AI is not just a techy buzzword anymore. We regularly come across AI/ML technology in both personal and business use applications. Businesses are looking at AI for ways to increase revenue, improve operations, and to enhance productivity. If you are looking for readily available AI solutions that could accelerate your business, then dive straight in.
What is Democratization of AI ?
According to a recent Gartner report, 77% of the organizations surveyed planned to either increase or retain their AI investments in spite of the global pandemic. Additionally, the report also talks about the “Democratization of AI”. This implies that businesses want everyone linked to the organization to experience the benefits of AI solutions. This includes customers, business partners, business executives, salespeople, assembly line workers, application developers and IT operations professionals. How exactly can this sort of democratization be achieved when every aspect of the business functions differently?
In spite of the differences, there are many common practices across departments which are tedious and still carried out manually. For example, why do we still need someone to jot down meeting notes?
While most businesses appreciate the value that AI solutions can provide, they are unaware of the common areas where automation can increase productivity. Fear of the unknown acts as a barrier to get started. Also, acquiring the required expertise or knowledge to build and subsequently work with AI solutions is another challenge.
Let us find out the relationship between the different business goals and available AI solutions.
How to transform your business with AI
There are several ways in which AI can be integrated into your day-to-day operations. Let us look at how different AI solutions can be used to achieve specific business goals.
- Increase revenue: Your sales revenue largely depends on better customer understanding and improved customer service. AI solutions that analyze data from both new sources like CCTV and beacons, in combination with existing sources like POS can provide a deeper understanding of customers/users. This can help to influence customer spending habits and increase stickiness. AI solutions that suggest optimal product placements in retail stores or online product recommendations are results of such analysis.
- Improve operations: To improve operations, you need to identify redundant or lengthy processes that can be optimized. Again, operational data analyses can be used to identify and gain insights into operational inefficiencies. These can be subsequently addressed using problem-specific AI solutions that eventually result in a reduction in unnecessary operational costs.
- Enhance productivity: AI solutions provide intelligent tools that can reduce effort, time, and financial investments by automating manual or expertise-heavy processes. They can be trained to deliver an equal or similar quality of output at a fraction of the initial resource investments.
Let us now look at a few common business scenarios that can be optimized with the use of AI.
AI Applications that address your mundane problems
We will now look in detail at five challenges that are common to many businesses and AI solutions that can be used to address these challenges.
The process of taking down meeting notes usually does not cover all spoken content and is prone to human errors. Without recorded texts of the meeting, it is impossible to run a textual search to find or reference discussions that happened in the meeting. The result is lost productivity (in recalling or listening through the recorded audio, if any) and errors (in an incorrect recall or misinterpretation due to imperfect memory).
Voice AI solutions like automatic speech recognition from Sentient,io can process such recordings and transcribe them to textual meeting notes with high accuracy. This text may be further processed to add context, before sharing with all participants and stakeholders.
In the retail industry, customer profiling helps businesses to understand spending habits of customers and design targeted marketing campaigns aimed at a particular type of customer. Customer profiling is usually unidimensional, from a single data source that belies the multifaceted nature of customer behaviour. Such data may not be enough to provide a good understanding of customers and subsequently result in poorly informed business decisions.
Data about customers may be available from other sources which can help to build an accurate picture about the customer. For example, a retail chain may combine CCTV data with POS data to better profile their target customers at different locations. This would help to increase revenue while allowing for better management of inventories. A possible solution could be to count the density of people in specific departments of the store, helping to identify items which were seen, but not purchased by customers.
The podcast production process requires an effective voice and speaking capabilities, in addition to a lengthy process of metadata creation. You may also want the podcasts to be delivered in specific accents depending on the audience demographics. Cost of production is directly proportional to human effort involved in most cases.
However, AI based text to speech services, like from Sentient.io, can help you to not only edit but also create podcasts from scratch. Such services are available as affordable SaaS solutions.
Extraction of Financial Information
Businesses may be required to extract financial information about individuals in situations where background checks are required. Extraction of such information manually is a laborious process because the information available is unstructured and distributed across different types of sources.
An individual search solution combines data from different sources and provides it in a readable and manipulatable format thereby addressing the operational inefficiencies of the extraction process.
Creating short-form videos from long-form videos is a laborious and time-consuming process that requires adequate skills and experience. There is a high cost attached if you engage internal or third-party resources to perform this task.
An AI based video processing software could provide the solution to this problem by analyzing the video content to identify key scenes in the video based on certain criteria and using these to build a shorter video. This solution would eliminate the requirement for human effort and provide businesses with an affordable SaaS solution.