By Sarah Amundsson – Senior Business Developer at Shufti Pro
The quest for better and more efficient operations is a never-ending effort in
businesses. The more advanced and seamless operations, the better it is for the
competition and market value of a business.
Automation is the preferred measure to enhance operations and Artificial Intelligence is the latest trend in achieving perfection in automated operations. It not only automates the operations but also has in-built attributes to manage these automated operations.
This next-level automation and efficiency is the primary reason behind the remarkable growth of this industry. A report by Statista states that the artificial intelligence industry is projected to grow at a rate of 154% in 2020. Now that such remarkable growth is expected we also know that it is not totally driven by its use in businesses, AI is used by researchers, the medicine industry, and government agencies as well. But we will see what it has to
offer for the businesses, and how your business could grow using this technology.
Impact-driven insights
Millions of businesses around the globe are working day and night to enhance their
products to the level where their customer value will be more than any of their
competitors. Customer feedback is the most reliable source to enhance the product
as per their needs, preferences, and expectations form a brand.
Bundles of data are collected through surveys and face-to-face interaction to understand complex human traits. But it takes a lot of time, effort and most of all money to conduct such surveys.
Research by Vernon research group states that online quantitative consumer research costs somewhere between $15000 to $35000.
Artificial intelligence could help you save those dollars, as AI tools for customer
behavior analysis is a one-time investment, you don’t need to conduct surveys every
six months or so. Just use the tool whenever you wish to and take calculated
decisions without waiting for months to get the research results.
Although customer surveys and market research are not totally useless, conducting them frequently costs a lot of money and affects customers’ experience as well, as they’re not always in a mood to undergo a survey. Also, customers are often not truthful in the surveys, then what is the point to conduct the research if the results are not reliable.
On the other hand, artificial intelligence uses algorithms and analyzes customer
browsing and shopping patterns to provide useful insights about his/her behavior
towards a certain product or service. Customized services are provided without
sacrificing customer experience.
Simplified workforce management
Workforce management is one of the primary operations of any business. AI-based
solutions are available that helps the managers in multiple workforce management
related tasks such as, skill assessment, task assignment, skill optimization, and even
payroll management. The manager doesn’t need to create sheets after sheets to
collect and analyze employee data or look over those boring employee task logs to
see who should be assigned which task.
Once the employees are managed well they perform well which leads to growth. AI
solutions are there to help managers assign tasks aligned with the skill-based
approach.
Augmented security and data privacy
One of the major advantages of AI is the increased efficiency of security protocols in
organizations. Security is the vital need of any organization and AI solutions are
used to revamp the security protocols of an organization.
With an increased risk of data breaches due to extended dependence on cloud
storage, businesses need next-generation solutions to fight evolving crimes. AI-
based identity verification solutions empowered with face verification provide
foolproof security against data breaches.
Some organizations are using face verification solutions to manage the risk
associated with internal agents (employees). Research revealed that 52% of the
frauds that the organizations faced were initiated or supported by their employees.
Face verification and identity checks at certain touchpoints in the organization
eliminate this risk. Moreover, face verification of individuals before allowing them
access to certain areas and data centers will reduce the risk of employee fraud.
Another major source of risk are the customers, AI-based identity verification
solutions powered with AI are used to manage this risk.
Also, such solutions deliver highly accurate results swiftly so improves the customer experience. The risk coming from customers is substantial and preventing it is vital, without sacrificing customer experience.
Another benefit of artificial intelligence is the virus and malware detection solutions.
These solutions are designed to screen the whole software and to detect any viruses
or malware.
Challenges in operationalizing AI
Operationalizing AI is not completely easy, because adopting new advancements
always takes a lot of effort, not to mention it’s a fruitful transformation.
Firstly, the collection and analysis of data is a challenge. Sometimes the
organizations have the data but in a scattered form that can’t be used unless
collected and stored in a certain manner. As AI-based solutions flourish on big data,
companies face difficulty in arranging the necessary data. Even when the company
knows the trick to collect the needed data, they face legal barriers in the form of data
protection and consumer privacy protection. So the necessary changes in the legal
framework of the organization are to be made.
Secondly, if the organization has necessary data, they face problems in successfully
training the employees for the changes in the operations of the organizations.
Sometimes an employee is unaware of the usage of AI-based solutions but has
awesome skills for his job, training him is the only option. So, organizations prefer
training more employees than replacing them.
To wrap up, like everything artificial intelligence also has some good and bad
features. But if utilized with necessary security barriers and smart management, it
ensures substantial growth for your business.
