How AI can help to increase productivity?
Humans have come a long way so as technology!! From room like computers to tablets and from DOS commands to a virtual assistant to turn on or off the electrical equipment! Some of you might say, bots have replaced human beings, but who is behind the scene? We, humans!!
Human nature is to learn, evolve and improve. We have always strived for a better future since the beginning of time as a result of which we are here today, in a technological era. In this era, it would be hard to find a person who is not aware about Artificial Intelligence (AI). It doesn’t matter, if you are a trend follower or not, you may have heard about the terms Artificial Intelligence (AI) and Machine Learning (ML), some or the other time. Are these two technologies same?
Let us have a look!
Artificial Intelligence
When a machine simulates human behavior it is called Artificial Intelligence. With the help of AI machines can understand a command, store and connect data, and draw conclusions. Using AI, a machine can solve complex problems just like human.
AI has already proved its ability. AI productivity tools have already helped workers to stay efficient in a limited available workforce.
Artificial Intelligence (AI) has become a boon in this century. And, thus definitely all of us are expecting more from this technology in the future.
Machine Learning
Machine learning (ML) is a subset of instructions from AI which allows a machine to learn from past collected data without programming explicitly.
In this, methods like neural networks, operations research, statistics, and physics are used to find hidden insights in the data. ML provides machines with direct data access to learn from the results to provide better decisions in the future.
How Artificial Intelligence (AI) Boosts Productivity?
With its all the advantages, one can definitely say that AI can help to increase productivity.
As we know that the automated nature of Artificial Intelligence helps humans to eliminate manual work and automate the work. Many things, such as inputting data, forecasting demands, creating content and generating reports can be automated within minutes. It may have happened that without you knowing, you may have used AI in completing your jobs. For example, you have used AI content marketing tools to automate content creation. With the help of these tools, you can write newsletters, blog posts, or other marketing content quickly.
Let’s find out different ways in which AI assists you in your work and boosts productivity!
1. Accurate Demand Forecasting
With the help of Artificial Intelligence, various systems are able to test hundreds of mathematical models of production and can also examine outcome possibilities, and can be more precise in their results and analysis. Accurate demand forecasting is necessary for every business.
Using AI powered systems; you can predict how your new product or strategy resonates with your target audiences and estimate the results. Combining machine learning and AI implementation have the power to reduce overall inventory by up to 50%.
It has proved by a huge retailer company named Wal-Mart that AI and machine learning together can solve a task worth a month in just 24 hours.
2. Hyper Personalized Manufacturing
With the help of Artificial intelligence, software companies are able to take personalization to the next level of such products and services that are highly relevant to individual customers. We know that personalization sells! According to a recent survey, 20 percent of customers are ready to pay a 20 percent premium for personalized products or services in order to receive recommendations, tailored and targeted products, and offers.
3. Predictive Maintenance
One of the routine tasks for the companies is that they commonly set schedules to check their tools’ conditions periodically. This was before the invention and implementation of AI technology. It helps companies to maintain their tool’s performance; however AI systems can make it even better.
The AI system work in a way that they will monitor your tools and notify you when care is needed. They do not schedule maintenance. One can even program their machines so that they can automatically diagnose their problems.
It is necessary to utilize big data algorithms to develop predictive maintenance. It will also permit you to break down upcoming equipment.
4. Improved Manufacturing Processes
Manufacturing processes need some automated support, because if they continue to be handled manually then they cannot be that much effective. Lack of automated systems will affect and limit the number of products manufactured resulting into failure of companies in achieving customer satisfaction and improved production.
AI technology improves manufacturing processes in many ways. It helps examine many things during manufacturing. It can verify temperatures, component quantity, quality, and processing time. It can also help detect cycle times, and lead times, faults, etc. which results in an immediate and seamless workflow.
Employees here act as an operator and monitor every manufacturing process. AI sends signals for faults and recommending solutions in real-time as in it works behind the curtain.
5. Easy Data Extraction and Review
We all know that data entry, review, and extraction of data are tedious and time consuming tasks. Digital devices have proved to be of a great help for businesses to speed up their processes.
A corporation can automatically and easily collect, review, manage and record their internal and client data. AI and machine learning technology has the power to accelerate these processes even more. These sophisticated systems make it easier for customers to present and understand their progress.
AI programs perform automated document extraction which helps you reduce review times and improve operational efficiencies. One can also get valuable insights to escalate your strategy and workflow.
