Machine learning, deep learning, and artificial intelligence (AI) are all becoming increasingly important to companies in a variety of sectors. From finding top talent, to creating better marketing campaigns, we look at all the ways AI helps businesses grow.
1. Automated workflows
Workflow automation offers several benefits.
An effective workflow connects a series of processes, each triggering the next, that allow the business to operate smoothly and ensure that tasks are completed when they should be.
Automated solutions negate the need for employees to waste time formulating and monitoring workflows—for example, checking to ensure that someone has completed a task before someone else can complete the subsequent step in a process. This enables workers and managers to focus on strategic, higher-value activities. Automated workflows also reduce the risk of human error.
In addition, automated workflows help identify problems and bottlenecks. They allow management to see critical processes at any point and to check the status of a task in real time.
In business, time is incredibly valuable, and most businesses rely heavily on deadlines. The faster we accomplish tasks, the more we can achieve. Automation is a valuable tool in terms of increasing efficiency and accuracy, which can ultimately boost profits.
AI can be used to perform data analysis, identify market trends, and ultimately improve marketing and advertising campaigns. Big data offers access to unprecedented amounts of information about customer behavior, attitudes, and opinions; sales; conversion rates; customer acquisition costs and lifetime value; and marketing campaign effectiveness, among countless other marketing data points. Advanced data analysis solutions powered by AI can give marketers a clearer picture of target audiences and how to market to them effectively.
AI enables marketers to collect vast amounts of data, with much less effort than before. Marketing teams can use this data to optimize messaging, select marketing channels, and save money on campaigns.
Modern AI marketing solutions are incredibly advanced and intuitive. They can identify patterns and trends across vast data sets and do so incredibly quickly. Today’s AI technologies can even interpret human emotion and natural human language patterns so they can interpret qualitative, open-ended data like social media posts, reviews, and email content.
In sum, businesses can use AI marketing solutions to craft smarter ads, refine content delivery, and improve processes within marketing departments.
Given how quickly technology is developing, it’s vital that educational and professional development programs stay ahead of the curve.
AI can help HR professionals analyze employee data such as employee profiles, resumes, job descriptions, and employment reviews to help organizations create customized learning plans and training initiatives for employees. One potential, particularly cutting-edge application of this idea is the use of chatbots that have access to employee information and schedules. These bots can deliver tips and bursts of information right when it’s needed—for example, when a junior sales rep is about to pitch to a big client, the bot can send advice on delivering a pitch, or perhaps notes about the client from the rep’s last meeting with his or her manager.
AI also allows for the creation of virtual mentors that can deliver personalized feedback and guidance to employees in training or learning programs. Because AI is predicted to eliminate many jobs, but create many more new ones, organizations need to have a reskilling plan for their workforce. Training will likely become increasingly important to organizations, and AI can help them deliver such programs effectively.
4. Business intelligence
Today, companies all around the world spend billions on sophisticated algorithms that analyze vast amounts of data, provide insights into trends, facilitate better decision-making, and ultimately reduce costs and augment profits.
Business intelligence is a major application of AI and machine learning. For example, Walmart uses the HANA SAP cloud platform to process transaction records from more than 11,000 stores. HANA achieves this in seconds, giving management access to insights and information in real time, which ultimately allows the company to control back office costs. Other uses of machine learning for business intelligence include functions like inventory planning and cost control, fraud detection, risk analysis, forecasting, supply chain optimization, and much more.
5. Recruiting and retaining staff
AI makes our lives easier. Nowhere is this more apparent than in the world of recruitment. According to research, US companies spend an average of $4,000 to fill an open position. This figure increases exponentially for senior roles. On average, it takes 52 days to fill a position. As many as 47% of small business owners complain that they simply cannot find enough qualified applicants.
A study by Harvard Business School examined 250,000 hires. It revealed AI algorithms are more efficient than humans at hiring the right person for a role. Rather than reviewing countless resumes and making endless phone calls to identify good candidates, organizations can “outsource” this function to AI.
AI talent acquisition solutions allow companies to stay ahead of the recruitment curve. For instance, Censia’s Talent Intelligence platform scours millions of highly qualified candidates to find the best possible fit for a role. Rather than using manual, time-consuming keyword searches of resumes or profiles to find candidates, organizations can use Talent Intelligence to create a nonbiased, completely performance-based model of the ideal candidate based on top performers within their industry. Similarly, Censia’s Talent Delivered is a completely automated, end-to-end hiring service that relies on the Talent Intelligence platform to deliver top quality candidates who are ready to be interviewed.