Implementing Artificial Intelligence and Machine Learning to tackle business challenges

Do you recall using any of these popular speech recognition systems like Apple Siri, Microsoft Cortana, Amazon Alexa? These systems make use of techniques like machine learning and deep neural network to mimic human interactions. In most of our daily tasks, we are making use of such technologies without our knowledge.

The most transformative technologies currently available are Artificial intelligence and Machine learning. These fast-evolving technologies are making a buzz and are influencing customer interactions and businesses in one way or the other. Nowadays, every business is attempting to introduce these technologies in their companies to unravel their business problems. Large corporations like Google, Amazon, and Microsoft are developing their private machine learning Platforms.

Let’s get to know Artificial Intelligence and Machine Learning.

Artificial intelligence and Machine learning are the elements of Information technology that are usually interrelated with each other. Artificial intelligence enables the system to mimic human thinking. Whereas Machine learning is a part of AI that makes a machine discover and perform tasks automatically without actual programming. Both of these emerging technologies are used to create a smarter, intelligent device that is capable of thinking, responding, and solving complicated problems just like humans.

Companies that embrace these technologies can transform their business substantially and generate new avenues for business growth. Let us explore how companies are making use of AI and ML technology in different areas to solve their business problems.

Easing the manual data entry process

Manual data entry increases the probability of mistake occurrence and duplications, while automated method prevents these issues. Machine learning algorithms aids in automating the data entry process and the deployment of predictive models enhances the process by enabling machines to make accurate and data-driven decisions.

Recognizing the Spam

Machine Learning’s primary feature is recognizing spam. Machines have learned to detect spam creating filters, and they can identify the junk emails and messages. The spam filters use ML to generate unique rules by themselves. Emails are now more concise, and with the ML & AI implementation, accounts are made safer, and data sharing is performed with high confidence.

Medical Care

Artificial intelligence and Machine learning are a tremendous benefit to the hospital and healthcare sectors. They are used to improve the health of the patient at a lower cost and help classify high-risk cases, provide suitable assessments, and recommend appropriate medicines. With AI & ML, clinical professionals who are aware of the medical and legal hurdles can manage the situation very efficiently.

Finance

Machine Learning technologies can address financial challenges by enabling frequent data assessments for analysis and identify anomalies and discrepancies to enhance model accuracy. Currently, ML  in finance is used for algorithmic trading, portfolio management, fraud detection, and underwriting of loans. Future ML finance applications could include chatbots and interactive interfaces for customer care and security.

Image Recognition

Image recognition and data visualization generate numerical or symbolic image information, as well as high-dimensional data.  It includes machine learning, data analysis, database discovery, and pattern recognition. ML can recognize image patterns based on the given data. The usage of Image recognition technology is found in healthcare, campaigns, automotive(driverless cars), and other sectors.

Lifetime Value Prophecy and Customer Segregation

One of Artificial Intelligence’s significant achievements is estimating the customer’s lifetime value and segregating the customers accordingly. It lets business firms learn more about brand loyal customers and their preferences and introduce personalized marketing deals to generate more revenue from sales. Many business entities offer segmented exclusive sales propositions based on the data mining processes.

Product Endorsement

In the retail business, many popular e-commerce websites like Flipkart, Myntra, and Amazon use machine learning technology to recognize commodities in which the customer is interested and willing to purchase, based on the previous procurement activities. The machine learning algorithm analyzes customer behavior and their approaches to different products and focuses on grouping similar items together. The ML algorithm model facilitates the system to make recommendations to the customer and encourage them to purchase products.

It is, therefore, evident that the implementation of machine learning can solve most of the business challenges. Adopting Al and ML into the business helps boost revenue and efficiency, enhances decision-making and business automation processes, and enables enterprises to identify anomalies more quickly.

AI in the workplace: How to manage change?

AI is the next big thing in the workplace. But how do you manage employee fears and resistance to this huge organizational change?

Technology is turning dreams into reality. From interactive robots that take care of your daily chores to self-driven cars, all that you could only imagine a decade ago now actually exists. Artificial Intelligence is making all this and a lot more possible.

Voice and chat bots, guided analytics and smart home appliances are some of the most common applications of AI. It is slowly creeping into our daily lives and in our workplaces too.

Businesses worldwide are now adopting AI based robots and automation to optimize business processes, enhance productivities and improve customer engagement. However, implementing AI in the workplace is not a cakewalk. It is a huge organizational change; a structural and cultural change. One of the biggest challenges to successful AI implementation in workplace is the resistance from employees and the fear of change.