6. Automate Hiring
Recruitment is again one of the tedious but crucial tasks. It is also one of the most challenging things that every business faces. Reading hundreds and thousands of CVs every day to look for desired candidates can be an endless work for your team.
Here, AI and machine learning technologies comes for rescue and they can lessen this burden and help to find relevant candidates quickly. Using automated system, users can oversee applicants’ resumes by selecting vital parameters such as education, work experience, and skills, etc.
7. Seamless Interaction
The best implementations of AI in today’s world can be Chatbots and automated call management. With the help of these two technologies businesses can handle clients effectively with excellent customer service. Chatbots can answer potential customers instantly as they are available 24/7. Hence, companies can allocate employees to other important tasks as chatbots substitute employee’s responsibilities.
Automated call management is a system which can set up an automation system to define when and how to call target customers. So that companies can reach potential clients properly. For example, if someone goes and searches specific pages on your website, then the system will collect their data intelligently and make further contacts like making calls or sending emails.
In this way, automated call management supports their productivity by focusing more on priority issues.
AI Productivity Case-Studies
Now, we will look at some case studies based on Artificial Intelligence, how they implemented AI into their business and how it benefited them.
Case-Study 1:-
Client: - A leading bank in India was facing challenges in acknowledging the emails. It is a large private bank in India. It has a big network of more than 4000 branches and a large number of ATMs across India. This bank offers a wide range of banking products and financial services to its corporate and retail customers.
Challenges: - The bank used to receive more than 10,000 emails every day and it was difficult to answer all of them. The emails weren’t prioritized on the basis of their significance and thus many emails were left unanswered or ignored. Thus, the bank wanted to automate the entire process to avoid long turn-around-time and the resulting negative impact on the bank’s relationship.
Solution: - A detailed study of the customer’s workflow, their problems and their requirements were performed and then Datamatics proposed an AI based solution. According to this solution, it taps customer sentiments and triggers robotic actions for further processing.
Then the entire process was automated to study all the incoming emails including nested emails and smart technology was used to auto-respond to the emails of the customers.
Results:-
- 24 hours - Auto-routed the inbound emails to the concerned departments in real-time in order to action them
- 70% - Reduction in the time lag in routing the emails to the concerned departments
Case-Study 2:-
Client: - Travel and travel related financial services company.
Challenges: - The Company wanted to predict the customer conversion rate in order to optimize their business operations. But the data for this purpose was insufficient and incomplete. The main thing they wanted was to take on data preparation in order to identify the gaps followed by the next steps for customer conversion.
Solution: - Shortlisting of datasets across the client’s high-performing branches was done as a first step. The team used Artificial Neural Networks (ANN) and Random Forest techniques along with a polling engine to derive the conversion patterns in order to choose the best possible output.
Results:-
- 82% Accuracy achieved
- 50% Improvement in existing conversion rate
- Relationship framework established for positive/negative impact of customers
Case-Study 3:-
Client: - - A leading bank in USA
Challenges: - The bank had 6 banks and the documents in their document management system were increasing day by day. So, they had 35 million documents of loan application forms and supporting documents and thus they wanted to auto-analyze, auto-index, and auto-classify the documents into 275 pre-defined categories of them. They wanted to evaluate Smart Automation possibilities towards classification of the documents too.
Solution: - A solution supported by Artificial Intelligence and other cutting-edge technologies in a result-driven environment was given to this bank. It did the auto-analysis of the documents and did context analysis too. It then auto-classified the documents too, in one of 275 categories to make documents and pattern discoveries searchable and retrievable using Naïve based algorithm.
Results:-
- 50% Reduction in Operational Expenditure
- 87% Improved accuracy
- 150 man hours saved per month
- 35 million documents auto-classified and auto-indexed
Conclusion
For any business, response time is very crucial! Today, people do not have time; they want everything to be quick and instant! Thus, businesses must also take orders quickly and give responses immediately. Handling so much of workload becomes challenging for employees of any company without AI and machine learning technologies.
AI induces seamless workflow in your company. This seamless workflow will help you maintain your teams’ productivity and mental health.
In this post, we have discussed only a few ways in which AI helps to increase productivity but AI is a very vast technology. And hence, companies are looking towards this technology to find more and more ways to increase production.
Businesses should look at AI as an opportunity that will help them stay ahead in the competition!