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AI and Automation impact on medium-sized Companies and Organizations
| The Business Benefits from AI and ML |
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Hyper Automation and Artificial Intelligence (AI) are seeping into every aspect of business, from operations to production and from product development to business processes. Processes, tasks and role models – everything is changing with this revolutionizing in the commercial sector. This evolving area of Artificial intelligence (AI) and machine learning (ML) is the future for all businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!
The new digital technologies are having different impacts on jobs in the short and longer term. While automation may displace workers within a sector in the short term, studies are demonstrating that overall employment is growing when looking at a longer period comparing results from different sectors and the World Economic Forum has found that, by 2022, algorithms and other transformative technology could create more jobs – as many as 58 million. Because despite automation and artificial intelligence, people will continue to be important in the future.
Artificial intelligence opens up possibilities far beyond currently available functions. PwC estimates that business could save $2 trillion globally by applying intelligent automation to many activities that were previously processed by humans and making employees more productive.
Like business of all sizes, SMB are also flooded with data gathered from different sources such as, customer data, supplier data, market data, operations data and many more. AI can quickly pull out insights from these databases and extract valuable data. Managers can get valuable insights on business process from workflow management and/or make sales predictions easily by using data from ERP systems. As AI is able to pull out insights from data easier than human workforce and run the routine tasks to add value to existing business, company can use its human resources to solve potential problems, spend time on creative tasks and boost business ability to innovate.
SMBs can also benefit from AI to identify, understand and better target their customers. Business can forecast customer behaviour and run data-based campaigns to have remarkable results with the use of big data and artificial intelligence. It helps them to save a lot of money on marketing and sales efforts by bringing them valuable leads. Not only business can achieve valuable leads and turn them into customers but they can also maintain a good relation and provide a better service to these customers by introducing a 24/7 customer service with the help of AI equipped chatbots. These chatbots are able to handle customer enquiries and provide customer support on time and appropriately, based on the needs of customers.
Not only in customer service, artificial intelligence is demonstration it’s capacities in accounting, finance, auditing and tax controlling, fraud detection as well. Instead of recurring routines, data analysis, process control and optimization by automating procedural tasks would be on the agenda of SME by allowing employees to make even more valuable contribution to corporate management. As AI can decipher data and draw actionable insights easily from complicated situations and eliminate/reduce errors, it’s totally transforming and changing the way accounting and tax firms used human intelligence to perform same tasks. With an accurate integration of AI empowered workforce, accountants and bookkeepers can build a value-based business, attract more customers and increase revenue by spending less time that they were used to spend.
Customer service and accounting are not the only 2 departments getting aids from AI, sales and marketing are also getting their potential customer’s pipeline faster than ever before by finding interesting leads in their databases as contact information is available for the market you want to target.
By engaging each potential lead in a very personalized way, sales person can turn the lead into a paying customer and recommend the right product with the help of gathered data on the customer.
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