Artificial Intelligence - a New Way for Business Transformation
An intimate understanding of the data your business has is an indispensable factor for creating precise reporting and analytics. Integrating artificial intelligence is one of the first steps for expanding small and medium-sized businesses’ capacities. AI tools allow you to manage huge data flows and extract useful information to run your business with ease.
Are you ready to learn more about how this progressive technology helps the business achieve the desired goals? Let's start!
What is Artificial intelligence?
Artificial intelligence automates repetitive business processes by leveraging data. However, the main AI goal is not to automate routine operations but to frequently perform numerous large-scale tasks. In addition, such systems are able to learn themselves and predict how different situations can be repeated in the future by analyzing previous ones.
AI algorithms detect structures and patterns in the data flow that allow gaining additional benefits. For example, this technology can offer appropriate products online based on buyer's behaviour, forecast sales, or notify you of follow-up actions to complete a monthly plan. At the same time, algorithms are adapted when the system receives new data for analysis.
AI in business processes. The main points
Nowadays, insurance, marketing, retail, banking industries have already optimized work using artificial intelligence tools. And it’s only the beginning. Most companies invest in AI tools for business process management to facilitate repetitive actions and manipulate bulky datasets deftly.
- The artificial intelligence system helps issue loans to customers. This technology helps make the right decision tied in with loan granting, using the obtained data like biometric one, credit history, revenues, expenses.
- Since all users have different revenues and expenses, it allows to analyze transactions and create automated templates for the most repeating operations. Therefore, different functions have different priorities for customers depending on their financial behavior.
- The finance calendar based on artificial intelligence algorithms allows getting not only a digital system for task management but also a complex analytics system. It indicates what financial transactions or operations are best to complete them in advance.
- In addition, since AI's goal is to work with complex data, you can get information related to the demand for your product or insurance services, analyze the competitors' offers and market situation. With this data, your managers can set pricing for services in the right way.
- Automated analysis of insurance contracts is one more AI feature. As usual, the team spends several days performing this task. By using new technology, it can be completed much faster. With different types of data verification, you can automate order processing and make the purchase process fast and smooth.
- Insurance processing becomes automated too. Thanks to AI, chatbots can provide customers with support around the clock. They help you find out the prices of the services, register an application, check details or make a purchase, as well as answer all your questions.
- Some retailers use outdated accounting systems. Due to AI, it is possible to offer goods and services based on user preferences. This approach allows you to manage internal and external resources rationally, create automated stocks, or use chatbots to 24/7 tech support.
- By analyzing big data, complex algorithms learn different approaches to commodity prices. The data forecasted allows you to compare market prices with current ones and find benefits for your consumers.
How AI technology stimulates business processes
- Due to artificial intelligence, you can easily provide 24/7 support. Your customers do not need to await service for a few days. Built-in chatbots give an instant response and help you find out all the details you are interested in or help facilitate repetitive operations.
- Track and analyze data much faster. AI algorithms allow you to process huge amounts of data, find patterns and extract useful information for rational decision-making.
- By automating manual business processes, your team can perform complex tasks and save resources and time. In this way, you can automate recruiting or onboarding, create an ideal marketing campaign, or predict sales.
- By analyzing large datasets, AI can perform accurate forecasts. It allows you to indicate behavioral models for customers and offer them suitable goods and services based on their previous actions.
How Avanga uses AI to enhance business operations
Avanga tool offers an automated chain of actions for different processes including marketing, financing, sales department, etc.. The BPA module is designed on the basis of artificial intelligence. The main components are triggers and actions.
How does it function? The user creates a trigger that initiates a specific action. Then the manager chooses the executant who must cope with the created task. You can create a set of multiple related actions and assign them a specific date. As a result, you get an automated business process, the actions of which are carried out step by step without human interaction. Thus, a completed action changes its status to “done” and the next action starts.
Business process - client onboarding
Do not hesitate to contact us if you are going to apply AI tools for your business processes. We will help you to pick up core modules that will organize your business and stimulate workflow.