Did you know that 37% of firms and organizations use Artificial Intelligence (AI) in their workplace? This was based on a survey carried out by Gartner in 2019. This percentage most likely increased by the end of 2021.
For most of us, Artificial Intelligence, or what is most commonly known for its abbreviation, AI, strikes us as something very futuristic. But what most do not know is that AI actually became existent way back in 1956.
However, just like most things, several researches and studies needed to take place before it could evolve to how it is known now.
And when we say AI, it doesn’t only mean the usual robots that we see in movies. As a matter of fact, we encounter AI in several business services but we simply don’t recognize it upfront.
AI can come in different forms, and some people feel intimidated by how it can ultimately replace jobs operated by people at some point. But technology will continue to evolve to help ease the current business processes and generate more jobs in the future.
If we try to see it from this point of view, we will understand how technology helps organizations reach their business goals all the while assuring that people are still needed to operate these advancements.
In fact, Harvard Business Review did a study with 152 cognitive technology projects, as well as 250 executives, to understand where AI is typically applied and how businesses maximize its usage of it.
Based on the study, the top business processes that it can support are:
(1) process automation;
(2) cognitive insight; and,
(3) cognitive engagement.
What do these business processes mean?
To understand things better, here are some examples for each process and how AI helps enhance them:
Most business processes that need assistance with automation are those mainly done in the back office. Typically known as a robotic process automation (RPA), it supports generally administrative and financial activities.
Some instances that an RPA is in use is when you receive your notice for billing from the bank every month, or you get to receive promo emails from a food delivery app you signed up on.
Other general examples of these activities are:
- Data migration and entry
- Data updates for customers or personnel
- Sending mass emails
- Loading and generating detailed profiles or billing data
- Payroll automation
Cognitive Business Insights
Data is one of the most important factors in decision-making for businesses, and even across various departments.
Cognitive technology provides better and more detailed insights as it can collect large amounts of data, generate its meaning, and identify patterns to it.
Netflix being able to generate user recommendations is one example of a business applying cognitive insights to its technology.
Here are other common business processes that use cognitive insights:
- Automated job searches
- Personalized digital advertisements
- Detection of consumer trends
You have most likely heard of or rather encountered chatbots, right? This is one of the most common uses of AI in businesses in relation to cognitive engagement.
Having chatbots available 24/7 is a great way to improve your business’s customer support system. Of course, human-to-human conversations can still provide help. But we can note that AI is designed to think like a person and help provide solutions to common problems people might be encountering.
Like instead of waiting on the line for a real person to answer your call, recurring issues can be quickly resolved with the help of AI technology.
Cognitive engagement also allows businesses to improve their customer relationship management, which we’ve discussed in a previous blog.
Overall, AI has a lot of benefits to offer to your business. As it continues to evolve, more and more businesses can see how this advancement in technology can help improve services, as well as internal decision-making.
There is a wide range of tasks that AI can support. It is impossible not to implement this technological advancement into your methods, especially if it allows your businesses to improve and maximize your current system.
Did you just discover an aspect of your business that uses AI technology? Share it with us by commenting below!