Why do employees resist change?

Whether it’s something as minor as a move towards day-light saving, or something as big as a change in senior management, organizational change of any sort leads to resistance from employees to some extent. But why do people fear or resist change?

Loss of job
This is the primary cause for panic and unrest among employees during organizational change. They usually think the new change is being done for cost-cutting, and hence their jobs would be at stake.

Fear of the unknown
The introduction of something/someone unknown into the organization instills a sense of fear in their minds, since they’re not sure if the upcoming change will work for their better.

Stepping out of comfort zones
They’re used to a pattern of working; with certain people or certain technology or even workspace. The idea of giving up their comfort zones creates an unwillingness to accept the change.

Lack of competence
When the upcoming change calls for a higher qualification, say learning a new technology or using new equipment, they get insecure of their competence to excel in the new environment.

How to implement change management?

Implementation of AI and automation in the workplace is a huge transformation, and certainly triggers a lot of fear and resistance to change among employees. So, how do you cope up with this resistance and implement a smooth transition?

Break the myth
There are several myths associated with AI in the workplace. People believe that the bots are meant to take over them, and automation will dilute their control on operations. The fact is that Artificial Intelligence is a friend and not a foe. It is implemented to create a digital workforce that works in sync with human workforce to improve business efficiencies and simplify mundane activities. You must generate awareness about the concept of AI, bring out its value for the organization and break the myth effectively.

Prepare for the change
Your employees must be prepared for the change to be able to cope up with it and perform well in the new environment. As a part of the change management, you must provide ample training to your employees with appropriate resources to get thorough with AI and the new procedures that would follow the change. You can use several methods like demos, mock sessions, periodic tests and Q and A sessions to ensure that your employees are well prepared to deal with AI in the workplace.

Communicate effectively
Despite the awareness and preparation, people will always have their own ifs and buts. Effective communication is critical to change management, and must be done throughout the transition phase. If employees are well aware of the intention of AI in the workplace and secure about their positions, they will find it easier to accept the change and adapt to it. You must guide them through the journey, keep assuring them that the change is for good and update them about the progress at each stage of implementation.

Take one step at a time
Sudden changes always create chaos and panic. An organizational change as big as implementing a digital workforce must be carried out gradually, taking one step at a time. It is best to follow a phased strategy to AI implementation, and create a clear roadmap for the project. That way, employees will be able to deal with the change as and when it is implemented; getting accustomed to the AI with each step.

Monitor and improvise
Change management goes beyond AI implementation. Even after the implementation of AI in the workplace, employees might face challenges getting used to the new technology. Successful implementation of a digital workforce demands constant monitoring and improvisations. It is important to closely monitor performance post the implementation, address any issues and resolve them immediately.

Resistance is a very common part of change management, but it also affects the success of the project and might hamper business performance if not addressed properly. Successful change management is possible when you strategize your AI framework effectively, address employee fears, guide them and support them throughout the journey and beyond. It is a lengthy process and must be carried out considering both employee concerns and business goals.

[Infographics] – Why Mobility?

Today mobile phones can do much more than making calls. There’s been a massive evolution in mobile technology. With an app for almost everything, mobile phones are an indispensable part of our daily lives. We’re in the era of handheld devices and chances are you are reading this infographic on your mobile too. Here are 5 ways mobility is impacting businesses.

Why Automation? 5 Reasons to Automate your Business Processes

Business Automation could sound overwhelming, but it offers scalable benefits to modern enterprise. Here are 5 reasons why you should consider automating your business.

In the business world, there is always scope for improvement. Enterprises are constantly looking for ways to improve performance levels and gain an edge over the competition.

Many businesses worldwide are adopting process automation as a key strategy to stay ahead in the run. When we talk about automation, it usually gives a picture of robots and machines replacing human resources in an organization. Many small enterprises also think that automation is only for big enterprises, since it is an expensive affair.

These are all just myths. The truth is; automation simplifies human activities and it actually reduces operational costs in the long run. Also, a business of any size and nature can automate its processes and improve performance significantly. If you’re still not convinced, here are five key benefits of automating your business processes.

1. Cost Effectiveness
Far-sighted entrepreneurs consider automation as a strategic investment rather than expenditure. Once the initial implementation costs are covered, business process automation proves to be a worthy investment. Automating redundant activities reduces the need for extensive labor, minimizes paperwork expenses, overhauling and maintenance costs.

