoption on a whole new level.
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 AI workers built on E42 are powered by a combination of deep tech in AI NLP. This means, they can think and reason like humans, but much faster and can be deployed in to transform processes ranging from finance to customer service to IT operations, and many more. To embark on your enterprise automation journey, write to us at interact@e42.ai!