2. Time Saving
Business process automation is all about simplifying day-to-day recurring activities by letting machines and software do them for you. For instance, humans spend hours together testing application performance and generating reports. By introducing automated testing, test cases can be executed within minutes, saving massive time and efforts. Automation leads to faster processing of voluminous tasks and reduced turnaround timelines.

3. Enhanced Workflow Efficiencies
A reduction in enterprise costs and the time involved in executing operational activities leads to improved workflow efficiencies. As automation takes care of recurring and monotonous tasks, employees can focus their attention towards core business processes and revenue generating activities. Automating business processes allows enterprises to achieve more results with fewer efforts.

4. Accuracy and Consistency in Operations
A huge drawback associated with manual processing is the possibility of errors. Humans tend to make errors; especially when there are huge volumes involved. Manual processing is also inconsistent, as there are chances of missing some steps. Automation eliminates the chances of errors, leading to enhanced accuracy. It also follows a standard operating procedure, ensuring consistency in performing tasks.

5. Reduced Employee Turnover
In contrast to the myth related to automation; many enterprises have experienced a reduction in employee turnover since the introduction of automation. Executing recurring activities on a daily basis gets mundane and monotonous for employees. Automation solves this problem and allows people to take up more challenging and rewarding activities, leading to employee satisfaction. Satisfied employees tend to perform better and stay with organizations for longer times.

Enterprises worldwide are adopting automation solutions across various departments to streamline business operations. Some of the key areas where automation software and tools are being used widely are customer support, marketing, social media engagement, administrative activities, sales and analytics. Regardless of the size or nature of your business, introducing automation can prove to be a winning strategy and transform your business significantly.

5 reasons why your business needs an AI chatbot

Artificial Intelligence and chatbots are not a recent invention. They date way back to the 1960s when the world’s first virtual assistant, ELIZA was created to enable man-to-machine conversations. So why all the hype now? Why is there a new-found love for intelligent chatbots in the current digital territory?

Customers today are not merely looking for a product or service anymore. They are looking for a user experience. The reason why Siri and Alexa became an instant hit is because they are smart vitual assistants; they offer value to the customer with a human touch to it. From setting an alarm, to booking a cab and playing your favorite music, they can do it all within seconds and understand diverse human intentions and communicate accurately. And that’s what has brought businesses to realize that their customers are ready for eBots, and they should buckle up soon.

Companies have started adopting industry based chatbots, which are capable of interacting with humans via text or voice platforms. Bots are not just a fun, easy to use, and useful invention, there’s a lot more to it. If you’re considering integrating your business with a smart chatbot, here are five compelling reasons you should.

Chatbots are the new face of customer support
People find it easier to send a quick message than waiting in an unending queue on a helpdesk call to get their queries resolved. Chatbots are comparatively user-friendly. They are emerging as the new face of digital customer service, as they are a tangible and quick medium to reach out to get queries resolved.

Massive cost reduction
Virtual assistants are not just cost effective to build; they minimize operational costs and the total cost of ownership (TCO) substantially after implementation. Companies who have already implemented chatbots agree that it is definitely reducing business costs. Studies reveal that by 2022, artificial intelligence is expected to reduce operational costs by a whopping $8 Billion.

Optimizing internal support processes
Apart from being a revolutionary concept on the customer support front, chatbots are also changing the way internal or tech support systems work within organizations. Chatbots are a great way to automate technical or HR related processes for employees and delivering maximum employee satisfaction.

Personalized service delivery
Enterprises often get skeptical about chatbots because they’re not sure if they’re sophisticated enough to serve their business or industry requirements. Thankfully, there have been a lot of improvements in AI based virtual assistants which help businesses deliver pleasant and personalized industry-specific services, and major service niches are now successfully drifting off to eBots.

Online brand engagement
Customer satisfaction and brand image go hand in hand. As long as your customers are satisfied, your brand image is maintained. eBots are loaded with features such as round the clock customer interaction, predictive nature and human-like approach which enhance the online brand engagement. If you’re willing to be an industry leader, engage your customers effectively with your brand through AI powered chatbots.

Conclusion:
Artificial intelligence and chatbots are taking up a considerable space in diverse industries including insurance, banking, travel, healthcare, retail and education. These are just some key factors that are making chatbots so popular nowadays, but with AI, possibilities are endless. Enterprises across the globe are embracing eBots to work with their manpower to build a strong, efficient and smart workforce. Why don’t you make your move now?